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MINUTES <br />CITY COUNCIL <br />September 6, 1989 <br />Blesener pointed out that the additional TIF from the <br />taxes generated by the homes that will be developed <br />could be used to decrease the assessment to the seven <br />lots located on County Road C. Blesener stated that <br />there will be some development of the lots and the full <br />increment will be generated from the commercial portion <br />of the project. <br />Fahey reported that the amount of the assessment for <br />the residential lots would be determined at the <br />assessment hearing that would be held on the project. <br />Pierce stated that the value of the lots would be eaten <br />up in interest charges if the assessment was not paid <br />immediately. <br />Boosalis reported that the City's bond counsel has <br />suggested that the City would have to carry the <br />interest on the assessments for all the residential <br />lots, and not just the Boosalis lots. <br />Fahey pointed out that the alternative is to cancel the <br />project. Fahey pointed out some of the development <br />proposals that the Council reviewed in the past which <br />included apartments, multi-family, and mini-storage. <br />Pierce stated that the property owners are not opposed <br />to the residential development proposed, but just want <br />the project to be handled fairly. <br />Scalze pointed out that the push for a residential <br />development came from the Iona Lane area. <br />Pierce disagreed, and stated that not all the property <br />owners on Iona Lane were in favor of residential. <br />Scalze stated that the City is trying to ensure the <br />best development possible in a difficult area. <br />Fahey suggested that the City Auditor look at the <br />numbers involved in the TIF proposal for this <br />improvement. <br />Page 13 <br />