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MINU'PES <br />City Council <br />July 29, 1993 <br />different factors involved such as demolition costs and <br />other incidentals. Wilson stated that acquisition and <br />relocation costs would destroy the financial feasibility of <br />private parties developing the site without tax increment <br />financing given that the property in question is <br />predominantly built up. <br />The City Administrator indicated that the City has not had <br />any negotiations on this project yet. He stated that the <br />City is not a risk taker and will try to be a facilitator, <br />but the project would have to have economic sense, the tax <br />payers cannot be burdened by it, and there are many other <br />variables which the City must consider. The City must be <br />accountable since it is ultimately the public's tax dollars <br />which are involved in the project. He stated he would be <br />putting a"parameter listing" together to let the developer <br />know of City concerns and issues. <br />Upon motion by Morelan, seconded by Pedersen, the public <br />hearing was closed. <br />Morelan introduced the following resolution and moved its <br />adoption: <br />RESOLUTION NO. 93-7-240 - APPROVING THE DEVELOPMENT DISTRICT <br />PLAN FOR DEVELOPMENT DISTRICT PLAN N0. 3 AND THE TAX <br />INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING <br />DISTRICT NO. 3-1 <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (3) Hanson, Morelan, Pedersen. <br />Nays (0). Resolution declared adopted. <br />ADJOURN Hanson introduced the following resolution and moved its <br />adoption: <br />RESOLUTION N0. 93-7-241 - ADJOURNING <br />The foregoing resolution was duly seconded by Morelan <br />Ayes (3) Hanson, Morelan, Pedersen. <br />Nays (0). Resolution declared adopted. <br />-5- <br />