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MINUTES <br />COUNCIL AND PLANNING WORKSHOP <br />April 11, 1990 <br />of project costs in TIF assistance while allowing the <br />amount of taxes that would have been generated by the <br />Howe development proposal to be spread to the taxing <br />jurisdictions. <br />The Administrator reported that this proposal was <br />presented to EMC on Monday, and they did not indicate <br />any big problems with it. However, details are still <br />up in the air. <br />Costa pointed out that the City would collect taxes on <br />a home from day one, however, will collect nothing on <br />the EMC proposal for 10 years. <br />The Administrator replied that the proposal includes <br />spreading the amount of taxes that would have been <br />generated by the Howe proposal to the taxing <br />jurisdictions and providing EMC with TIF assistance <br />from taxes generated over and above that amount. <br />Costa asked why the City should give EMC any TIF <br />assistance. <br />Collova pointed out that EMC has proposals from other <br />cities for this assistance. <br />The Administrator pointed out that the question is when <br />the property will develop and what it will develop as. <br />If the City assumes that the Howe development would <br />have proceeded, it can be shown that the EMC proposal <br />will generate more taxes to the City. <br />Costa was concerned that land values were being <br />inflated in the EMC proposal. <br />The Administrator reported that he has discussed the <br />subject of land values with EMC and they have indicated <br />that they anticipate paying less than $1 million for <br />the property. <br />Scalze pointed out that the Council held a special <br />meeting on the EMC development proposal so that hearing <br />dates could be set to fit within the necessary <br />timeframe. <br />Herkenhoff pointed out that the information presented <br />by the Administrator this evening is what the <br />Commission needs. <br />Page 6 <br />