City Council Minutes 2008 09 16 - Laserfiche WebLink

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City Council Meeting Minutes September 16, 2008 Page 6 of 9 Tom Davinroy, 518 W. Sycamore Clircle, Louisville, CO, Open Space Advisory Board Chair spoke in support of the Metro District. He felt the potential for connecting trails was a benefit as are the open space and parks. He noted ConocoPhillips will need homes for their employees and encouraged Council to approve the Takoda Metropolitan District. Michael Menaker, 1827 W. Choke Cherry, Louisville, CO, spoke in favor of the resolution. He explained Metro Districts are not uncommon and the City will not be at risk. He noted the real estate market in Louisville is very good. COUNCIL COMMENT Mayor Pro Tem Marsella requested clarification on the homes square footage pricing. She supported 35 mills but not 50 mills. Mr. Brew clarified the pricing per square foot would be comparable with Markel and McStain homes. Councilor Ron Sackett voiced his concern over the financial assurances of the Metro District. He felt there are risks involved and reported on citizens' who have expressed their concerns to him. He did not support Resolution No. 44. Councilor Dalton was optimistic over Louisville's economy and did not believe there would be a risk to the City or homeowners. He supported the resolution. Councilor Muckle asked if the bonds would be for the infrastructure and the homes. Mr. Brew explained there wiill be two phases of the bond issue; one for the infrastructure and one for the commercial development. The homes will not be built on the bond issue. Councilor Muckle asked about the issuance of bonds. Mr. Brew explained the bond will be handled by the underwriter, who will examine the market. Councilor Muckle noted there could <~Iso be risks with traditional lenders and stressed the importance of recognizing the risks. He stated he was comfortable with the Takoda Metro District Service Plan. Mayor Sisk agreed with Councilor Muckle there could be risks with traditional lenders and that ConocoPhillips will be looking for housing for their employees. He voiced his support for the project.. Councilor Sackett expressed his concern over the economy and the risks of a Metropolitan District. Mayor Pro Tem Marsella was relieved with the disclosures offered by the Takoda Service Plan, but preferred the mill IE:vy not exceed 45 mills.