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MINUTES <br />City Council <br />July 22, 1987 <br />Lee asked for more information on this bond pool. <br />The City Clerk replied that the pool has not be finalized, but <br />suggested that Lee contact either Brad Farnham or Steve Mattson of <br />Juran & Moody for more information. <br />Nielson summarized that the City needs to identify incentives for <br />developers, identify specific development areas and the City's <br />objectives for these areas and put together a package which can <br />be presented to developers. Nielson suggested that the City may <br />want to look at either new ordinances or gradually tighten up <br />existing ordinances to upgrade existing development. <br />Scalze asked when the City could begin prospecting. <br />Nielson replied that prospecting would be most effective when the <br />City has its sites identified as well as its objectives and <br />financing tools outlined. <br />Larry Lee pointed out that sometimes the asking price of land is <br />unreasonable and in other cities tax increment financing has been <br />used to write down land costs for a developer. <br />Fahey suggested that the City also had the option of condemning <br />property and selling it to a developer. <br />Nielson commented that economic development is a justifiable purpose <br />for condemnation of land, however, there is the time factor involved. <br />Lee reported that condemnation was been used in other cities for <br />economic development. <br />Flug suggested that some people in the City might not think a development <br />is important, and the City has to deal with other people's opinions <br />and convince people of this importance and get support. <br />Fasciana noted that the people in the Centerville Road Area want <br />fair market value for their property, and if fair market value were <br />offered, there would be no problem. Fasciana stated that the property <br />owners in the Centerville Road Area have the impression that the <br />City wants to obtain their land for nothing. <br />Fahey pointed out that if land were condemned, fair market value <br />would be paid for the property. <br />Nielson stated that fair market value was a relative thing. Nielson <br />pointed out that top dollar can be paid for property utilizing tax <br />increment financing to write down costs to the developer. However, <br />Nielson pointed out that some people do not want to sell their <br />properties. <br />Lee pointed out that the property in the Centerville Road area was <br />decreasing in value from a residential standpoint. However, the <br />property is zoned commercial and is for sale. <br />Page -5- <br />