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City Council Minutes Page 2 <br /> September 8,2020 <br /> ----------------------------- <br /> - Private Equity—20-30% equity supplied by very small group of investors <br /> (himself and a few others) <br /> - Bank Mortgage—mortgage financing will take over after occupancy <br /> (construction financing will convert over to mortgage at a point of a certain <br /> occupancy level, slating to be a 20-year mortgage) <br /> - Incentive—public incentives to offset some costs of public improvements <br /> Mr. Hartung outlined the public incentives and proposed a trade in-kind <br /> improvement of land and all permits,utilities, and related fees in return for the <br /> public improvements being made to parking,restrooms, street/sidewalks, <br /> greenspace,and informational lobby. Mr. Hartung stated he wants the city and the <br /> taxpayers to win on this project and stated for every$3 of public improvements,$1 <br /> is credited towards fees. He feels this partnership would greatly benefit the city <br /> because taxpayers would receive an instant 300%return on their money. He <br /> explained in addition to the expansion of public amenities and services,the city will <br /> save millions in cash,labor hours, and equipment time for the long-term upkeep of <br /> the existing lot. He stated if this project does not happen,the city will have the same <br /> parking problems,lack of additional public amenities, and pass over a wealth of <br /> economic activity and population growth.He then outlined the project against the <br /> Comprehensive Plan and stated he felt this project fulfills many of the plan's goals <br /> and objectives. <br /> Mr. Hartung asked the City Council and the HRA to consider the following: <br /> 1. To agree in principle to the incentives with the final decision and dollar amounts <br /> based on 3 party ROI determinations. <br /> 2. To accept parking quantities proposed as a worst-case minimum,with an <br /> understanding that additional improvements may be possible. <br /> 3. Have a willingness to consider alternate street and traffic flows downtown if <br /> studies indicate improvements are possible. <br /> 4. Offer a commitment that the city=will work as fast as Mr. Hartung can to get <br /> final documents back to the city council for review and approval. <br /> r. Hartung stated his original request was going to be to merge the Planning <br /> Department with the Street Department as he felt those departments are good at <br /> putting up roadblocks but felt that request was bold. He stated he simply wants the <br /> council to direct Mr. Portner to direct city staff to say,let's make this thing happen, <br /> let's not put up roadblocks,let's not fight along the way. <br /> Chair Toth asked how many feet down the proposed parking levels go. <br /> Mr. Hartung stated each level would be 11' so approximately 22' below. He stated <br /> Bogart and Peterson are providing historical site data as he has heard there is a <br /> stream running underneath the proposed area,but they did not feel it would be a <br /> huge concern. He stated before spending money on drilling,he would await their <br /> findings. <br /> Chair Toth asked where the Farmers Market would be held. <br /> UREJ <br />