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Ms. Norris explained that the discrepancy is due to $6,200 in administrative <br />costs and $13,000 in capitalized interest. <br /> <br />Councilmember Cox noted that this full tax increment district includes River's <br />Bend, Oxbow and Flintwood II; the market value for this entire district has <br />been set at $47,564; and with the develpaent that is occuring the City is sure <br />to gain tax increment dollars. <br /> <br />Councilmember COx complimented Acting Mayor Reimann and Councilmember Sorteberg <br />for acting in the best interest of the oommunity and calling this special <br />Council meeting to address this issuance of tax increment bonds prior to 1986. <br /> <br />Motion by Councilmember Cox and seconded by Councilmember Sorteberg to adopt <br />Resolutfon #85-240 approving the issuance and sale of $100,000 in General <br />Obligation Tax Increment Bonds relating to M&S Development Company/Churchill <br />Estates Apartment Project. (Please refer to resolution file for Resolution 985- <br />240). <br /> <br />Acting Mayor ~eimann called for a roll call vote: <br /> <br />Councilmember Sorteberg - Aye <br />Couneilmember COx - Aye <br />Acting Mayor Reimann - Aye <br />Mayor Heitman - Absent <br />Councilmember Schlueter - Absent <br /> <br />Motion carried. <br /> <br />Motion by Councilmember Cox and seconded by Councilmember Sorteberg to adjourn <br />this special Council meeting. <br /> <br />Motion carried. Voting Yes: <br />and Cox. Voting No: None. <br />Schlueter. <br /> <br />Acting Mayor Reimann, Councilmembers Sorteberg <br />Absent: Mayor Heitman and Councilmember <br /> <br />~he special Council meeting adjourned at 6:25 p.m. <br /> <br />Respectfully sub~i tted, <br /> <br />Sylvia Frolik <br />Secretary <br /> <br />William Goodrich <br />Acting City Administrator <br /> <br />December 30, 1985 <br />Page 2 of 2 <br /> <br /> <br />