Agenda - Council - 03/08/1994 - Laserfiche WebLink

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G. proposed Reuse of Propert_v. Acquisiti( right-of-way purl and in connection in of private property within Development District No. 1 is contemplated for loses in connection with Front Street improvements within TIF District No. 4, with street and utility improvements within TIF District No. 2. Proposal~ for the use of property acquired by the City must be consistent with Development Pr(ggram objectives and f'manciaily feasible. Prior to acquisition of any property for reuse by a privaf, e developer, the City Council will require a development contract and other guarantees to ens{~re that sufficient tax increment or other funds will be available to repay the cost associated with t~e proposed acquisition. It is the intent of the City to negotiate for the acquisition of property wher~ever possible, but the City will use its powers of eminent domain to acquire property if requir~l. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporaied into any development contract to which the City is a party. H. Da. velopment District Financing. Within D~velopment District No. 1, the City has created TIF District No. 1, TIF District No. 2, TIF DistriCt No. 4 and TIF District No. 5. The City may create additional TIF Districts to finance developm&nt activities within the Development District. Water and sewer, water tower and well costs which have been or will be incun'ed in TIF District No. 2, asi well as the cost of site improvements within TIF District No. 2, will be paid through the pledge of tax increment from TIF District Nos. 1 and 2. In addition, users will be charged for connobting to the system and will pay usual fees and charges associated with usage. Site and pgrk improvements in TIF District No. 1 will be paid through tax increment and, in the case of Flintwood Hills, through special assessments. Commerclal site improvements within TIF District No. 4 will be paid through tax increment. Fro~t Street improvement costs will be paid through tax increment, special assessments, storda water district taxes, and grant monies. Utility co,ts within TIF District No. 5 will be paid through tax increment and special assessments. Commercial site improvements and street and utility construction within TIF District No. 2 will be paidlthrough tax increment. Utility an6~ street construction costs within TIF District No. 2 will be paid by tax increment and special assessinent funds. I. R~location. The City a~ticipates that no relocation will be necessary but accepts its responsibility for providing for relocation pursuant to §469.133 of the City Development District Act. If relocation is necessary, provisions will be made in accordance.with Minnesota Statute § 117.50 through § 117.56, inclusive. J. Administration of Development District. Maintenan[~Ce and operation of the public improvements will be the responsibility of the Administrator of ~evelopment District No. 1. Each year the Administrator will submit to the City Council the main~nance and operation budget for the following year. The Administrator will administer the De. velopment District pursuant to the provisions of §469.131 of the City 51