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MINUTES <br />City Council <br />August 9, 19II9 <br />lots involved in the project that are not controlled by <br />IIoosalis, Wilson suggested that the City might have to <br />carry the principle and interest on the assessments for <br />these lots. <br />The Council disagreed, pointing out the past policy of <br />assessing improvements. <br />Fahey pointed out the proposal for the City to absorb the <br />interest costs for the Boosalis assessments would be a part <br />of the overall TIF assistance for the project which will <br />enable the City to get a quality development for the area. <br />Scalze felt that there will be public input regarding the <br />City's ~~bsorbing the interest for the IIoosalis property, but <br />not thF County Road C properties. <br />Boosalis pointed out that he has been 4~orking on the <br />development proposal for the past 1II months. Boosalis <br />reported that he has a tenant lined up for space in the <br />retail center, and if he cannot get the retail center <br />constructed for a November lst occupancy date, the lease <br />with this tenant will fall through, <br />Wilson pointed out that a public hearing is scheduled for <br />August 23, 1989 to consider TIF assistance for ~he project, <br />Wilson suggested that the residential land be included in <br />the TIF District so that as homes are constructed additional <br />increment could be generated from the homes. This increment <br />could be used to reimburse the City for the interest it ~aill <br />absorb from the road improvement. If the TIF assistance is <br />approved on the 23rd, the City will have eight years from <br />that date to collect tax increments. <br />Wilson estimated that there will be about 516,000 in <br />interest costs per year on the improvement. <br />Fahey asked if the property has been rezoned. <br />Gritt,,,an replied that the City has passed a resolution <br />directing the City Attorney to prepare a rezoning <br />ordinance. EIowever, that ordinance has not been adopted as <br />yet. <br />Grittman stated that on August 23rd a public hearing is <br />scheduled to consider the final PUD for the plat as caell as <br />TIF assistance. Another hearing will be necessary to <br />consider ~29 bonding for the street, <br />Page 11 <br />