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Planning Commission <br />Meeting Minutes <br />February 14, 2019 <br />Page 8 of 17 <br />Williams asked if the neighborhood would still be okay if the Foundry building were not <br />built for some time. <br />Larson replied that he thought McClure was planning to build three of the residential <br />buildings and then the Foundry. <br />Brauneis asked for a motion to include the three new emails into the record. Howe <br />moved. Hsu seconded. Voice vote. All in favor. <br />Hsu asked what was on the property currently. <br />Zuccaro replied that the applicant was required to seed the pile of dirt as part of a storm <br />water agreement, so the property currently looked like a big pile of dirt, but it had been <br />seeded so there was no dust. <br />Brauneis asked if the applicant was planning to use the dirt for the rest of the project. <br />McClure confirmed. <br />Hoefner asked if staff had considered the likelihood of financing, since the Commission <br />had heard from the applicant that the project was difficult to finance and that any one of <br />the three loans necessary to finance it might not be approved. <br />Zuccaro replied that staff's models assumed full financing. <br />McClure noted that they had loans in place, but that he was worried about additional <br />hurdles causing those loans to change or dissolve. <br />Williams asked what would happen if the building were filled at 85% before you started <br />building. <br />McClure replied that the loans were secured by cash, not whether there were leases. <br />Hoefner asked for clarification about the problem with securing loans. <br />McClure replied that the loans could change as the timeline and requirements changed. <br />He had two loan commitments right now and the equity to contribute. <br />Brauneis noted that the Commission needed to be careful of financing questions in the <br />hearing. <br />Hoefner replied that he was trying to assess the financial benefits and risks to the City, <br />which were referenced in the PUD Amendment criteria. <br />Gary Larson informed the Commission about traffic issues off of Highway 42 next to the <br />development. He proposed cutting out the median strip and put in an x box in that area. <br />Brauneis asked for a motion to enter Larson's photograph into the record. <br />