10-23-2024 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL OCTOBER 23, 2024 PUD, PLANNED UNIT DEVELOPMENT, SUBJECT TO THE FOLLOWING CONDITIONS: A. ALL ITEMS LISTED BY THE CITYENGINEER IN THEIR MEMO DATED OCTOBER 3, 2024 SHALL BE ADDRESSED PRIOR TO PERMIT ISSUANCE. B. ANY ITEMS FROM RAMSEY-WASHINGTONMETRO WATERSHED DISTRICT SHALL BE ADDRESSED. C. ANY ITEMS FROM RAMSEY COUNTY SHALL BE ADDRESSED. D. THE APPLICANT MUST RECORD A SHARED ACCESS AND MAINTENANCE A GREEMENT FOR THE SHARED DRIVEWA Y, THE EASTERN A CCESS POINT IN LOT 2, AND THE EASTERN PARKING LOT. E. THE APPLICANT SHALL CREATE A DEVELOPMENT AGREEMENT WITH THE CITY. The foregoing resolution was duly seconded by Gutierrez. Ayes (5). Nays (0). Resolution declared adopted. TAX INCREMENT FINANCING PLAN FOR TIF DISTRICT NO. 7-4 (RIDE ROUSING PROJECT AT NE CORNER OF RICE STREET AND DEMONT AVENUE The City Administrator stated that the parameters and terms of the agreement have been discussed in multiple Council workshops. He recognized the cost to construct this type of development, and the different funding sources the applicant has been able to secure, and noted there are still funding gaps they are attempting to find closure of. He stated that the applicant requests 'TIF assistance to fill that gap, noting that if additional funding sources are successful, the TIF amount would then be reduced. Jake Emeott, Baker Tilly, reviewed details of the proposed project summary and requested assistance. He identified the proposed TIF district boundaries and identified the additional extraordinary costs of the project. He provided more general background information on tax increment financing and analysis of the request that was done by his firm to ensure that the request meets the qualifications for TIF assistance. Mayor Fischer commented that the needs shown were about $1,100,000 and TIF is being requested at about $1,000,000. He noted the total amount available shown as $2,600,000 and asked for clarification. Mr. Emeott replied that the $2,600,000 would be with inflation over 26 years and with interest, whereas the $1,152,105 is the estimated present value. Mayor Fischer asked and received confirmation that if the acceptable costs were paid off earlier, the district could be decertified earlier. Kwapick asked when this would go before the other taxing district, such as Ramsey County and the School Board. Mr. Emeott replied that they do not need to present this in person to those entities but will send out a letter informing them of the district. The City Administrator stated that the initial notification was provided to those entities in September. Kwapick clarified his statement to be that since notification has been provided, if there were concerns, those entities would have reached out to the City by this time. Mr. Emeott confirmed that to be correct. 5