03-28-01 Council Workshop Minutes

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MINUTES CITY COUNCIL MARCH 28, 2001 TIF 3-2, and Country Drive. Anderson pointed out the pending TIF legislation, and Fifield stated that he did not believe that legislation would effect this project. Fahey indicated that the question is the comfort level the Council has with this risk and whether a subsidy of approximately $500,000 in addition to land costs would be acceptable to the Council. Fahey indicated that he was in support of pursuing discussions with R. J. Marco and Oppidan. Fifield pointed out that there is some concern for the property on the southeast corner of the intersection. The City Administrator indicated that the City might want to obtain control over additional sites in this area if the Oppidan project appears it will become a reality. Once development commences in this area, property values will increase appreciably. Fahey stated that if Oppidan does not require acquisition of the southeast parcel as a condition of the deal, the City should not offer it. However, he felt that the City should look at the potential for controlling the site. Council discussed the possibility of the site developing on its own, combining with an adjacent vacant parcel for development, as well as the potential for increased property values in the area. LaValle asked when Oppidan was interested in starting a project. The Administrator indicated that it would depend on how soon they could lease one floor of the office space. He pointed out that R. J. Marco indicated that they have received many calls for office space for their building on Viking Drive. The consensus of the Council was to continue discussions with R. J. Marco and Oppidan. COUNTRY The Administrator reported that passage of SF73 related to tax increment DRIVE financing could affect the City's completion of redevelopment along Country Drive. Therefore, if the City wishes to complete this redevelopment effort, discussions with the pertinent property owners should be commenced once again. The Administrator reviewed a TIF analysis for the south redevelopment area along Country Drive noting that there is a $311,633 deficit projected. However, the excess revenues from existing Country Drive development would offset that amount and contribute an additional $40,000 per year to TIF District 3-2 at today's class rates. The Council directed the City Administrator to discuss with the affected property owners the acquisition of redevelopment parcels along Country Drive.