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City Council Meeting November 9, 2000 Page 3 placing the undeveloped property currently owned by the city in a free enterprise system, with the exception of the current park side as it is already designed, would bring a significant building boom to Paris. Mr. Vest said there has already been an expression of interest by private property developers in developing Lake Crook. He advised the City Council that the Chamber of Commerce also believes that the initiation of the residential development of Lake Crook would be a lucrative endeavor for the City of Paris. Mr. Vest said there are a number of questions that need to be answered in regards to the development cost, what benefits that can be derived by the City of Paris, and what will the city pay to service the residential development of Lake Crook. Mr. Vest advised that on May 10, 1999, he appeared before the City Council at the direction and instruction of the Chamber of Commerce Board, and asked the City of Paris to consider hiring a consulting engineering firm to prepare a cost benefit analysis in developing city land around Lake Crook for residential and recreational development. He also requested the cost of dredging or otherwise cleaning up the lake to make it a more integral part of the city's water supply system. Mr. Vest told the City Council that the sales tax on a house valued at $150,000.00 would net $750.00 to the city, which is probably more than the cost for providing fire service or police service would be on an incremental basis on a per house basis. Mr. Vest said the ad valorem tax for a$100,000.00 house on Lake Crook would bring $553.00 per yearto the city. Mr. Vest pointed out that a private developerwould pay forthe infrastructure cost for streets, water and sewer and the city would gain many new water customers spreading the overall cost of the water system among more users and actually lowering the individual cost. Mr. Vest also talked about the probability of eventually having to build a new sewer treatment plant. Mr. Vest advised the City Council that one private developer told him that for every 1,000 acres they develop, it is a standard procedure to develop an 18 hole golf course with public access. Mr. Vest wanted to know about a joint venture between the city and a private developerwhere the city would get a percentage of the cost of every lot sold or developed. Mr. Vest asked the City Council to please consider the economic potential for this type of development for Lake Crook. Mr. Vest presented the City Council with letters from various chamber members and asked that they be entered into the records. Steve Pearson, 4901 Wolf Creek, appeared before the City Council stating that he is a member of the Archers for Christ Archery Club. Mr. Pearson said this