Agenda - Council - 05/27/1986 - Laserfiche WebLink

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lO Minutes CASE ~11: Background: REQUEST FOR CIT~ PARTICIPATION (TA~ I~CRgMI~T FUNDS) FLINT~OOD HILLS SECOND ADDITION; CASE OF ~. ~T ~UDIO By: Anne Norris, Co~unity Develo~ent Director Mr. Art Raudio is requesting City participation in the form of tax increment funds to assist in site improvements (soil corrections, dewatering, etc.) for future phases of development of the ~lintwood Hills Second Addition P.U.D. Mr. Raudio is requesting that the City participate in approximately site improvements. According to the City's policy regarding City participation with tax increment funds, the Council reviews all such requests with respect to: - recommendations from the Planning and Zoning and Economic Development Co~issions - viii the request benefit the City as a whole? - will the request encourage other private development of the area? - is the success of this project dependent on City participation? Included in the reference material is a letter with attachments dated April 22, 1986 from Mr. Art Raudio and a proposed resolution approving Mr. Rand;o's request. Observations: According to existing legislation, the City's Bond Counsel has determined that the City may use tax increment funds to participate in site improvements. However, Bond Counsel advised that the City's development program for tax increment financing needs to be amended to alloy for such requests and costs; interim approval of Mr. Raudio's request may be granted by resolution. As you recall, in late 1985 the City Council approved a request to use tax increment funds to participate in site improvements (grading, ponding, landscaping and fencing) for the Churchill Estates apartment project. In accordance with the City's policy, this request was reviewed by the Planning and Zoning and Economic Development Commissions. Both Com;issions recommended approval of Mr. Raudlo's request. Recommendation: If Council determines that Mr. Rand;o's request meets the above criteria regarding City participation, the following motions are provided. If Council determines that Mr. Raudio's request does not meet the criteria, then no action is necessary. Council Action: ,, f?,?- . Motion to: Adopt Resolution ~86- approving Mr. Art Raudio's request for tax increment financing assistance in site improvements in Flintwood Mills P.U.D. not to ~eeed $105,000 amd authorizing Staff to seek bids for these improv~ents. ~is approval is contingent upon Mr. ~udio entering into a develo~ent agre~ent with the City.