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City Council Agenda and Packet 1988 11 01
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City Council Agenda and Packet 1988 11 01
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City Council Records
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City Council Packet
Signed Date
11/1/1988
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CCAGPKT 1988 11 01
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_--177-w <br /> project with all amenities. Ferrara was concerned <br /> that one or two units could be built, Ch.'s <br /> received. and the developer stops the rem i*dar r ' <br /> the project for whatever reason. Franklin <br /> explained that there is a process for issuing CD's ' <br /> wherein the inspector could refuse the final CO on <br /> • building until oertaif aaanitiee are installed. <br /> Farrera felt that the developer could still walk <br /> away from the project at any time after a minimum <br /> amount of amenities are provided and the City <br /> could be left with a project that is only <br /> partially complete. <br /> Franklin stated that an agreement could be writtge ►.� <br /> to state that all amenities would need to be in . � <br /> pleas prior to the issuance of a CO for t'bs first°•' <br /> b ildinq. 13110. vertaia aseaitieq cgUld be <br /> to tjrs 'isausso! of a.00 foe each building* • •: ; . <br /> Stahl tbst there are two different types <br /> of impri the <br /> vve ts. neat Council agenda item <br /> deals <br /> improvements that axe the • <br /> obligation of Smart prior to the issuance of any <br /> CO os the project. The other improvements are on- <br /> site and the obligation of Cornerstone. <br /> • <br /> The developer explained that a problem that would <br /> twist in tying certain improvements with each <br /> unit would be those things that are impossible to <br /> ac c.pliah such as planting trees and shrubs in <br /> the winter. lroa►oaicelly. it would not sake sense <br /> to wait until the last building is built to begin <br /> leasing those buildings ready tor occupancy. It <br /> is the intention of the developer to have the <br /> entire project completed within one yeas. <br /> The developer **vistaed that he underst nds <br /> Council's concerns regarding the project. <br /> however. the thing that triggers this project's <br /> success is the financing vehicle. The developer <br /> would not be able to close on a permanent loan <br /> until there were CO's. The developer is mandated <br /> by their financial backer to begin and finish this <br /> project as they have outlined for Council. This <br /> is their intent and commitment to Council for • <br /> complete and quality project. The developer would <br /> work with staff in developing a system by which <br /> CO's could be issued as each building is completed <br /> and having certain iaprovearents on-line. <br /> Various ways to ensure the completion of the <br /> project were discussed including a bond or letter <br /> of credit. Stab/ enplaiaed that the City has not <br /> required either commercial or residential private <br /> i <br />
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