04-11-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL April 11, 1990 first phase will be completed shortly and the City should have a letter of intent from the developer early in May. The developer has agreed to the proposed development agreement with some minor changes. LaValle asked if there are any shortcomings to the City if the developer only completes development of 60% of the area and another developer completes the remainder. Pelstring stated that he did not think so, feeling it was important that the first two phases are completed and the development tone for the area set. Pelstring felt this would be an enducement to other developers. Blesener asked when the City would disburse bond proceeds to the developer. Pelstring reported that he is suggesting that proceeds be disbursed when the project is 100% complete. This item is currently being negotiated with the developer. Scalze asked if there was anyone from the general public present wishing to comment on this matter< Bob DeBace asked if the district could be moved further to the north pointing out that there is undeveloped property in this area. DeBace informed the Council that he is proposing to develop a site north of South Owasso Blvd., and it appears that he will need TIF assistance for the project to be feasible. Scalze pointed out that the public hearing was called this evening based on the proposal before the Council. In order to expand the district, another public hearing would need to be held. There was no one else from the general public present wishing to comment on this matter. Upon motion by Blesener, seconded by LaValle, the public hearing was closed. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION N0. 90-4-164 - APPROVING THE ENLARGEMENT OF DEVELOPMENT DISTRICT N0. 2 AND THE MODIFIED DEVELOPMENT PROGRAM RELATING THERETO, AND MODIFYING TAX INCREMENT FINANCING DISTRICT NO. 2-1 AND THE MODIFIED TAX INCREMENT FINANCING PLAN RELATING THERETO Page 4