LID RISK/REWARD GOBBLEDYGOOK

Town of Ruston Study session Monday, 4-14-08 7pm.

"WILL YOU EMBRACE OUR PROJECT, ACCEPT OUR PLAN?" pleaded Mike Cohen, Point Ruston developer? " We need cooperation from Ruston to succeed!" A good laugh was had by all when he mentioned he was told it would be easier to deal with RUSSIA than RUSTON. Personally, I think Russia would have been easier, they have a saying, "never look a gift horse in the mouth".

If you listen to the Mayor it's 99.9 percent RISK. Although about 30 seconds of one and one half hours was devoted to when the Town would receive the first tax payment (REWARD) from the Hotel. Each time a move towards progress was made he would go off into his own little world of legal gobbledygook. Would the Silver Cloud hotel fit in the MDP footprint where the manufacturing plant was supposed to go? MDP, CTED, LID, SEPA, SEIS, ...

A question was raised why are you building the hotel in Ruston? Remember that gift horse. Answer, Hotel would be located at the primary entrance and setback would be the same, Ruston or Tacoma. Suspicious minds at work here, check the teeth. Why are you giving me this gift (horse)?

Ruston antipathy towards Point Ruston was noted as well as the failure to clearly define the mission of the hired consultants leading to unnecesary delays. The Mayor answered with the need to juxtaposition with the Town's lawyer. Good luck with that one.

Although Point Ruston is paying for the entire LID, no charge to individuals on 51st or Baltimore streets, there was felt the need to address the level of risk, after all, the sky could fall. Much emphasis was placed on whether this was a road or utility LID? It was a separate LID for each utility, rolled into two LIDs, Ruston and Tacoma, then merged into one final Point Ruston LID. Much prattling was heard concerning:

> commit to financing backup
> project planning approach
> address level of risk
> replace 1002
> based on lineal footing
> CTED planning, set aside
> Alternate MDP development plan for
> commercial review and public hearing

Mr. Cohen explained the risk was minimal as, and a point of emphasis, if the original Point Ruston property was, say, worth 15 million the property after the LID completion would be required by law to be worth 30 million, double. Ruston would have a financial consultant. A bond Counsel would need due diligence and a local agreement, all favorable, to begin selling bonds.

The design was exciting, one building featuring a stained glass front facing Ruston Way, A waterfall statue featuring salmon jumping and a bear positioned on top. A 3-dimensional model of the completed project to be available at Point Ruston ferry office.

Significant milestones first Quarter 2011:

HOTEL (start June 2009, open Feb. 2010)
RETAIL/COMMERCIAL FIRST
RUSTON WAY, YACHT CLUB ROAD, BALTIMORE STREET IMPROVEMENTS
PORTION OF RUSTON WALKWAY (WATERFRONT PROMENADE COMPLETED)
FIRST RESIDENTS ON SITE
ART DESIGN

Final word, Mike Cohen, "We need mutual goals".

To be continued.