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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />July 8, 1986 <br /> <br />Council Business, continued <br /> <br />developers are worried about the change in investment tax credit <br />laws, changes in depreciation laws, and changes in rates; may <br />need increased city assistance to make things work. Expects an <br />application from a second developer lot 4; Gerald Savo, Vice <br />President/Development for Stuart Corporation, is looking at a <br />project (Lots 5, 8, and 11, with Lots 7 and 10 in their second <br />phase). Lots 6 and 9 will remain with D & T Trucking Company and <br />Senden stated he has no problem for that at the moment. Send en <br />continued that he wouth like Spring construction and felt devel- <br />opers may look elsewhere if the process does not move forward. <br /> <br />Benke stated the city needs assurance the whole package will come <br />together; staff needs to know congressional action; asked what we <br />can do other than continue to work on putting the package <br />together. From the city's perspective, Benke felt it needs a <br />degree of comfort before committing to the streets and grading so <br />we need to find out what those costs are. <br /> <br />Schmidt stated staff has been working in terms of preparing cost <br />estimates for grading, street improvements, bonding. <br /> <br />Senden has estimates through working with both his engineer and <br />Proper. <br /> <br />Schmidt stated the valuation and the increments needed will then <br />be able to be determined. <br /> <br />Locke stated the major city costs would be in the area of land <br />acquisition, particularly the ones with buildings (appraisals and <br />relocation); the critical element being to continue working <br />through Send en who is doing more than city staff can handle. <br />Locke indicated the bottom line is the actual hard core develop- <br />ment to go into the development. <br /> <br />Schmidt asked for clarification that Lot 4 is close to having a <br />firm proposal for development; Senden stated the application for <br />city Industrial Revenue Bonds was completed; and the consultants <br />to the individual indicate they will know by mid-July when the <br />conference committee staff makes his report to the senate house's <br />conference committee on the tax bill. <br /> <br />Schmidt stated that unique development advantages are still <br />there; if Senden can work out Lots 5, 8, and 11, then we will <br />have something look at. <br /> <br />Benke asked that staff and Senden continue to work concurrently. <br /> <br />Page Eight <br />