06-12-90 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JUNE 12, 1990 THUNDER BAY Fahey opened the public hearing to consider the DEVELOPMENT enlarqement of the Thunder Bay Development District DISTRICT and the adoption of the modified tax increment financing plan relating thereto, and the adoption of the modified tax increment financing plan relating to Thunder Bay Tax Increment Financing District No. 1, within Thunder Bay Development District. Fahey reported that the purpose of enlarging the district is so excess Tax Increment Financing monies generated by this district can be used to assist in paying for the upgrading of Payne Avenue. The City Administrator reported that Bond Counsel has reviewed the proposed use of these excess funds for Payne Avenue and feels that this is an appropriate use of TIF money. There was no one from the general public present wishing to comment on this matter. Upon motion by Blesener, seconded by Scalze, the public hearing was closed. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 90-6-272 - APPROVING THE ENLARGEMENT OF THUNDER BAY DEVELOPMENT DISTRICT AND APPROVING THE MODIFIED DEVELOPMENT PROGRAM RELATING THERETO, AND APPROVING THE MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR THUNDER BAY TAX INCREMENT FINANCING DISTRICT NO. 1 The foregoing resolution was duly seconded by 5calze. Ayes (5) Blesener, Scalze, Collova, Fahey, LaValle. Nays (0). Resolution declared adopted. The City Administrator reported that the Planning Commission will be reviewing this matter at their June 14th meeting. IMP. NO. Fahey opened the public hearing to consider Improvement 90-7 No. 90-7, the improvement of County Road D from LaBore COUNTY RD. D to 0.35 miles east by shoulder paving. Estimated cost of the improvement is $1,108.00. Page 3