Laserfiche WebLink
P42D7UT~5 <br />City Council <br />~ugust 2.3, 19~9 <br />to get the sinyle-:[arnily homes developed since he will not <br />be able to collect TIF assistance until increment is <br />generated, <br />Wilson reported thlt ii the Ca.ty has costs involved i.n the <br />~roject, c,rhen the increment is colJ.ected, the City can <br />reimburse itselF for its costs and then disburse iunds to <br />the developer. <br />E3oosalis ~ointed out that the incentive is in the right <br />c~irection since the incentive is ~resent for hirn to g~t the <br />singlc-fami7.~ portion of ~he development built. <br />F'ahey asked if tYie City's risk is changecl. <br />[-~li.lson did not believe the risk changed under the <br />pay-as-you-go method of TIP since incrernen~: urill have to be <br />generated before the developer is paid. <br />Boosalis pointed out that if the single-farnily homes are <br />developed c~uickly, the Ci.~y's interest costs ~ail:l be <br />minimal, and pointed out that he now has even more incentive <br />to get the single-family hornes developed to make up the <br />additional 540,000 in TIF assistance. <br />Fahey suggested that expanding the DistricL• may yive the <br />City addi.tional security, <br />Plesener poi.nted out thai i~ gives the developer more <br />incentive to get the >ing.le-family homes developed. <br />F~Tilson stated tha~ the risks are ic7entifiable and <br />manageable. 6~lilson pointed out that October 10 is the <br />beginniny and end of the TIP year, Znd if the City wai_ted <br />until after October 10 to certif-y the Di.strict, ~he numbers <br />could becorne ~,~orse. Wilson stated that after the disi:rict <br />is established, the City will be presented 4~ith a subsee~uent <br />development contr.act ~~aith the developer. <br />T3lesener ~>ointed out that a].l these documents F~ill also be <br />revi_ewed by Priggs ancl P9oryan. <br />6Vilson stated that T3riggs anc~ P'lorgan will revie4~ ~he <br />c7ocuments and ~lert the City to any rislcs that they see, <br />C~Ir. t3lesener introcluced the fo]loc~~ing resolution and moved <br />its adoption: <br />FE iOI,UTION DTOe ~9-3-3~39 - Cz.~OSIA7G TI3P PUI3I~IC IIFAPING <br />The foregoing reso.lution c~as auly seconcied by P-1rs. Scalze. <br />Ayes (5) Blesener, Scalze, E'ahey, Collova, LaValle, <br />I~lays (0) , <br />Resolution declared adoptedo <br />Page 15 <br />