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$11•231 annually. However, on the capital side <br /> there is balance in the Capital Improvement Fund <br /> at the end of build-out of $534,000, a $1.2 <br /> million balance in the Water Fund and a $507,000 <br /> balance in the Sewer Fund. There is • net budget <br /> benefit to the City according to the Fiscal Impact <br /> Analysis. <br /> There are two issues that could potentially create <br /> impacts that would adversely affect the City, <br /> Wanush explained. The first is the increase in <br /> the rats of building activity. In 1969, there is <br /> a permit cap of 502 units. By allowing 70 <br /> additional units to be tacked on to this cap, the <br /> City is !ncrsasing the maximum residential <br /> building. At this tine, this cap is nowhere near <br /> the figure. However, should building begin to <br /> reach the upper limits, there would be a need to <br /> increase personnel for inspections depending on <br /> the rate of inspections. The other consideration <br /> is water distribution. The middle and low sons. <br /> would exist on this site. Low zones would present <br /> no problem. However, middle sone affects are not <br /> certain at this time with additional building <br /> activity. A buried storage tank on Davidson Mesa <br /> would eliminate any problems and is scheduled in <br /> the Capital Improvements Program for 1967. <br /> Therefore, it would be a question of timing. <br /> Both the Council and the Planning Commission feel <br /> that the property meets all the requirements for <br /> annexation and is an overall benefit to the City. <br /> The four conditions that Planning Commission <br /> recommended for the Warembourg annexation area 1) <br /> Developer agrees to provide a letter of credit or <br /> other means accep4able to the City and an up-front <br /> payment of $277,966 to cover the deficit water <br /> requirements for the project. The City would use <br /> this fund to buy raw water. Each building permit <br /> on the property would then be reduced by $5O1 as a <br /> rebate for the prepayrentt 2) Property should <br /> develop over a 5-year period with • building <br /> permit allocation of 70 units per year, 3) <br /> Existing Warenbourg house be charged a Service <br /> Expansion Fee of $2.25 per sq. ft. up to a maximum <br /> of $5,0001 and 4) Ail existing water rights <br /> including the well be dedicated to the City. <br /> Dennis Drumm. Vice-President of RI Development, <br /> representative for Wareabourg, made a presentation <br /> to Council explaining that they have submitted a <br /> request that a final decision on annexation and <br /> Boning not be made this evening so that concurrent <br /> to annexation and zoning a subdivision plan and <br /> POD plan could be developed. This would allow <br /> 4 <br />