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MINUTES SEPTEMBER 9, 1992 PAGE 3 1.~~ crossing the street. Following a discussion staff was directed to prepare a response to the request indicating that Council is not opposed to placement of the signs but making them aware of possible problems. UPDATE ON CITY'S TAX INCREMENT FINANCING DISTRICTS Fiscal Consultant Steve Apfelbacher reviewed his report dated September 3, 1992 (a copy of which is on file in the city office) relating to the status of the city's tax increment districts, possible use of any remaining TIF revenue after the districts terminate, and the feasibility of issuing refunding bonds for certain districts. Apfelbacher also explained that the current owners of District 2-1/Bullseye has expressed interest in finding a solution to remove or reduce the minimum market value as established in the development agreement. Council agreed that if the matter can be worked out to the city's satisfaction they might be interested and directed Apfelbacher to pursue further discussion with the property owners. Apfelbacher recommended no decision be made regarding issuing refund bonds until after the discussion with the Bullseye owners. If an agreement with Bullseye cannot be reached TIF District 2-1 could be included in refunding for the other districts. Apfelbacher will provide Council with the results of the discussion at a future meeting. ITEM P-5, CONSIDERING OF REFUNDING CITY BONDS DEFERRED This matter was deferred due to the action taken on the previous item. ADOPTION OF RESOLUTION RELATING TO REDUCING THE 1993 DEBT LEVY ON G.O. DEBT Ciernia moved adoption of Resolution R-92-37 which carried unanimously . RESOLUTION R-92-37 A RESOLUTION REDUCING THE 1993 DEBT LEVY ON GENERAL OBLIGATION DEBT 1993 BUDGET HEARING SCHEDULED FOR 12/9/92 WITH CONTINUATION ON 12/16/92 Council by unanimous consent scheduled the public hearing on the 1993 budget for 7:05 p.m. on December 9, 1992 and the continuation hearing (if necessary) for 7:05 p.m., December 16, 1992.