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MINUTES <br />City Council <br />October 24, 1988 <br />Scalze pointed out that a pr•ecedent is being set in the Lar•r•y Lee <br />development, however, the City must be prepar•ed to stick with the <br />10% assistance limitation on futur~e TIF pr•ojects. <br />Mr~. 6lesener intr~oduced the following r•esolution and moved its adoption: <br />RESOLUTION N0. 88-10-450 - ADOPTING OPTION A <br />FOR THE LARRY LEE PROJECT AS OUTLINED BY THE <br />CITY AUDITOR IN HIS REPORT DATED OCTOBER 24, 1988 <br />The foregoing r•esolution was duly seconded by Mr. LaValle. <br />Ayes (4) Blesener, LaValle, Scalze, Collova. <br />Nays (0). <br />Resolution declar•ed adopted. <br />This resolution appears in Resolution Book No. 20, Page 465. <br />The City Auditor• then r~eviewed pages 16 and 17 of his report outlining <br />a comparison of the City's TIF policy with that of a neighboring City, <br />as well as the position that a City should take when presented with a <br />TIF proposal by a developer•. <br />The City Auditor~ also pointed out that if a 10% TIF assistance limitation <br />is set, this 10% can always be financed successfully. A larger percentage <br />leaves little left over~ for public purposes. <br />The Council agreed that in futur~e TIF pr•ojects the 10% figure should be <br />used and that figur•e should be based on taxable value. <br />The Auditor also requested that he become involved earlier in the process <br />in r•eviewing the numbers for• TIF pr•ojects. <br />Scalze pointed out that the Larry Lee pr~oject was the fir~st commer•cial/ <br />industr•ial TIF project the City was involved in and it was a lear~ning <br />exper~ience for the City. <br />Wilson reported that Briggs and Morgan would like the Larry Lee project <br />closed on by the end of the year•. <br />It was suggested that at the r•egular• Council meeting, the Council call <br />for• a bond sale for the Lee project. <br />Voto also pointed out that other cities do not disper•se TIF funds until <br />a project is 30% complete. <br />Wilson r•epor~ted that the Lee pr~oject will be appr~oximately 50% complete <br />befor•e funds wi 11 be di sper•sed. The contr•act pr~ovi des for• a 30% compl eti on. <br />Adjourn Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOLUTION N0. 88-10-451 - ADJOURNING <br />Page -5- <br />