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<br />CASE ill: <br /> <br />RmUESI' FOR CITY PARTICIPATION (TAX INCREMENl' FINANCI~) <br />IN PROPOSED PRillEel'; CASE OF MR. DUKE CARLSCN AND MR. RICK FOSl'ER <br /> <br />Background: <br /> <br />Mr. Rick Foster and Mr. Duke Carlson are requesting City participation <br />using tax increment financing for their proposed apartment project to be <br />located on Lot 2, mock 1, Oxbow Addition. This property is currently <br />zoned MR Multiple Residential. The project includes one aparbnent building <br />with 32 market rate rental units. <br /> <br />Mr. Foster and Mr. Carlson are requesting City assistance with site <br />inq;>rovements and land costs for the project. This project is currently <br />located within Tax Increment Financing District No. 1 and Development <br />District No. I. <br /> <br />For your information, the following items are enclosed: <br /> <br />a) Site location map <br />b) Proposed site plan <br />c) U!tter from Mr. Carlson dated February 9, 1988 <br />d) Resolution #87-213 establishing tax increment financing policy <br /> <br />Mr. Carlson and Mr. Foster will be at the meeting to review their request <br />with the Commission. <br /> <br />Cbservations: <br /> <br />As you recall, the City's policy regarding tax increment financing includes <br />Planning Commission review of all requests with respect to the follCMing: <br />a) Is the request consistent with 'the City's Comprehensive Plan? <br />b) Is the request appropriate under the Zoning Ordinance? <br /> <br />I have reviewed this request with Ron Batty, Bond Counsel and Mr. Batty <br />stated that public assistance with site improvements and land costs are <br />common. l>'lt'. Batty cautioned, however, that the City's assistance in land <br />costs cannot exceed the property's current value. Mr. Batty also noted <br />that the City cannot reimburse a developer for a loss in development <br />density. The City can use that as a rationale for participating in a <br />project. <br /> <br />The proposal is projected to generate sufficient increment for the City to <br />consider :participation as requested in the project. <br /> <br />Recommendation: <br />Cormnission Action: <br />Motion to: <br />Recommend approval/denial of the request by Mr. Rick Foster and Mr. <br />Duke Carlson for City participation in the proposed apartment project. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Developnent Director X <br /> <br />Chief of Police <br />Finance Officer <br />Building Official <br />Bond Counsel <br /> <br />-K- <br />-K- <br /> <br />\\ ~ <br />