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Session 1674, Minutes August 12, 1996 Page 3 Mr. Schoomer pointed out that this project conforms to the City's Comprehensive Plan, to the Zoning and Building Codes, and a public hearing has been held. All legal requirements have been exceeded, and postponement will be a hardship on the developer. He pointed out there will be heatings before the Plan Commission and the Council on the second phase of the project. Mayor Adams closed the public hearing at 7:40 p.m. Mr. Wagner moved to table this issue to the August 19 meeting. Mrs. Thompson seconded. The role call vote was as follows: AYES: Councilmembers Ware, Wagner, Lieherman, and Thompson. NAYS: Councilmembers Munkel and Schoomer, and Mayor Adams. Motion carried four to three. BILL FOR SECOND AND THIRD READING BILL NO. 8284 - AMENDING ORDINANCE NO. 5653 TO ESTABLISH A NEW TAX INCRE- MENT FINANCING COMMISSION IN UNIVERSITY CITY PURSUANT TO THE TIF ACT AS AMENDED. Bill No. 8284 was given its second reading. Mr. Stanley Harris, 640 Vassar, said he was concerned about traffic in connection with reopening the Pennsylvania bridge in University Park Subdivision and the potential development on the old Mercy High School grounds. Mr. Ollendorff said it was probable a public hearing on rezoning the Mercy property will be held September 9th, and notices will be sent to the immediate neighbors. Mr. Harris wanted to be certain that the neighbors are involved in any decisions that are reached regarding traffic and the Pennsylvania bridge, and that perhaps a six month trial be undertaken when a decision is reached. Bill No. 8284 was given its third reading. Mr. Schoomer moved adoption. Mr. Wagner seconded the motion. Mr. Ollendorff said this bill sets up a tax increment financing commission whose first action will be to set up economic development incen- tives for Schnuck's or perhaps another entity interested in the Mercy property. The roll call vote was as follows: AYES: Councilmembers Ware, Munkel, Wagner, Lieberman, Schoomer, Thompson, and Mayor Adams. NAYS: None. Bill No. 8284 became Ordinance No. 6066. CITIZEN COMMENTS - 500 NORTH AND SOUTH PROJECT Ms. Kathleen GuM, 521 N. Central (behind 500 North and South), asked what type of market research was done regarding potential tenants for this project. She was skeptical they would pay $2,000 rent, and if rents are reduced, maintenance will suffer. Mayor Adams noted that Mr. Londe was a well known developer throughout the country, and undoubtedly did market research. Ms. Lisa Brenner, 7346 Amherst, said she just bought a home at 507 N. Central, and her property line will be 20 feet from the new building. She felt the new development will cut off the sun to her home.