1990-07-24 - Laserfiche WebLink

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1 I 1 Council Meeting Minutes July 24, 1990 Page 9 Council Business, continued The deve 1 oper wi 11 pay a 11 c 1 os i ng costs and any rema in i ng outstanding bills on Lot 2. Remaining funds will be used to pay for site improvements. Foster remarked that by no means will the developer make a profit with this proposal. The developer will lose a substantial amount. The developer is fully aware of the current business climate and feels it is best to return Lot 4 to the City. LeFevere said the offer is a result of intense discussions over the past few days. In order to evaluate the proposal, he recommends the matter be discussed in a closed executive session. Moti on by Benke, seconded by Wi 11 i ams, to RECESS TO EXECUTIVE SESSION. Meeting was recessed into executive session at 9:30 p.m. Meeting reconvened at 10:25 p.m. LeFevere said the Council concluded that the settlement leaves the City in substantially the same position as if they had pursued litigation. The settlement allows the City to avoid considerable litigation expense. In addition to incurring costs, the City would experience time delays in preceding with development of the remaining lot. He noted the acceptance would avoid complications associated if the developer was forced into bankruptcy. An additional advantage is that the u.s. Tire project can proceed at once. The development climate prompts the City to proceed quickly in developing the property in order to receive taxes. Being that the developer has made recent negotiations, the Council appropri ate one and in the best taxpayers. substantial concessions in the feels the settlement is an interest of the Ci ty and its Moti on by Benke, seconded by Wi 11 i ams, to ACCEPT IN CONCEPT THE AGREEMENT AS PRESENTED BY BRIGHTON CORPORATE PARK AND DIRECT STAFF TO PREPARE THE NECESSARY DOCUMENTS. 5 Ayes - 0 Nayes, Motion Carried Counci 1 Business Status of Brighton Corporate Park Report 90-167 ,;