Laserfiche WebLink
MINUTES <br />City Council <br />nugust 9, 19H9 <br />Collova asked if Boosalis would have any financial interest <br />in the property so that he will have an interest in seeing <br />the residential portion of the project proceed. <br />Soosalis pointed out that he will own the residential <br />property and will be responsible for payment of property <br />taxes on this property, Soosalis also pointed out that <br />under the "Pay As You Go" method of Tax Increment Financing, <br />he will not get TTF assistance until taxes are generated on <br />the retail portion of the development. <br />Scalze asked Gardner Sros. interest in the project. <br />Boosalis replied that Gardner Bros. will be purchasing the <br />lots one at a time from him for a price of 522,000 per lote <br />This price includes special assessments being paid, <br />Boosalis again stated that he wi11 pay the special <br />assessments on each lot as a building permit is pulled for a <br />lot. <br />Dan Wilson, Northwest Associates, pointed out that the City <br />has agreed to a"Pay As You Go" method o£ TIF assistance, <br />therefore until the shopping center is built and taxes are <br />being paid on the center, Boosalis will not receive any TSF <br />assistance. Wilson stated that it is possible that taxes <br />could be paid as early as ~ay of 1991 with the City <br />receiving the money from the County in July of 1991 and <br />money then being disbursed to the developer. <br />Blesener asked when the road would be improved. <br />Boosalis stated that Gardener Bros. would like the initial <br />lots as soon as possible. <br />Wilson reported that a 429 bonding hearing could be hela <br />this year. <br />Fahey stated that his biggest concern was getting the road <br />in and felt this would be a big financial commitment on the <br />part of the developer. Fahey stated that the proposal <br />before the Council is the best one that the City has seen <br />pointing out the many years that the City has discussed the <br />development of this area. rahey stated that if the City <br />Planner is in favor of the TIF proposal as outlined, he <br />would support it. <br />Nlilson suggested that the City might have a difficult time <br />collecting the assessment that would be due from the seven <br />Page 10 <br />