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Show Thursday, February 12, 2009 Page 2 OREM TIMES NEWS AND NOTES TO KEEP YOU INFORMED AND INVOLVED City takes more steps to recover losses of Midtown project Reva Bowen Changes to the bond docu-ments docu-ments for Midtown Village's Special Improvement District were approved by the Orem City Council Tuesday, subject to final approval by the city attorney. at-torney. Information documents handed out at the meeting state that the City Council adopted an amendment to the original Midtown Village assessment ordinance back in November of 2007 to reflect what were then the estimates of construction completion costs, interest, and other related costs for the SID project. After the assessment ordinance or-dinance was amended, "the economic environment changed drastically," according to the city agenda, and construction on the project stopped. Midtown Village is a mixed use project at approximately 300 S. State Street of retail and office spaces combined with residential condominiums on the upper flmrs. Only one of the three towers is completed and work stalled nearly a year ago when develoXT liirry Myler couldn't come up with money to pay his const met ion contractors due to dismal rondo sales. Currently, the first phase of the project is largely ciiinplrled, with a few units occupied. Construction Con-struction of phase two U'gnn. but is "substantially unfinished," and construction of phase three was never begun. With completion dates uncertain, uncer-tain, the assessment ordinance needed to le amended again in order for the city to proceed with long-term financing. NOT YOUR AVERAGE INTERN ASHLEY FRANSCELLDaily Herald Legislative intern, Roland Williams stands outside the House of Representative chamber as teachers from around the state were honored for completing their national certification on Friday at the Capitol in Salt Lake City. Williams, 61, ofOrem retired from the Alpine School District after teaching history and government for 32 years and now is volunteering as a legislative intern. In a study session held before the regular City Council Coun-cil meeting, city manager Jim Reams said that interim warrants are used during a construction period until the final costs can be known for long-term financing. But because be-cause of the challenges with the Midtown Village project, the interim warrants have not been able to work in that way. Key Bank has held the interim inter-im warrants on the Midtown i i t ' t t - If ' J ta 4 Si? Trip - I ... " rfj ' ' v "i K .!..' rv- . - tfj ' J". . ...!. .f. ,,-..-- p. .v ' i r8. u ' ' I ft 1 a -'. WR.--"' ' Village project, and those warrants have been extended several times. The resolution resolu-tion approved by the council Tuesday provides for the sale of three-year warrants to replace the interim warrants, war-rants, accrued interest, and related costs, which are now approximately $4 million. Key Bank is financing the bonds at a 4.35-percent interest rate, termed by Reams as "fair and reasonable." Reams also said in the work session that "all of the penalties penal-ties and protections we've always had are there." Laura Lewis, the city's financial fi-nancial advisor, said that the city's lien is superior to any on the project, except property tax liens, and she believes the city's actions in amending the assessment ordinance and issuing is-suing the bonds "will shake someone out of the woodwork." wood-work." Reams said that the banks that hold the note on the Mid- town Village property would not want to see it go to the city for the $4 million owed on the SID. The SID assessment is due June 1, but payment is not due until Dec. 1, 2009. Lewis said foreclosure action could commence com-mence after July 1. NEWS BRIEFS City proclaims Feb. 8-14 Boy Scouts of America Week A proclamation recognizing the Utah National Parks Council of the Boy Scouts of America, and declaring Feb. 8-14 as "Boy Scouts of America Week" in Orem was approved by the Orem City Council Feb. 10. The BSA is preparing to celebrate its centennial in 2010. The proclamation stated, in part, "at this time of the ninety -ninth anniversary of the founding of the Boy Scouts, the Orem City Council desires to recognize the Boy Scouts of America for its contributions to the citizens of Orem as well as to the nation as a whole." Sign zone change approved for Carrabba's Italian Grill A sign zone change that will allow a sign for Carrabba's Italian Grill on University Parkway to be placed closer to the street was approved by the Orem City Council Feb. 10. Development services director direc-tor Stan Sainsbury said that because of the unique nature of the University Mall in Orem, the process is underway to implement a site-specific, PD (planned development) zone that will set development standards stan-dards for the mall in the future. Councilwoman Karen Mc-Candless Mc-Candless said she is not "anti-business," "anti-business," and wants businesses busi-nesses to flourish in the city, but expressed concerns about the height and size of the proposed pro-posed sign, and setting a precedent prec-edent that might cause other sign zones to ask for similar changes. Councilman Carl Hernandez said he shared McCandless's concerns. Mayor Jerry Washburn said the change would allow for a slightly larger sign closer to the property line, but would not result in a proliferation of signs. He expressed the view that because of the "uniqueness of the mall," the change would not be difficult to defend. McCandless and Hernandez voted against approving the change. Sign zone change OK'd for LaQuinta Inn LaQuinta Inn at 780 N. 1100 West in Orem will now be able to replace a legal, non-conforming pole sign with one that is taller and larger. Development services director direc-tor Stan Sainsbury confirmed during City Council discussion of the matter before its vote Feb. 10 that the Utah Department Depart-ment of Transportation's realigning re-aligning of 1200 West caused the hotel to be taken out of its existing sign zone, making the existing sign non-conforming and, consequently, not able to be changed except for a face change. Hotel management "wanted back in" to the sign zone, Sainsbury said, and also wanted want-ed to "maximize what could have been done originally" by the previous hotel ownership, which had opted to put in a smaller sign than what was permitted. 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