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MINUTES <br />CITY COUNCIL <br />JULY 23, 2008 <br />The Administrator reported that the next issue is Mr. Sherman's request <br />for some relief in terms of his Villas TIF guarantees. While he has <br />exceeded the estimated market value for this project, his annual tax <br />increment collections are running about $39,000 per year less than what <br />was agreed to. This is due to the decline in total City tax rate since the <br />project's inception. <br />After discussing this issue in detail, it was the consensus of the Council <br />that Ehlers and Associates should analyze the impact of Sherman's request <br />as well as structure some options for the Council's consideration. This <br />information will be presented to the Council at a future meeting. <br />The Administrator reported that staff is also recommending that Ehlers <br />and Associates review the City's TIF Districts and provide some TIF <br />planning assistance. <br />The Administrator noted that Sherman has indicated that Culvers is close <br />to signing a purchase agreement for Parcel 3. Sherman is also concerned <br />about development on Parcel 2 next to The Village building and its impact <br />on parking. Sherman has indicated that he is willing to clean up Parcel 2, <br />especially if a restaurant occupies a portion of The Village. Parcel 2 <br />would then be utilized for additional parking. Sherman would absorb the <br />TIF guarantee under this scenario, thus leaving the City whole. <br />The Administrator noted that Sherman would like to take control of Parcel <br />3 (Culvers site) as well as Parcel 4 at the time the Culvers purchase closes. <br />He would still be responsible for TIF guarantees and subject to perform <br />under the development agreement. The Administrator indicated that he <br />would consult with counsel to ensure the City is protected in this scenario. <br />The Administrator also noted that Sherman will make another attempt to <br />discuss redevelopment of the US Bank site with them. <br />ABDO The Administrator reviewed the limited report received from Abdo <br />REPORT Markethouse on their efforts in marketing the City's Rice Street/Viking <br />Drive site. <br />There being no further business, the workshop meeting was adjourned at <br />7:28 p.m. <br />WikIs<~ / ayor <br />Attest: _,C- ~~•~.-~•°.-..__e..__~ <br />oe1 anson, City Administrator <br />