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67 Referriag to the Court Square project, Ms. Richard said that she feels the criterion of having a development pay for a portion of the undergrounding is very confined to one value, and Court Square would not fit that criterion. Ms. Richards suggested adding a second criterion to include historic preservation or public projects. Ms. Mueller said there is nothing to prevent Council from approv4,ng other projects, and these criteria are intended to give Council and staff guidelines. Mr. Cox said he feels the first priority should be a substantial economic return and while the Court Square project and entrance corridors would be for the public good, he does not t~ they should be the first priority. Mr. Toscano suggested adding that other projects will be considered on a case by case basis. Mr. Caravati said for the purposes of staff, he feels the criteria are good, but thinks Council should be firmly in control of projects, adding that he might favor undergrounding at Court Square over the Wachovia property project. Mr. Cox said he feels the City wilt be well served by setting targeted priority Mr. O'Connell said he thinks there are other funding sources available for Court Square. Mr. Cox made a motion to approve the recommended undergrounding criteria, with new language as suggested by Mr. Toscano. Ms. Richards seconded the motion. The following undergrounding criteria were approved by the following vote. Ayes: Mr, Caravati, Mr. Cox, Ms. Daugherty, Ms. Richards, Mr. Toscano. Noes: None. UNDERGROUNDING UTILITIES iN PRIORITY AREAS pri ri Areas: · West Main Street Corridor (from Ridge-Mclntire to University Corner) Downtown Mall Area (south to Garrett Square, north to High Street, east to 10~ Street and west to Ridge.Mclntire) pd,ori~,,Criteria: New development or redevelopment in priority areas where 50% of the incremental additional tax dollars projected to be received by the City attributable to the increase in assessed value would offset the cost to underground the utilities in five years or less. Other projects will be treated on a case-by-case basis; factors in judging the significance of a specific project and its fund'mg should include but not be limited to additional funds secured from outside sources. The City pays ope-third of the actual cost to tmderground utilities; the property owners on each side of the street each pay one-third. (Under special conditions the City may pay up to 50%.) The developer woukt be required to complete the project within twenty four months after the agreement is signed. If not completed within that time frame, the developer must remit to the City a payment in lieu of taxes each year until the full City cost to underground the utilities is reimbursed or the project is completed to at least its original estimated value.