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-48- <br /> <br />Councilmember Hendriksen inquired if it was accurate that the TIF District will generate <br />$190,000 in TIF revenue. <br /> <br />Mr. Mulrooney replied that according to the projections the TIF District will generate $38,000 <br />per year. <br /> <br />Councilmember Zimmerman stated that because the housing development is going to be <br />completed under a TIF District none of the taxes collected will be going to the school district. <br />The taxes will be going to pay for the expenses of the development. <br /> <br />City Administrator Norman noted that the housing development will be market rate units not <br />low-income housing. <br /> <br />Councilmember Anderson stated that the general funding for schools is no longer with the local <br />districts. ~ ~ <br /> <br />Mr. Mulrooney explained that school districts will not be funded through property taxes any <br />longer. Schools will be fun_dCd by~ the government and any special levies that school districts <br />approve. ~ ~ ..-- <br /> <br />Councilmember Hendriksen stated that the City Administrator had indicated that the <br />development will be market rate, but Mr. Mulrooney indicted that the subsidizing of the project <br />would help keep rents Iow. <br /> <br />City Administrator Norman corrected h_is statement stating that the units will be considered <br />affordable housing not market rate. <br /> <br />Motion by Councilmember Kurak, seconded by'-'C~Uncilmember ~derson, to adopt Resolution <br />#01-10- establishing Tax Increment Financing DistriCt No."9r. and approving, its Tax <br />Increment Financing Plan. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, and Anderson. Voting <br />No: Councilmember Hendriksen and Zimmerman. <br /> <br />Case #4: <br /> <br />Public Hearing: Establishment of Tax Increment Financing District No. 10 <br />and Approving its Financing Plan <br /> <br />Mayor Gamec closed the regular portion of the City Council meeting at 7:23 p.m. in order to <br />conduct a public hearing. <br /> <br />Public Hearing <br /> <br />Mayor Gamec called the public hearing to order at 7:23 p.m. <br /> <br />Ci~ Council/October 23, 2001 <br /> Page 8 of 24 <br /> <br /> <br />