City Council Minutes 1974 05 14 Work Session

Home Browse Search

and subject to Louisvilles jusridiction of only taxation, but its jurisdiction under normal laws plus what is in the annexa- tion agreement unless Sproul is vigorous in seeking out and financing the water supply and also doing what is necessary to make the sewer resources adequate to service Sprouls property. They plan to pay the tap fees at the time they are needed, but in general they would expect, once the property is annexed, to engage in a type of program that was described and they would expect to finance it. It is conceivable that parts of the pro= gram which the City may find desireable may relate to land other than Sprouls. FINANCIAL ABILITY OF SPROUL Mr. Hollenbeck stated that he did not think that there was many developers in the world who could put up sufficient funds to cover all development costs right at one time. They way Sproul would guarantee that the City would not have to put out any finances would be again to go with phases. Within the phase there will probably be many public improvements that have to be constructed, roads, etc. There will be financial obligation which must be met for the City of Louisville under the pre- sent subdivision regulations. At the time of the approval of the phase that Sproul would expect Louisville to say to them that the phase will not be approved until Sproul has deposited with the City cash or a letter of credit or the equivilant to cash to guarantee the payment of all of the costs that would be contributed for the public improvements with in that par- ticular phase and before the phase is approved they would have to put up the funds to take care of the improvements outside of the phase area if it was with in the Sproul property. Mr. Hollenbeck stated that in both of the two matter that were dis- cussed, he stated that Sproul intends to put money or the equivalent in the hands of the City to guarantee that nothing can be done within that phase until the costs of the required public works are guaranteed by a deposit. WHO WILL DEVELOP THE LAND Mr. Hollenbeck stated the annexation is in the name of Sproul, however, he did not think it was ever contemplated that Fred C. Sproul would be the developer and build every improvement that occurs on his property. Mr. Hollenbeck stated that it has been the intention from the very beginning and Sproul has been attempting to find a way to provide for what is referred to as an architectural mix. the intent has been that this would not be filled out entirely by Sproul. Mr. Hollenbeck stated that regardless of who builds on the property the annexation agree- ment would still burden the land and it wouldbe a covenant running with the land. Mr. hollenbeck stated that he felt he may not of done the job that he was hired to do since this matter had come to the City and before the people. He felt that he had not been able to communicate adequately of the whole concept which was discussed.