CCMIN081396 - Laserfiche WebLink

a prorata share. The difficulty in that situation is that it is impossible to say what the formula will finally be. Everyone has assumptions and then you sit down and negotiate it, which is what has been happening over the last few months. Mr. McKeehan said Signature was never obligated to build the "S" curve. It volunteered to do that because it would be cheaper and more efficient. The preannexation agreement only obligates it to advance money, not build it. Signature would like Council to require it to contribute $200,000, nonrefundable; contribute the overhead and indirect costs, which are nonrefundable (about $150,000); with the balance of the costs to be advanced and construction to start immediately. When the specific plan is completed, a reimbursement agreement will be drafted that covers the costs of the project less the $200,000 and without compensation for the overhead. That is what Signature would like. How the costs are ultimately spread can be decided another day. Signature does not need to know that now. Ms. Michelotti asked staff if there were a way to get the road built now. If we walt for the Specific Plan it may be a year or longer. Can something be rewritten to include some of the limits addressed at this meeting. In the beginning there was no obligation and now to assess 69% of the cost to Signature seems unreasonable. There are owners right on the "S " curve who will directly benefit. We need more time to work out the formula, but we don't have that time to continue this again. Mr. Tarver asked staff if Signature is obligated to build the "S " curve. Ms. Acosta indicated Signature is obligated to advance the money to construct the "S" curve and is obligated for a prorata share of the cost of the roadway. Mr. Roush indicated Signature had also entered into a public improvement agreement by which it has agreed to construct the road by February 1997. Ms. Acosta indicated Signature is looking for a limit on its total exposure. There is then a certain amount left and we are trying to reach agreement on how that is allocated that satisfies everyone. The other options are that the City waive its fees (about $50,000), or consider the land issues raised by Signature, or the City could contribute towards the cost of construction. You could divide the costs among more parties or change the percentages. Mr. Tarvet indicated Council could amend the reimbursement agreements once the Specific Plan is complete or if someone asks for development in the interim. All those options are still open. Right now we need a reimbursement agreement so Signature knows it will get its money back and what the conditions are. Ms. Michelo~ti felt there is a need of assurance for a limit of exposure to Signature. She wanted the roadway to be constructed now because of the safety issues. 08/13/96 -12-