07-22-09 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JULY 22, 2009 DEVELOPMENT Bleseuer opened the Public Hearing to consider the Establishment of DISTRICT NO. 6 Development District No. 6, Establishment of Tax Increment Financing & TIF DISTRICT District No. 6-I, and Adoption of Development Program and TIF N0.6-1 Financing Plan. The City Administrator reviewed his report dated July 17, 2009 relative to this matter. He noted that the City entered into an agreement with Masterpiece Homes to assist with the financing of the acquisition of the property at 2966 Arcade Street. At the time the property was being offered for sale in a foreclosure auction and had been along-term code enforcement problem with the City. The Administrator reported that there are three structures on the property and all three are in poor condition. At the time of purchase the City provided 50% of the cost of acquiring the site (approximately $219,000). The City has enterod into a development agreement with Masterpiece Homes laying out the steps that will be taken to redevelop the site, subject to economic conditions. One oPthese steps is to create a TIF District to ensure that a quality development occurs and to protect the City's investment in the property while enabling the developer to invest in the project. The City Administrator noted that ideally economic conditions will improve and enable the redevelopment of this site to occur without a subsidy. However, if that is not possible, the TIF District will enable the developer and the City to remain whole. The City Adminisri~ator noted that the Planning Commission must act on the creation of the TIF District, aizd will do so at their August 13, 2009 meeting. There was no one present from the general public wishing to continent on this matter. Upon motion by McGraw, seconded by Boss, the public hearing was closed. Mr. McGraw introduced the following resolution and moved its adoption: RESOL UTION NO. 2009-7--168 -ESTABLISHING DEVELOPMENT DISTRICT NO. 6 AND TAX INCREMENT FINANCING DISTRICT NO. 6-1 THEREIN; AND ADOTPING A DEVELOPMENT PROGRAMAND TAX INCREMENT FINANCING PLAN THEREFORE SUBJECT TO RATIFICATION BY THE PLANNING COMMISSION The foregoing resolution was duly seconded by Boss. Ayes (4). Nays (0). Resolution declared adopted.