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MINUTES <br />City Council <br />July 22, 1987 <br />DeLonais agreed that if people are asking a very high price for their <br />property, they really don't want to sell. <br />Fahey suggested that the City could approach the landowners in the <br />Centerville Road Area and find out the asking price of their <br />property. <br />Fasciana reported that 6utler has acquired the Hyland property. <br />Fahey reported that he would not be in favor of using tax increment <br />financing to put in smaller buildings. Fahey felt that the City had <br />to consider the long-term benefit. Fahey also noted the soil <br />corrections that would be necessary in the Centerville Road area. <br />Fasciana suggested that pylings could be used in this area. <br />Lee reported that there are financing difficulties for buildings <br />which are set on pylings in questionable soils. Lee stated that <br />from the long-term point-of-view, he would not build in questionable <br />soils. <br />Scalze pointed out that the City has not set a policy for when tax <br />increment financing would be used. <br />Lee reported that most cities do a minimum net worth index to <br />determine of development can support a tax increment. <br />Flug suggested that a general objective for the City would be to have <br />quality development that lends itself to the potential of multi-use <br />areas. <br />Lee suggested that Nielson bring in some tax increment programs set <br />up in other cities for review and the City can review the criteria <br />used by these cities. <br />Fahey agreed. Fahey also suggested that tax increment financing be <br />used to encourage larger industrial buildings rather than 8 foot high <br />concrete block buildings. <br />Lee reported that taxes generated by development are determined on <br />a square footage basis and suggested that that a business park <br />development might be beneficial to the City as well. Lee reported <br />that the City has to consider square footage as well as value of a <br />building, pointing out that office space generates about $2.00 per <br />square foot in taxes, while industrial generates about $1.10 per <br />square foot in taxes. <br />Lee also reported that he has been approached about developing the <br />property between the senior citizen apartment and Thunder Bay <br />Plaza with high-tech office space. <br />Page -6- <br />