City Council Agenda and Packet 1988 11 01

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• . • ' 6 I builders to provide letters of credit. Stahl : stated that be feels staff cut a gotiats �► agreemeot with this developer to provide the quate guarantees oeoesaary to ensure a completed project. rerrera felt it would be better to have a letter of credit for the entire project sad as each phase is completed that portion of the letter of credit could be released. The developer stilted that this would be impossible for thew to provide as it would be impossible any developer to provide. . . e mplained the* be was refsoruing& te a , ameatiot flit+ ` . + 4th .erw�, 1.1�t11 is a bgrdew f r o tam r wbes thee*• the ieprovmseste are specifically required as part of Stahl stated that stmt co wort as • agreement that would include specific law guege regarding the tinting of each improvement, i.e.. plant to occur as weather permits. Saarpelle asked what figures the school dietriot • provided with regard to the pro jsattas of the iaaraae. is nor of obi ldas is Louisville's schools. The developer stated this project would generate an additional 20 students to the City's schools. Perrera and Carnival continued to empress oaoosrxe with guaranteeing a oorpleted project. *war Pauses asked if there was anyone is the auidieaoe who would like to speak to Atsolutios #17. Arm 1ickas s, aid Lilac Cir., asked about the fianncinq of this project. Mr. Sicker's stated that it is his understanding that this project is eresti the units to low to developer based oa income individuals and that the developer at aay�t could sell the project to aspen* else athey would then receive the taw credit. * iicksew ramie. that this developer could reasive his spprecistise from the project early es and decide to move as and not be ssosed to aware to quality of the project. err. t#.ckasas woad oleo line to see certain suavesteer built into the project.