06-01-88 Council Workshop Minutes

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MINUTES OF THE WORKSHOP P1EETING CITY COUNCIL LITTLE CANADA, MINNESOTA June 1, 1988 Pur•suant to due call and notice ther•eof a wor~kshop meeting of the Council of the City of Little Canada, P9innesota was held on the lst day of June, 1988 in the Council Chamber•s of the City Center• located at 515 Little Canada Road in said City. Mayor• Michael Fahey chair~ed the meeting and called it to or•der~ at 8:00 P.M. and the following member•s of the Council wer~e pr•esent at roll call: MEMBERS PRESENT: Mayor• P1r~. Michael Fahey Councilman Mr~. Bill Blesener• Councilman Mr~. Rick Collova Councilman Mr•. Jim LaValle Councilwoman Mrs. Beverly Scalze ALSO PRESEPIT: Ci ty Pl anner• Mr•. Steve Gri ttman Recor~ding Secr•etar~y Mr~s. Kathy Glanzer• Boosalis The City Planner• r•eviewed in detail his repor~t dated June 1, 1988 r•egar•ding Development Rice At C II Tax Incr~ement Financing Ana1ysis. It was pointed out by the Planner• that this analysis is based on a 40 foot setback for~ the str•ip center~ and that figur~es for~ a 60 foot setback wer•e not put together~ since a deficit has appear•ed consider•ing the pr•oposal with a 40 foot setback. The Planner also pointed out that the bottom line figur•e does not include r•evenues from assessments for• the r~oad impr•ovement. Scalze pointed out that the r•esidential pr•oper~ty was not includetl along with the commer•cial for• gener•ation of TIF. The Planner• agr~eed and pointed out that the pr•oblem with including r•esi denti al pr~oper•ty i s that r•esi denti al pr~oper•ty does not gener•ate much tax r•evenue and also a firm timeline would be needed for• when the houses would be developed. Single-family r•esidential is not often used because such development is usually speculative. Fahey suggested that the r•esidential pr•oper~ty be included to gener•ate additional funds under~ the TIF. Fahey pointed out that ther~e will cer•tainly be some homes built within the next few year~s which will add towar•ds decr•easing the deficit pr•ojected by the Planner~ in his r•epor~t. Fahey also pointed out that if the City assessed the $117,000 of impr~ove- ment costs that would not be picked up by special assessment, as pr•ojected by the Planner~, the deficit of $60,000 pr•ojected by the Planner• would become a sur•plus of $50,000. Including revenues fr~om a few single-family homes would br•ing this amount up higher~. The City Planner~ pointed out that the tax r•evenue fr•om a few single-family homes will not make a big difference in paying off the TIF bond. Page -1-