R2004-188 REGARDING FUTURE DEVELOPMENT

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..:, , RESOLUTION NO. R2004-188 RESOLUTION REGARDING FUTURE DEVELOPMENT OF THE WABASH CROSSING REDEVELOPMENT PROJECT WHEREAS, construction of Phase One of the Wabash Crossing redevelopment project is proceeding as expected and is creating a significant positive impact for the entire Decatur community; and WHEREAS, the redevelopment project includes the construction of public and private infrastructure, a neighborhood commercial center and housing units available to families of all income ranges; and WHEREAS, Phase One of the redevelopment project is being successfully executed through the use of a three-party agreement which gives the City of Decatur ("Cit�'), the Decatur Housing Authority ("DHA") and East Lake Management & Development Corporation ("East Lake") ample latitude to serve various needs while protecting taxpayer dollars and providing for � high quality subsidized and market rate housing; and WHEREAS, the City has previously expended more than $6 million dollars in the Wabash Crossing redevelopment project, including the acquisition and clearing of approximately 80 acres adjacent to the former Longview Place housing complex, as well as the investment of$2.6 million for public infrastructure; and WHEREAS, the City has made prior commitments to provide infrastructure and land contributions to future phases of the redevelopment project through Resolution 2002-109; and WHEREAS, DHA has requested the payment of a three percent developer fee, which would total approximately $1 million, presented in the course of the successful project without having been planned or budgeted; and WHEREAS, the negotiation of a three-party agreement for the development of Phase II and Phase III of the redevelopment project has been interrupted by DHA's request of a three percent developer fee; and WHEREAS, the City and DHA wishes to proceed with negotiating and finalizing an agreement for the development of Phase II and Phase III of the redevelopment project.