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OF <br /> THE <br /> MEETING <br /> OF <br /> THE CITY COUNCIL <br /> <br /> Iuly 2, 1996 <br /> <br />GEOLOGIC HAZARD ABATEMENT DISTRICT FOR OAK TREE FARM <br /> <br /> Chairperson Ben Tarver called the regular meeting of the Board of Directors of the <br />Geologic Hazard Abatement District for Oak Tree Farm to order at 6:55 p.m. <br /> <br /> Mr. Lum presented the staff report. <br /> <br /> Chairperson Tarver declared the public hearing open. <br /> <br /> There being no testimony, the public hearing was ulosed. <br /> <br /> Ms. Mohr asked staff how long the contingency fund would continue to accumulate and <br />was there a level considered adequate? <br /> <br /> Mr. Lum indicated a year or two wouM be required to have some cushion. This is the <br />first CHAD in the city, so staff has no experience, but feels this is a good cushion to start with. <br />The GHAD is for routine activities, not for extraordinary costs. <br /> <br /> Ms. Mohr asked if it takes several years to complete the project, would the fund continue <br />to accumulate? <br /> <br /> Mr. Lum felt that if it takes that long to develop the project, there may be a year or two <br />when assessments would be less. However, it appears the units are moving forward and will <br />be occupied. <br /> <br /> It was moved by Ms. Mohr, seconded by Ms. Dennk, to adopt Resolution No. 96-77, <br />conf .wining assessments within the Oak Tree Farm Geologic Hazard Abatement District and <br />ordering the levy and collection thereof. <br /> <br />07/02/96 -1- <br /> <br /> <br />