City Council Minutes 2008 09 02 - Laserfiche WebLink

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City Council Meeting Minutes September 2, 2008 Page 10 of 13 continuing the public hearing to Se~>tember 16, 2008 to gather more answers to the questions. APPLICANT PRESENTATION Rick Brew, RMCS, introduced his partners Justin McClure, and Dave Waldner; Boulder Creek Neighborhood homebuilders, David Sinkey and Steve Erickson; Bond Underwriter Alan Matlosz, George K. Baum Co., Landscape Architect Axel Bishop, Design Concept, and Attorney Rick McAskin, with the law firm Grimshaw & Harring, P.C. Mr. Brew explained until a few weeks ago, they had not considered a Metropolitan District for the Takoda Project. However, two banks who were to lend funds for the development project decided against the loans. As their options were limited, he pursed discussions relative to the possibility of a Metropolitan District 1~inancing the project. He explained the funds can only be used for public improvements, which will be dedicated to the City. Those improvements include drainage, streets, parks, and a railway underpass and monument signage. He reviewed the City Attorney's recommendations to Council with respect to the proposed Takoda Metro District and summarized the project will not go forward without a Metro District. He noted the benefits to the City would be increased commercial base. He stated the timing is important and therefore they request Council approval by September 16th to enable the question to be on the November 2008 ballot. Alan Matlosz, George K Baum Co., stated his firm will be the Bond Underwriter and noted he submitted the Service Plan, which was reviewed by Mr. Manire. Axel Bishop, Design Concept, Landscape Architect for the project, explained he has been involved in Metropolitan Districts since the 1980's and found the Metro District to be an excellent tool for development. Financing through a Metro District allows it to be financed for a longer period of time and allows development to pay its own way. PUBLIC COMMENT Michael Menaker, 1827 W. Choke Cherry Drive, Louisville, CO stated Special Districts are not uncommon. He noted there will be no cost to the City and no risk and these are compelling reasons going forward with a Metro District. He stated this is an exceptional project, responsive to the City's needs and desires. He urged Council to approve the Takoda Metropolitan District. COUNCIL COMMENT Councilor Muckle voiced his initial concern over the fragmentation of the City government but said that the service plan addressed those concerns because it