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MINUTES OF THF SPECIAL MEETING <br />CITY COUNCIL <br />LITTI.E CANADA, P9INNESOTA <br />October~ 24, 1988 <br />Pur•suant to due call and notice thereof a special meeting of the <br />Council of the City of Little Canada, Minnesota was held on the 24th <br />day of October, 1988 in the Council Chambers of the City Center located <br />at 515 Little Canada Road in said City. <br />Acting Mayor Beverly Scalze chair•ed the meeting and called it to or•der <br />at 5:00 P.M. and the following member~s of the Council wer•e present at <br />roll call: <br />MEMBERS PRESENT <br />Acting Mayor <br />Councilman <br />Councilman <br />Councilman <br />Mrs. Beverly Scalze <br />Mr. 6i11 Blesener <br />P4r. Rick Collova <br />Mr~. Jim LaValle <br />MEMBERS ABSENT <br />ALSO PRESENT <br />Mayor <br />City Clerk <br />Ci ty P1 anner• <br />City Auditor <br />Recordi ng Secr•etar•y <br />Mr•. Michael Fahey <br />Mr. Joseph Chlebeck <br />Mr•. Dan Wi 1 son <br />Mr•. Rober~t Voto <br />Mrs. Kathy Glanzer~ <br />The City Auditor• pr•esented to the Council a r~epor•t dated October~ 24, 1988 <br />r•egar•ding fiscal dispar•ity and its impact upon the tax incr•ement plan for <br />the Larry Lee development on Centerville P,oad. The City Auditor reviewed <br />this r~eport in detail with the Council. The Auditor• outlined the Tax <br />Incr•ement Financing options the City had to consider~, those beinq Option <br />A- 100% Tax Increment Base, or• Option B- 60% Tax Incr~ement Base. <br />Dan Wilson pointed out that the City's policy is Option B uncler• the Tax <br />Increment Policy Statement the City adopted. <br />The City Auditor also pointed out the City's policy statement of 2/.irds <br />of the increment being pr•ovided to the developer and 1/3 going to the <br />Gity for other purposes. <br />Scalze asked if the City commited to Option A if the City's mill rate <br />would increase. <br />The Auditor replied that this was corr•ect, and went on to explain the <br />effect on the mill r•ate under Option A versus Option B as outlined in <br />the r~epor~t. <br />The Auditor also pointed out that one decision the Council will need to <br />make is whether~ or• not to gener•ate additional monies in the project for• <br />other~ City purposes. <br />Scalze asked if the Council would be asked to make a ciecision on whether <br />Option A or• B would be used. <br />The Audi tor repl i ed that thi s i s cor~r~ect wi th r~egar~d to the Lee pr•oject. <br />Page -1- <br />