05-13-87 Council Minutes - Laserfiche WebLink

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MItiUTES City Council May 13, 1987 Thunder 6ay Fahey requested that the developers revise the plat to include a II Addition full-width road that would be held as far east as possible as was (Cont.l requested by property owners located on LaBore Road across from the proposed road. Blesener indicated that the Valento property should be platted at least 80 feet wide on LaBore Road. Frattalone pointed out that the property is proposed at least 99 feet wide. Frattalone reported that the developers propose that the east curb remain were it is presently and that the road mat be widened to the west to provide for a full-width road. Collova asked how long the pay-back period for tax increment financing would be increased with the increased cost to the City. The Planner anticipated one additional year at a maximum. The Planner pointed out that this would be considered an economic development project, and the City would have up to 8 years to realize a pay-back. The plan will be structured around an 8-year payback, but if pai~d back sooner, the district would be decertified. Fahey pointed out that the cost of the appraisal of the >~)right property would be borne by the developers. Frattalone agreed. Wright asked when the matter would be finalized and the property closed on. The Planner noted that a public hearing had to be held as well as purchase agreements drawn and development agreements drawn. The Planner estimated that a public hearing could not be held until the end of June, and Fahey estimated that it could be the end of July before the property is actually closed on. The Planner noted that a purchase agreement had to be drawn up between Mr. Wright and the developer that would be subject to the City's providing a write-down of a certain amount of money. The City Attorney felt that this purchase agreement should be drawn up by the developers' attorney, with his office reviewing it. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION N0. 87-5-200 - AUTHORIZI~IG THE CITY PLANNER AND CITY ATTORNEY TO DRAW UP THE NECESSARY TAX INCREMENT FINANCING DOCUP4ENTS AS WELL AS PURCHASF AGREEP1ENT FOR THE PURCHASE OF THE WRIGHT PROPERTY BY THE THUNDER BAY ADDITION DEVELOPFRS WITH A PURCHASE PRICE OF $35,500 FROM THE DEVELOPER AS WELL AS ANY NECESSARY DEVELOPERS' AGREEMENT Page -9-