Laserfiche WebLink
Mr. Aarsvold stated that provision is included for administrative purposes because if a developer <br />were to appeal their valuation they could find themselves in a situation where the City would be <br />presented with a bill to pay the County for a reduction in the valuation and that might occur after <br />the TIF period is up. In a longer duration district they can handle that but with the shorter <br />duration they are saying there is a strict prohibition during that time that they cannot challenge <br />the valuation. <br />Member Riley stated on the construction schedule, he understood they are in a big hurry to get <br />the project done so how have they jumped ahead to June 2017 because it seems unreasonably <br />long. <br />Member Skaff asked if they have applied for a building permit or where are they in the process <br />of getting the project started. <br />Community Development Director Gladhill stated for the building permit they have been <br />authorized to do footings, foundation and grading but they have not issued the overall building <br />permits and staff still has some work to do on the review of those. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated as far as the date, the goal for <br />this project is to be ready to go by next fall. However, as in the past there could be some delays <br />but the end date could be tightened up if the Board and City Council preferred. Member Riley <br />stated they did not want to make this too short but thought December 2016 might be a good end <br />date. He also wanted to be sure they are meeting the assessment dates. The first increment that <br />is anticipated to be received from this project is in 2018. When assessments are placed for 2017 <br />taxes payable in 2018 they expect there to be some valuation there that can be collected. The <br />fact that the contract has a date that is out further will not impact that. <br />Member Skaff asked when the assessor evaluates the project. <br />Mr. Aarsvold stated the assessor will look at the project on January 2, 2016, and they will look at <br />where the value is at that time which will be the value for taxes payable in 2017. They are <br />assuming there will not be any increase in value during this assessment period, the bulk of the <br />assessment will occur in January 1, 2017, so by then they expect this project to be 100% <br />complete. Upon that date the full evaluation will be placed on that property and those taxes will <br />get paid in 2018 and that is where they will have the increments start to be generated. <br />Member Skaff asked if there was concern that they might delay that past January 2017. <br />Member Riley agreed and did not think the timeline fit with the agreement. <br />Mr. Aarsvold stated this does provide a little more leeway than what the actual construction <br />schedule is anticipated to be. <br />Member Riley understood they were trying to be helpful to the applicant and do things really <br />quickly on their side but then the City is not asking them to hold up their end and giving them <br />Economic Development Authority/October 8, 2015 <br />Page 3 of 8 <br />