Agenda - Council - 01/09/2001 - Laserfiche WebLink

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-26- fails into line with the Comprehensive Plans. It is also listed as a "place to work" and developers are expressing interest in redeveloping that parcel. Establishment of TIF District No. 8 will allow the City to construct infrastructure such as street improvements, sanitary sewer, water mains, and storm drainage systems and it reimburses itself through tax increments generated by 'the new development. Commissioner Kociscak inquired as to how tax increment financing works. Community Development Director Frolik gave a brief overview. Commissioner Kociscak inquired as to how Iong a TIF district is in place. Commissioner Johnson explained that it is a changing time hame, but is something that is heavily used and has become a very significant development tool for cities. Commissioner Kociscak inquired as to what would happen if a city were to invest a million dollars and then have the property owner go in default. Commissioner Johnson explained that if the property owner defaults on his taxes then the property is forfeited. Typically, a city does not spend the money unless they have the confidence that the district will be successful. Motion by Commissioner Johnson, seconded by Chairperson Nixt,' to adopt Resolution #00-11- ~ modifying Tax Increment District No. 2 and establishing Tax Increment District No. 8 and authorizing the Chairperson to sign said Resolution on behalf of the Planning Commission. Motion Carried. Voting Yes: Chairperson Nixt, Commissioners Johnson, Kociscak, and Reeve. Voting No: None. Absent: Commissioners Griffiths and Wivoda. Case #11: Monthly Status RepOrt Noted. Case #12: Zoning Bulletin Noted. COMMISSION INPUT a) Appointment to Chapter 9 Subcommittee to Replace Chris Dempsey Consensus of the Commission was to address the issue at the next Planning Commission meeting. Planning Commission/November 6, 2000 Page 20 of 21 I I I I I I! I I I I I I I I I I I