03-05-86 Council Minutes - Laserfiche WebLink

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MINUTES City Council March 5. 1986 Tax The Planner suggested that some of the areas will have projects Increment coming in rapidly and suggested that the process will be easier Financing if the City has its policy set up. The Planner suggested that he (Cont.) give the City a copy of what other cities have adopted, and they can work from this. Fahey suggested that the matter be referred to the Planning Commission as well as the Economic Development Committee and then the Council could take action by the second meeting of the month. Qob Voto explained the impact that tax incr~ on the City's tax base. As new development financing will not have its valuation added Voto suggested that he use a 3% increase in the City on his projections for storm water projections. ~ment financing will have utilizing tax increment to the City's tax base, property valuations in drainage district bonding The Planner stated that the City will have to look at each project individually and its effect on the City's tax base. The Auditor stated that under tax increment financing the City is simply stating that it will float a bon~ for the developer for a period of time and will forego its taxes on the development during this time. Taxes to the County and School District will also be waived until the bond is paid off. ~rad Farnham stated that 3838 does not make tax increment any easier, and it may severely restrict it. Voto reported that tax increment financing is a tool the City's neighbors are using and one the City does not have. Engineer's The Council discussed the Engineer's report on storm sewer projects Report and its effect on street restoration. On Storm Sewer Roger flanzer was instructed to go through the report and come up Projects with recommendations on street restoration that needs to be done and will not be covered by storm sewer projects. Council also discussed the possible assessment of street restoration projects. Council set up a special workshop meeting for Thursday, March 20, at 7 P.M. to discuss the drainage district projects suggested b.y the Engineer as well as needed street restoration and the City's policy with regard to assessments. Building The Council set up a committee of Joe Chlebeck, Rick Collova and Inspector Jim Manteupel to review the applications received for the Building Position Page -6-