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<br />already been accounted for that these will go towards and after those things have been taken care <br />of the remaining funds will go towards special assessments or parks. <br /> <br />Councilmember Musgrove asked when the TIF district ends. <br /> <br />Economic Development Manager Sullivan stated that it ends in 2040. <br /> <br />Councilmember Musgrove asked if they will not get any tax revenue until 2040. <br /> <br />Economic Development Manager Sullivan said that was correct and explained that when a TIF <br />district is put in place, all of the jurisdictions fund the activities that occur within the TIF district. <br />He noted that between now and 2040, all of the taxes that are generated that would have gone to <br />the City, County, and school district will go to fund the activity that has happened within the TIF <br />district. He added that the costs for these projects will help fund the infrastructure costs. <br /> <br />Acting Mayor Riley stated that this does not count as actual tax revenue until 2040; however, it <br />pays off the items that have been incurred in the past. <br /> <br />Councilmember Musgrove shared that she liked the pool on the inside but it is shown on the <br />outside. <br /> <br />Mrs. Wise stated that they also like the idea; however, there is not enough land to put a pool inside <br />given the parking requirements. <br /> <br />Acting Mayor Riley asked about the purchase price and if it falls into the range that the City was <br />looking to sell the land for and if Staff did a good job negotiating this. <br /> <br />Economic Development Manager Sullivan stated that they have been in discussions about this <br />since March and there has been a lot of back and forth to get the current deal which is the best deal <br />that could be negotiated. <br /> <br />Councilmember Specht shared that he likes the project and thinks it looks very nice. He noted that <br />he has heard from residents that they do not want any more apartments in the City. He added that <br />he will be voting against this for that reason. <br /> <br />Motion by Councilmember Woestehoff, seconded by Councilmember Musgrove, to Adopt <br />Resolution #23-193 Approving Purchase Agreement and Right of Re-Entry Agreement for Part of <br />Outlot A, COR TWO: Norhart Architecture LLC (as presented); subject to City Attorney review. <br /> <br />Further discussion: <br /> <br />Councilmember Musgrove stated that she will support this apartment project in the COR as it will <br />bring in some retail aspects with it. <br /> <br />Councilmember Olson agreed with Councilmember Musgrove and added that there is also a <br />benefit that it provides to the City as far as the Met Council density goes. <br />City Council / August 22, 2023 <br />Page 6 of 11 <br /> <br /> <br />