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Riverside City Council Discusses Northern Heights Cost-Share Agreement

Posted: Monday, March 12th, 2018 at 6:27 am
Author: KCII News - Sam McIntosh

Concern over cost-share agreements proposed for the Northern Heights subdivision project were expressed by the Riverside City Council.

APEX Construction proposed that the city pay 83% of the improvements costs, as well as purchase 2.7 acres of the land for a water retention basin. The initial analysis shows that 14 homes built in two years for phase one of the project would generate $304,000 of tax increment financing for the city, and with a total infrastructure cost of $385,000 this would leave the city with a shortfall of $80,669.

Councilperson Robert Weber commented on APEX’s terms, “As I’m reading this thing I don’t like it and I seemed to be the one who was pushing the most for partnership with these guys. But I don’t like the percents of this partnership, 83% suggests that they are the tiniest of partners in their own project.”

The council has approved for Mayor Allen Schneider to go back to negotiate for APEX to pay 25% for improvements, as well as negotiate the purchase of the land for a retention basin. APEX also stated that they are interested in purchasing lots on Cherry Lane at $31,000 each. The council requests that APEX confirm to purchase three lots at $34,000 each.