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MINUTES <br />City Council <br />April 22, 1987 <br />Thunder Blesener further explained that the whole plat would be placed in <br />Bay (Cont.) a tax increment financing district, and the City would probably <br />have the tax increment financing paid off when half the plat is <br />developed. Blesener also suggested that rather than float a bond, <br />the amount of money that would be needed would be small enough <br />that the City could provide the money from the general fund. <br />Blesener anticipated a pay-back in two to three years. <br />Frattalone stated that the developers would be willing to purchase <br />the Wright home if the selling price was set at 15% above the <br />appraised value. <br />Fahey stated that he would rather see the developers purchase the <br />property, than the City. <br />frattalone stated that they do not want to waste a lot of time <br />having to negotiate with Mr. Wright, and pointed out that the <br />asking price previously quoted by Wright was too high. <br />Blesener noted that the City would sell the property back to the <br />developers at the appraised value of the undeveloped land, <br />Scalze stated that if the City participates, the road should be <br />straightened out. <br />Blesener agreed that the road should be moved as far west as possible, <br />while retaining enough property on that side for lots. <br />Fahey suggested that if tax increment financing is used, perhaps <br />the Stcynske property should be included with a cul-de-sac coming <br />from the west. Fahey suggested that the Planner investigate this <br />possibility as well as find out Mr. Wright's asking price for his <br />property. <br />The City Clerk noted that the final plat will be before the Council <br />on May 27. <br />Scalze suggested that all that is necessary is a road easement <br />to the Stcynske property. <br />Dan Wilson of the Planner's office stated that Mr. Blesener's <br />suggestion is workable and noted that the City would not be <br />involved in putting in the utilities, and these would be put in <br />by the developers. <br />Fahey suggested that an appraisal of the Wright property is needed. <br />Scalze asked who would pay for the appraisal. <br />Fahey replied that it would be charged back against the tax increment <br />district if that is the route taken, otherwise it would be charged <br />against the development project. <br />Page -14- <br />