(Richmond, IN)--The Smith Hill development project that would place 170 new homes on Richmond’s southeastern edge appears to have hit a major snag.  Richmond Common Council got an update Monday night from the project’s developers.  They indicated that some funding questions have arisen due largely to what they described as a 10-25% reduction in expected property tax revenue and how that would affect financing.  "It just makes it to where this project has to operate perfectly.  It's always nice to have a little wiggle room," said one of the developers.  The revised proposal Monday night was to include up to one hundred senior housing rental units, which immediately brought a reaction from Council President Larry Parker.  "We've reviewed the tapes.  When we asked you if there would be any rental properties in there, you specifically said 'no'," Parker said.  Parker then suggested this to the developers:  "And now that you want to present it that way, it's a little late.  I don't know what you're going to do.  I guess you start all over and try to get it passed this way (with rental revisions)."  No action was taken Monday night other than to refer the issue to a committed to determine how to proceed.