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86 <br /> <br />great, especially in those cases where the project cost <br />exceeds the value of the property. <br /> <br /> Responding to a question from Ms. Slaughter, Mr. <br />O'Connell stated that $140,000 to $150,000 per year is <br />scheduled to be included in the five year capital budget for <br />drainage, totaling $1.8 million in the five year period. <br /> <br /> Mr. Hendrix noted that aside from availability of funds <br />for drainage projects, the only way to accelerate the time on <br />the waiting list would be to hire an outside engineer to <br />design the projects. Mr. Hendrix added that the only way the <br />Orangedale prOject is going to be done is to change the <br />present policy which would have implications for other <br />projects as well. <br /> <br /> Ms. slaughter stated that she would like to see a five <br />year plan put together for projects which have been <br />identified. <br /> <br /> Mr. Vandever stated that it would be possible for the <br />City to consider taking responsibility to correct all <br />drainage projects in the City in the long run, with the <br />understanding that property owners could contribute the 25% <br />of funding if they wanted to move their project along. Mr. <br />Vandever stated that he felt a rational process needed to be <br />developed for using the available money. <br /> <br /> Ms. Waters noted that assuming responsibility for all <br />drainage projects woutd be a major decision for Council to <br />make. <br /> <br /> Responding to a question from Mr. Vandever, Mr. Hendrix <br />stated that he felt improvements in Orangedale could not be <br />done incrementally. <br /> <br />STAFF REPORT: HOUSING OPTIONS ON CITY OWNED PROPERTY <br /> <br /> Mr~ Chapman presented a report on housing options <br />available for the CSX property and property adjacent to Pen <br />Park. Mr. Chapman noted that market conditions may not be <br />favorable at this time for development unless housing units <br />are pre-sold. Mr. Chapman listed the following issues for <br />consideration: 1) the type of income groups to be served; 2) <br />the density of the development; 3) housing type - single <br />family, mixed usage, detached or attached. Mr. Chapman <br />estimated that the price for single family units on the CSX <br />property would cost between ~70,000 and ~110,000. Mr. <br />Chapman explained that environmental cleanup of the property <br />adjacent to Pen Park would cost a minimum of $250,000. Mr. <br />Chapman added that access to the Pen Park property is <br />difficult. Mr. Chapman suggested that the best option at the <br />present time may be to land bank the Pen Park property for <br />future development. <br /> <br /> Ms. Waters stated that the CSX property is currently <br />being marketed with an adopted program and recommended that <br />marketing of the Pen Park property be delayed given the <br />market conditions. <br /> <br /> Ms Slaughter recommended considering higher density <br />residential units in areas designated commercial on the CSX <br />property, stressing the need for moderately priCed, high <br />density housing downtown. <br /> <br /> Ms. Waters pointed out that the price of the proposed <br />commercial property on the CSX land is higher in order to <br />subsidize the residential areas and if the price is lowered <br />Council may have to pick up more of the cost. <br /> <br /> It was the sense of Council to reaffirm the plan to <br />reserve the property on the south side of the tracks on the <br /> <br /> <br />