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will be in place and those lots will then be eligible to be sold and built on in future years, so <br />staff projects those at 40 units per year in a different table. It takes many years to build out the <br />500-600 units of custom houses at 40-50 units per year. The developers are pleased they are <br />building them that fast. <br /> <br /> Ms. Mohr thought the allocation of 150 units a year was done because when Ruby Hill <br />got its financing for the project of that size, the bank had to be shown the developers had the <br />ability to sell. The number came more from the financing needs than from the growth <br />management program. <br /> <br /> Mr. Swift indicated it was also the potential to sell large numbers of units to a separate <br />buyer, who would only buy it with the ability to be able to build. <br /> <br /> Mr. Tarver did not believe this process was working. Council wanted to get rid of <br />backlog and here we are, trying to put current projects into this year to pull permits because <br />there is space. We have three new applicants who have designed a project that is ready to go <br />and wants allocations from this year. There are people who have said they will build and have <br />not; yet they will not let go of their allocations. There is no truth in growth management that <br />allows us to say a project is ready to go, will pull their permits, so let them do it. That is the <br />objective of the program and it is not working. <br /> <br /> Ms. Michelotti asked for clarification on when a project loses its allocation. <br /> <br /> Mr. Swift indicated there are two different programs, the modified program and the new <br />program. The modified program states a developer doesn't lose its units and can request where <br />they go. Council can put the units wherever they can be appropriately serviced. The new <br />program allows applicants to request discretio~tary approval to move units on two occasions and <br />after those two times, a request for roll-over will be treated like a new project. <br /> <br /> Mr. Tarver referred to the Hacienda/Signature development which is asking for 46 more <br />permits in 1998, bringing the total for permits in 1998 to 146. He felt they should ask for the <br />remaining 46 units to move to 1999. <br /> <br /> Mr. Swift stated that is a request and Council has the discretion as to which year it puts <br />those 46 units that are being moved out of 1995. <br /> <br /> Ms. Michelotti asked how you account for the variables in the market place and project <br />financing, for instance an apartment complex (which can't be phased). <br /> <br /> Mr. Tarver felt this is a result of past approved projects that did not have financing in <br />place when they asked for growth management allocations. There are two things going on, <br />people with projects that can build now and people with speculation as to what they could do in <br />the future. We are contending with speculation and not with real projects, which is why we <br />keep rolling units over. <br /> <br />12/04/95 -12- <br /> <br /> <br />