08-23-89 Council Minutes - Laserfiche WebLink

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P~lID7UTFS City Council nugust 2.3, 19~39 P'ir. Fahey introc]uced the folloc•~ing reso7.ution and moved its adoptiona P.ESOLU'i'IOnT NO._ II~J-II-3£33 -[~PPI20VING TIIF COIVCEPT PLAPd FOh' FDDITIONl1L P11Rt~ING ODT TfII~ NOR7'il SrID OF TFSF DTrkT PROPOGPD C0~~7P-IFRCIIII, BUII,nID1G [~S PRF~.SGD1`I'FD E~Y P~1R. k300SALIu SUE3JECT `~'0 REVIE4V ADiP APPROVAL OF TIIF CITY PL21ND7ER 11D7D i0I3JPCT TO RF7'3'sTTTSON OE' TH£ GPPEIQ ARP~1 Z~D7D RFTIIINIDtG GAALL A i PRPVIOUSLY aUI;PIIT'SL'~A A~7D F~PP120VI?D The foregoi.ng resoluti.on was cluly seconded by t~Tr. ~'>lesener. ~yes (5) Fahey, T3lesener, Co7.lova, Scalze, LaValle, Nays (0). Resolution declared adopted. Scalze informed 13oosalis that ~:he City assesses park chlrges b~sed on the purchase price of a property. `I'he per.centage for commercial is 5~ of the purchase price and for resiclentzal the percentage is 10~, Scalze suggested that BoosaJ.is subm3.t a copy of his purchase agreemen~ so that the Ci~y can determine 'tkie parlc charge. EST~IBLISH° P9r. Dan 6~7ilson, Dlorth~~est F~ssociates, appeared before the I~1EP1'.C' OF Council and submitted a docurnent covering the establa.sl~nlent TIP DIS7'RICT of- TIP District #3 and the adoption of corresponding Ta~ ##3 Increment Financing plan. 4dilson apologized for his J.ateness in submitting the plan reporting that information frorn f:he County had changed up to 3 o~clock ~his afternoon, 6Vilson reported that the County has established an adjustment factor for the property at 260 ~ahich, in effect, destroyed the project, I3o~~ever, by combining the commercial and residential property into the clistrict, the net adjustment factor becomes 10.2~. cahich becomes more manayeable. The result is a$4<0,000 deficit. bVilson reported that originally he tried to make ~he pr.oject work wi~h just the shoppi.ng center, however, the projec9: is at a point where the si.ngle-family homes become criticnl to the success of the projecte [~~ilson statecl th~t it is necessary to deciicate the 'CSF irom the shopping center. ancl at 1e~st $~0,000 of the incremen~ from the hornes to malte the project success~ul. Scalze pointed out that there are no guaran~ees that the homes will be built next yeare roosalis replaed that as soorz as the road is graded, the lots wi11 be marketecle Boosalis exp].ained the Effect of the acljustment factor on the project, and agreed that it is no~a~ necessary to involve the single-~amily I~omes in the 7'IF DisL-ra.ct, HoGaever, floosa_lis pointec~ out that under the nay-as-you-c~o method of TIF, the ba7l ~oill be i_n his court Page ].4<