Agenda - Council - 11/13/2001 - Laserfiche WebLink

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I I I I I I i I I I® I I I I I I I I I Mayor Gamec called the public hearing to order at 7:11 p.m. Presentation City Administrator Norman stated that staff has been working with Advance Resources for Development, Inc. to create a TIF Plan for TIF District No. 9. The plan is being created to correlate with the ACCAP development on Sunwood Drive and Highway #47. Pay-as-you-go TIF Financing will be used to fund TIF eligible expenses by the Developer and the City. Minnesota Statues, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and economic implications of the proposed Tax Increment Financing Plan to the School District and County at least 30 days before the scheduling of the p8ublic hearing. The statutory requirements were fulfilled. Stuff recommended that the Council approve the creation of TIF District No. 9 and its Tax Inc~:~nt Financing Plan. Citizen Input There was none. Motion to by public hearing. ;ecor~d by Councilmember Zimmerman, to close the Motion carried. Voting Yes: and Hendriksen. Voting No: None. The public hearing closed at 7:12 p.m. Kurak, Zimmerman, Anderson, Council Business Mayor Gamec called the regular City Council meeting back to order t2 p.m. Councilmember Hendriksen inquired as to the pu~ose for cy~fig ~e TIF Dis~ct. City Administrator Norman replied that the TIF District is for the ACCAP housing development. Mike Mulrooney, Economic Development Consultant, stated that the creation of the TIF District is to reduce expenses for the ACCAP project, which in turn will have reduced rents for the residents going into the units. Mayor Gamec inquired as to what the timetable was of the TIF agreement. Mr. Mulrooney replied that there will be 20 years of increment with the first increment starting in 2004 and the last one in 2023. City Council/October 23, 2001 Page 7 of 24 -47-