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• <br /> 47 <br /> February 7,1990 <br /> • <br /> • <br /> G M and the Public Marks Department have agreed to a total project <br /> Cyst of $439,572.16. Of this amount G & M will pay $1,634.18 • <br /> (approximately 5X) and the City will pay $419,938 (approximately <br /> 95X). This cost-share is based upon the percentage of the vault <br /> capacity that will be utilized to meet the on-site detention <br /> requirements of the development. <br /> .. <br /> • <br /> The City has entered into three similar agreements in the past with ••• <br /> All three a reements were for cost shari <br /> N"astteorT;gagterrtY"n"s. g ng <br /> ,I <br /> detention facilities to be constructed by the h <br /> developer and located on private property. <br /> Since cost sharing agreements can be a cost-effective method to <br /> finance capital projects beneficial to the City,it may be desirable <br /> to adopt a'policy in the future for executing these agreements. <br /> However, the property owner Of the 47th & Grand Avenue site is <br /> anxious to start construction, so to accommodate the developer this <br /> agreement is submitted for consideration prior to development of a <br /> policy. <br /> • <br /> Moved by Councilmember Overstreet, seconded by Councilmember Moser - <br /> to authorize the Mayor to sign a cost sharing agreement with G&M <br /> Investments,Inc.for a detention vault at 47th 8 Grand at a coat to <br /> the City of$419,938. <br /> Roll was called with all councilmembers voting yes. <br /> Motion carried. <br /> Councilmember Overstreet recommended that the Public Works <br /> Department prepare a policy to address cost sharing agreements and <br /> the execution and implementation procedures necessary for these <br /> agreements. <br /> Councilmember Moser was excused from the Council Chambers during the <br /> Merrill Creek Decision. <br /> MERRILL CREEK FINDINGS,CONCLUSIONS 8 DECISION <br /> Moved by Councilmember Overstreet, seconded by councilmember Gipson <br /> to adopt Resolution No.. 3284 granting Merrill Creek JV contract <br /> rezone request,No.3-88 as presented. <br /> %Plagel=g111,72"Vg altapf:esergrended that yaw pages 71 32 <br /> moved by Councilmember Overstreet, seconded by Councilmember Gipson <br /> to amend the resolution by adopting pages 31&32 as presented and • <br /> adding ^single familya and technological corridor development tp <br /> findings number 7 and number 8 on those pages. <br /> Roll was called an the amendment with all councilmembers voting yes <br /> except Councilmember Morrow who voted no and Councilmember Moser who <br /> was excused <br /> Amendment carried. <br /> . • <br /> ,. <br /> ... . <br />