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r~zNUrEs <br />City Council <br />July 22, 1987 <br />Thunder Voto replied that land could not be purchased for something like <br />Bay TIF a City Garage, however, it could be purchased and combined into <br />(Cont.) usable or saleable parcels and then sold to a developer. <br />The City Clerk pointed out that if the Council wishes to consolidate <br />the TIF district, another public hearing would have to be held. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 87-7-325 - CLOSING THE <br />PUBLIC HEARING ON THE THUNDER BAY TAX <br />INCREMENT FINANCING PROJECT. <br />The foregoing resolution was duly seconded by Mrs. Scalze. <br />Ayes (5) Fahey, Scalze, Collova, LaValle, Blesener. <br />Nays (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 18, Page 351. <br />The Planner suggested that if the City intends to consolidate the <br />TIF districts, it should not approve the Thunder Bay TIF Plan at <br />this time. <br />Blesener asked how this would effect the development. <br />The Planner noted that there is an issue of the legal description <br />for the Wright property that needs to be resolved. Also, Mr. <br />Frattalone would like to begin constructing the road and the Wright's <br />have to purchase another house. <br />The City Attorney felt the legal discription could be worked out <br />to the satisfaction of the Wrights' attorney. The t4rights' attorney <br />has advised them not to sign the purchase agreement until that issue <br />has been resolved. Also, the City has to get a developer's agreement <br />finalized and signed by Frank Frattalone to ensure that Mr. Frattalone <br />will in turn purchase the Wright property back from the City. The <br />Attorney thought that these issues could be worked on while the <br />City proceedsto consolidate the districts, if that is the Council's <br />desire. <br />Scalze suggested that the boundaries of the districts remain as is <br />until the Thunder Bay TIF project has gotten underway. Scalze <br />suggested that the Council consider the consolidation 4 months from <br />now. <br />Wilson suggested that the Council approve the purchase agreement <br />and development agreement upon approval of the City Attorney. <br />Wilson also suggested that if the Council wants to consolidate the <br />districts, a public hearing be called. <br />Page -8- <br />