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MINUTES <br />CITY COUNCIL <br />APRIL 22, 1992 <br />TIF The Mayor opened two public hearings with regard to <br />MODIFICATION St. Jude Medical. The first is to consider adoption <br />AND of a Modified Development Program for Development <br />FINAL PUD District No. 1, and the adoption of the Modified Tax <br />APPROVAL Increment Financing Plan for Tax Increment Financing <br />ST. JUDE District No. 4, within Development District No. 1. The <br />MEDICAL second public hearing is to consider final approval of <br />a Planned Unit Development for development of a 65,000 <br />square foot manufacturing facility at 177 East County <br />Road B. <br />Dan Wilson, Northwest Associated Consultants, <br />representing the City on the Tax Increment Financing <br />proposal reported that there is an existing TIF <br />District in plaoe for 177 East County Road B, which was <br />adopted when the City was considering a development <br />proposal for this parcel submitted a few years ago by <br />EMC. The proposal this evening is to modify the TIF <br />District to fit the St. Jude development project. <br />Wilson reported that the big difference is that the EMC <br />project was to be a bonded project, where the City <br />would have issued general obligation bonds. The St. <br />Jude proposal is for "pay-as-you-go". The City would <br />not be issuing general obligation bonds, and St. Jude <br />would receive TIF on an annual basis after property <br />taxes have been paid. This removes the element of risk <br />to the City. <br />Wilson also reported that the budget amount between the <br />EMC project and the St. Jude project has increased <br />substantially. TIF assistance to St. Jude could go as <br />hiqh as $3.5 million should St. Jude proceed with <br />Phases II and III that have been proposed. Phase I <br />will generate about $1.8 million in TIF assistance. <br />Blesener asked about the time limit on the TIF <br />District. <br />Wilson reported that the TIF District will be <br />decertified in the year 2,000, therefore, there are a <br />limited number of years left in which TIF assistance <br />could be provided. <br />The City Planner reviewed the final PUD development <br />proposal for 65,000 square foot manufacturing facility. <br />The Planner reported that St. Jude's architect is <br />continuing to do more detailed plans for the proposal, <br />and that St. Jude has submitted everything that was <br />Page 2 <br />