05-12-82 Council Minutes - Laserfiche WebLink

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~1INU'i'FS CS,~~ Coutteit May 12g 7.982 Senior Ci.tizen Mr. P9atson stated thaC the City could purchase propex~y and se7,]. i~ back Housing (ConC,) to a dev~loper at a xeduced rate, Mr. Fahey asked if real estaCe taxes woul.d sti:l7. be paid usader SecCi.on 202 housing. Mr. PSaCSOn x•epli.ed that ~he}~ would, P9r, Matson also infqrmed Ghe Gocacacil ~hat his ~a.rm has a pro~ram in i.~s compuCer that wi.ll sriow given the dollars how muoh i.t wi11 take C~ pay aff X amount o£ bonds. Mr, Matson sCaCed that an senAOx ci~zz~n houszng the City would be working with Lhe d~velopex• and rrould ~now the valua~ion of the property and the City would, ~her.efore, b~ able to d~L-er.mi.ne wrhat ihe tax increment would be. Mr. Ma~son sCated that the onl.y pr.oblem as thaC i.f Che housing w~xe noC built until 19E3, the CiCy would no~ know wha~ the marlceC would be like, Mr, k'ahey stated that with seni.or citizen hausing the City would know Chis. Mr. Piatson agreed that in thi.s case i.t would pr.ohably work out because the City would no~ sell bonds unCil th~ F'ederal Government has approved the housS.ng f'or L3.ttle Canada, Mr, Eahey suggested ~hat Che City coul.d go ahead and geC an ppLion on the propexty. Mrs. Sca7.ze asked how long iC would C$ke tc~ se~ up a~ax incremeext c1i.s~xLCx, Mr. Matson xeplAed Chat i.C wnuld Cake 60 to 120 days. Mr. Fahey sta~ed Chat the Ci.ty wi11 riOt }CT1pW unta.l. OcCObes wheCher or not it has approval fox this housing. Fahey stated that the C~.ty should not establ9.sh the district until a.t has approval frqm the Federal Gov~z•ciment. Mrs. 5calze ask~d what the option prioe on ~he prop~rty being considered woul.d be. The Ci,ty Cle~k replied that the option p~rics would be one dollar, The Caty Clerk 9.nformed the Counci.l that on Monday he wi71 be aCCendizag a meeCing on block grants, Apparent~.y' ghe Federal Govexramedat a,s coming ocat with some new regulatinns on thes~ granCS. There is some o£ ~his monHy still available, 'I'he G1erk also regor~ed ~haC he has the ~pplica~ion tor senior housing from HUD, Mr. Rock£ord o£ the Archdiocese will asszst the Gi~y iza f9.llixag out this applica~i.on. The Clerk suggesCed that the Counci.l authorize ~he Attox°ney Co proceed wi.th negotiaCions on ~}ae pr.operty and authori.ze Juran & Moody to rreport on tax i.ncremenC fi.nancing, Mr. Fahey stated tha~ Che price o£ the pr.ogex~ty should be ~i~c1 down in Che o~Ci.on, Mrs. Nardini stated tha~ be£ore any comm~.tmer~t xs made on ~he property, Chis should be @~roughC back befoxe the Council. It was suggested ~ha~ Che A~toxney r~po~cC to the Council on his negatzatxons Page -3-