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MINUTES <br />City Council <br />August 24, 1988 <br />TIF Wilson r•ecommended that the City float the $200,000 bond issue for TIF <br />District District No. 2. Accumulated sur•pluses can be banked until such time <br />No. 2 as the City wants to spend them on public impr•ovements. <br />(Cont.) <br />There was no one from the general public present wishing to comment on <br />thi s matter•. <br />Mrs. Scalze introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 88-8-353 - CLOSING THE PUBLIC <br />HEARING ON THE TIF DISTRICT N0. 2- YORKTON <br />DEVELOPMENT <br />The for~egoing resolution was duly seconded by Mr. Fahey. <br />Ayes (5) Scalze, Fahey, Blesener, Collova, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book No. 20, page 361. <br />Mr~s. Scalze introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 88-8-354 - AUTHORIZING THE <br />MAYOR AND CITY CLERK TO SIGN ON BEHALF OF <br />THE CITY TAX INCREMENT FINANCING DISTRICT <br />N0. 2 PLAN ESTABLISHING DISTRICT N0. 2 WHICH <br />WILL BE PREPARED AND SUBMITTED TO THE CITY <br />BY TNE CITY'S BOND COUNSEL <br />The for~egoing r~esolution was duly seconded by Mr. Blesener~. <br />Ayes (5) Scalze, Blesener, Fahey, LaValle, Collova. <br />Nays (0). <br />Resolution declared adopted. <br />This resolution appear•s in Resolution Book No. 20, page 362. <br />Wilson reported that Bond Counsel will be preparing a Development <br />Contract which will be presented to the City for appr•oval and which <br />will outline building size and value, construction and completion <br />dates, and a date by which the City will be r~equired to deliver~ the <br />$140,000 to Yor•kton Ltd. <br />Lar•r•y Lee asked if the Gervais pr•operty was located in a Tax Increment <br />Financing District infor•ming the Council that he had a potential user <br />for~ the proper~ty. The user is a private vocational school. <br />The City Planner indicated that the Gervais pr~operty is in a TIF Distr~ict <br />and a vocational school is a permitted use under IP District. However•, <br />the Planner was not sure whether or not a private vocational school was <br />taxable. <br />Fahey stated that if such a school pays proper•ty taxes, the City would be <br />Page - 15- <br />