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Phare explained that the agreement proposes using the street to contain storm water, consistent with <br />the City's storm drainage criteria. <br /> <br />Sisk asked Siegelman if Colony Square would be willing to produce a letter of credit to the City in <br />order to guarantee performance of this drainage plan. <br /> <br />Siegelman replied they would. <br /> <br />Mayer asked Light if the Ordinance contained a date by which the subdivision agreement must be <br />executed. <br /> <br />Light replied it did not. There are two conditions which must be met in order for the exchange to <br />close. First, the final replat including the final drainage plan, must be approved. Second, by State <br />law, an Ordinance must be passed. <br /> <br />Davidson closed the public hearing. <br /> <br />Davidson called for Council questions and comments. <br /> <br />Davidson stated that he feels receiving copies of the letter from the applicant's attorney along with <br />the agreement on the night of the Council meeting is unacceptable. Council has not reviewed the <br />materials and; therefore, is in no position to make an informed decision. The applicant has been <br />aware of the drainage issue since February. Davidson felt that sufficient time has passed in order to <br />reach an agreement, and the vote to reconsider was based upon the applicant resolving this issue by <br />tonight's meeting. The original land exchange agreement was reached many years ago and <br />subsequent owners have not chosen to exercise the land exchange; therefore, the City is under no <br />obligation to do so. <br /> <br />Levihn agreed with Davidson. <br /> <br />Lathrop agreed with Davidson and Levihn; however, he feels that the drainage issue will need to be <br />corrected regardless of whether or not this replat is approved. <br /> <br />Howard stated that Council has an obligation to the citizens of Louisville to correctly resolve the <br />drainage issue. If the applicant provides a letter of credit to resolve the issue and does not move <br />forward with their development, the letter of credit would still be available to correct the drainage <br />problem. Howard asked Phare if the drainage situation, as it currently stands, creates a safety issue. <br /> <br />Phare explained that it does not. The PUD situates buildings on the land, thus preventing the water <br />from building up and conveying across open land. <br /> <br />4 <br /> <br /> <br />