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Mayor Kuzma asked how many years they were looking at for this to be on the TIF. <br /> Mr. Fink said their request would be whatever the statutory maximum is; however, the Council <br /> would have discretion on how many years they would like. He shared that the development would <br /> utilize Lifespark as their management company. <br /> Mayor Kuzma asked Mr. Fink to talk about the types of units they are proposing. <br /> Mr. Fink explained that these units will operate as the resident's new home that provides an <br /> environment that is very accommodating. He said these units are very comfortable and have all <br /> the amenities the residents will need. He noted that moving into one of these units is normally a <br /> family decision. He added that these units also come fully furnished and have everything the <br /> resident should need. <br /> Economic Development Manager Sullivan reviewed the financing for the project and explained <br /> that this will be pay-as-you-go financing. He shared that the developer is requesting a 60/40 split <br /> for Peridot Street, which would actually amount to an 80/20 split as the City is the land owner on <br /> one side of the road. He said this would total around $733,600 for the City and $183,400 for the <br /> developer for Peridot Street. He added that the developer would not like to have part in the <br /> Veterans Drive development. He asked the Council if they are okay with Veterans Drive not being <br /> constructed as a part of this project. He noted that rezoning would have to be done for this project <br /> if it does move forward. <br /> Councilmember Specht said he is not in support of the TIF aspect of this project but would be in <br /> support of the project itself. <br /> Mayor Kuzma asked if there would be any flexibility with the cost share for the road project. <br /> Mr. Fink said he does not know. He noted PSD Holdings would need to be asked as they are <br /> participating in a large piece of this. <br /> Mayor Kuzma said he likes the idea of this project and would be in support of it. <br /> Councilmember Riley said he is not a big fan of using TIF for residential projects. He said if this <br /> was not a request for TIF he would be more likely to consider the cost share for the road; however, <br /> he cannot consider both. He wondered if this is the best location for this project and if there were <br /> possibly better places in the City this could be developed. <br /> Councilmember Howell agreed with Councilmembers Specht and Riley. She said she is not in <br /> support of making a new TIF district. She added that she also has concerns with this being located <br /> in the COR area as well. <br /> Councilmember Musgrove asked if the developer looked at any other areas in the City for this <br /> project. She said she is hesitant to add to the TIF districts. She asked if this would be a special kind <br /> of TIF. <br /> City Council Work Session/March 12, 2024 <br /> Page 2 of 9 <br />