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MINUTES REGULAR CITY COUNCIL MEETING ~ '. ti NOVEMBER 28, 1984 PAGE 5 Attorney Ippel presented the first drafts of the Tax Increment Financing TIF & IDB and Industrial Revenue Bond policies which were drafted following a POLICIES Council workship. Council reviewed and discussed the Industrial Revenue PRESENTED Bond policy and suggested changes and corrections. The Tax Increment policy was not discussed as the persons presenting the next agenda item arrived. Milton Cohen, the proposed developed of the southeast corner of Larpenteur DEVELOPMENT and Snelling, commented on his meeting with the Redevelopment Committee, OF COHEN and provided Council with the same information given the Committee. He PROPERTY - then explained that the project will be done in two phases, 100,000 square REQUEST FOR feet of retail to be constructed first, housing at a later date, and TIF & IDB that, at this time, he is requesting the City authorize applying for BONDS Industrial Revenue Bonds. Terry McNellis, Piper, Jaffray and Hopwood, explained that the reason for the haste in applying for bonds is that there are funds to be allocated in 1984, whereas there may not be funds available in 1985. He assured that they have no intention of circumventing any City requirements, but would follow all rules and regulations. Mr. Cohen indicated that. they own all of the present retail property on the corner except for Clark's Submarine, and that he is negotiating for the purchase of that property. Attorney Ippel explained that the City and the developer could enter into an agreement tonight with safeguards to the City that the customary requirements will be followed, and if the City indicates its intent to issue Industrial Revenue And Tax Increment Bonds, it would not bind Council to give approval to the project. Mr. McNellis also stressed that if an agreement cannot be reached which satisfies the Redevelopment Committee, Planning Commission, and Council, the City would not be required to participate. Mayor Eggert moved, seconded by Councilmember Hard, that the meeting be MEETING extended until the discussion is completed. Motion carried unanimously. EXTENDED A discussion continued regarding tax increment fund projections, whether or COHEN DEVELOP- not the retail project is viable, without the housing (Mr. Cohen assured it MENT was), impact on the neighborhood, and some background on Mr. Cohen's other CONTINUED projects. Attorney Ippel then presented the proposed resolution which Council reviewed SPECIAL and corrected. Councilmember Baldwin questioned the advisability of proceedingMEETING ON with the matter since the partnership has not yet been formed and it is possi- COHEN ble Council might not want to deal with the partners. A discussion followed, PROJECT after which it was decided no action should be taken until the partnership is SCHEDULED formed and the City is provided with all pertinent information. Mayor Eggert FOR 6/6/84 moved, seconded by Councilmember Ciernia, that a special meeting be scheduled for December 6, 1984, at 8:15 P.M. for the purpose of reviewing the partnership and reachi.n~ a decision on the request for application for Industrial Revenue Bonds. Motion carried unanimously. Upon the recommendation of Attorney Ippel, Mayor Eggert moved, seconded by PUBLIC HEARING Councilmember Ciernia, that the public hearing relating to issuance of revenue ON REVENUE & bonds and tax increment bonds be scheduled for December 26, 1984 at 7:15 P.M., TIF BONDS TC and that publication be authorized. Motion carried unanimously. BE HELD 12/26/84