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MINUTES <br />City Council <br />July 29, 1993 <br />Morelan asked how many tenants will be in the general retail <br />area in the north project. Collyard indicated there would <br />be about eight tenants. He stated they are using larger <br />square footage to attract better tenants. <br />Stellick asked if tax increment financing put a"cloud" on <br />existing land owners within the district. Collyard felt <br />that it did not put a cloud, but rather provides opportunity <br />for the land owners to redevelop a tired site. <br />Wilson stated that this tax increment financing plan is <br />different than any that has been presented to the <br />community. In the past, the projects that have been <br />presented to the community were further along. He indicated <br />that the legislature has made some changes to the tax <br />increment laws which are effective August 1, 1993. <br />Therefore, this project was backed into a situation where we <br />had to move with preliminary information if the project is <br />to have any chance for success. <br />Wilson stated that by approving the tax increment financing <br />plan, the City is saying that they will look at the <br />developer's project. However, it does not approve the <br />project. The City Administrator indicated that the tax <br />increment financing plan does not obligate the City at this <br />point in time, but it is a tool that the City can use for <br />development of the area. Hanson stated that action on the <br />part of the Council will ensure that we are utilizing that <br />tool and putting it in place before it is no longer <br />available. <br />Krogman asked if other developers can come in with a project <br />to compete for the site. Wilson stated that it is open for <br />competition unless the City enters into a contract with a <br />certain developer. The City Administrator stated that the <br />City would want to have a preliminary agreement with a <br />developer to work with them in good faith and if that <br />agreement does not work out, the City would seek another <br />developer. <br />Collyard stated that they have put a lot of time into the <br />preliminary proposal and they want to work with the City. <br />Morelan asked if it was necessary to use tax increment <br />financing assistance to redevelop the property. Collyard <br />stated that it was definitely necessary since redevelopment <br />of the area would be tough without it. There are many <br />-4- <br />