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148 <br /> <br /> problem with the staff report with the exception that refunds are <br /> to be made to the property owners of record as of October 16, 1986. <br /> He stated that when his parents bought the property, they not only <br /> bought the real estate but also the rights, entitlements, and <br /> obligations of the previous owner. This property is subject to <br /> triple net leases. A triple net lease is when the landlord <br /> reimburses the tenant when refunds are made. That previous <br /> property owner has no obligation to the present tenants. <br /> <br /> Ms. Mohr returned at 10:52 p.m. <br /> <br /> Ms. Mohr indicated the contracts of sale from the original <br /> owners for any of these properties would certainly have included <br /> some reference to the bonds. The new owner would have to negotiate <br /> their matters with the prior owners and the City should not be <br /> involved. <br /> <br /> Mr. Butler commented that it's clear that there is not only <br /> one property owner; many parcels were sold. <br /> <br /> Mr. Tarver agreed there is no other option but to refund, <br /> however there was a water tank that was part of this process and <br /> now may not be funded. This seems to be contrary to the <br /> Improvement District and what it was intended to do. <br /> <br /> Ms. Rossi stated that the problem is the Assessment District <br /> (NPID) was to accomplish five things, with five separate assessment <br /> districts. Four districts were refunded. Each district had its <br /> own assessments. What staff has recommended is to correct what has <br /> happened and then go forward. <br /> <br /> It was moved by Ms. Mohr, and seconded by Mr. Butler, that <br /> Resolution No. 91-206 be adopted, approving the refund of $7 <br /> million to property owners of record on October 16, 1986; and the <br /> advance retirement of $1.25 million in bonds. <br /> <br /> The roll call vote was as follows: <br /> AYES: Councilmembers Butler, Mohr, Scribner, Tarver and Mayor <br /> Mercer <br /> NOES: None <br /> ABSENT: None <br /> ABSTAIN: None <br /> <br /> Item 12b <br /> GP-91-3/PUD-91-3, Castlewood Heights <br /> Request to shorten the review period from 45 days to 30 days for <br /> the Draft Environment Impact Report. (SR91:504) <br /> <br /> Bill Monson, representing Marsh and Smith, indicated that work <br /> on a draft EIR has been proceeding and it should be done next week. <br /> He hopes to qualify for growth management approval in 1992. <br /> Shortening the circulation period may enable them to do so. <br /> <br /> 12/10/91 22 <br /> <br /> <br />