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<br />CASE #1: <br /> <br />RmUESl' FOR CITY PARTICIPATION (TAX INCREMENr FlNANCItl;) <br />IN PROroSED PRQJECl'; CASE OF MR. DUKE CARLSON AND MR. RICK FOm'ER <br />By: Anne Norris, CamnunityDeve10pnent Director <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 on Lot <br />2, Block 1, Oxbow Addition. This property is currently zoned MR Multiple <br />Residential. The project includes one apartment building with 32 market <br />rate rental units. <br /> <br />Mr. Foster and Mr. Carlson are requesting City assistance with site <br />improvements and land costs for the project. This project is located <br />within Tax Increment Financing District No. 1 and Developnent District No. <br />1. ~ <br /> <br />For your information, the following items are enclosed: <br /> <br />a) Site location map <br />b) Proposed site plan <br />c) Letter fran Mr. Carlson Clated 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 /><l>servations: <br /> <br />As you recall, the City's policy regarding tax increment financing includes <br />Economic Developnent Commission review of all TIF requests with respect to <br />the following: <br /> <br />a) Will the request lead to an increase in full-time permanent <br />employment opportunities in the City? <br />b) Will the request allow for the expansion or retention of an <br />existing local business? <br />c) Will the request lead to the development of certain public <br />improvements which will in turn attract additional future <br />developnent? <br />d) Will the request encourage/assist future developnent in the area? <br />e) Will the request increase the tax base of the City? <br /> <br />At its meeting on February 10, the Commission requested addiitional <br />information regarding using tax increment funds for prope rty wr i te-downs. <br />I have reviewed the proposal with Ron Batty, Bond Counsel and Mr. Batty <br />stated that public assistance with site improvements and land costs are <br />common. Mr. Batty cautioned, however, that the City's assistance in land <br />costs cannot exceed the pro};erty'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 />J <br />