07-27-94 Council Minutes - Laserfiche WebLink

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MIN~PES CITY COUNCIL JULY 13, 1994 MAYOR AND CITY ADMINISTRATOR TO EXECUTE THE ON BEHALF OF THE CITY The foregoing resolution was duly seconded by Scalze. Ayes (5) LaValle, Scalze, Hanson, Morelan, Pedersen. Nays (0). Resolution declared adopted. AGENDA The City Administrator presented the City's current POLICY agenda policy to the Council. Morelan indicated that he had concerns with the way staff is currently handling the aqenda, and suggested that he discuss these concerns with the Administrative Assistant and come back at the next Council meeting with a recommendation. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION N0. 94-7-202 - TABLING ACT=ON ON THE AGENDA POLICY UNTIL THE AUGUST 10, 1994 CITY COUNCIL MEETING The foregoing resolution was duly seconded by Scalze. Ayes (5) LaValle, Scalze, Hanson, Morelan, Pedersen. Nays (0). Resolution declared adopted. TAX EXEMPT The City Administrator presented information on the FINANCING fees being charged by other cities for tax exempt FEE SCIiEDULE financing. The Administrator noted that developers who are able to obtain tax exempt financing usually pay 2 to 3 percent less for this financing, although initial issuance costs are higher. The Administrator reported that the fees collected by cities are typically used for economic development purposes. The Administrator pointed out that adoption of a fee by Little Canada will result in increased costs for developers seeking tax exempt financing, however, it has become the standard to impose a fee. Pedersen asked how many times in the past five years the City has approved tax exempt financing for developers. The City Administrator recalled two projects over the past few years, but indicated that there have been a number of refundings in the same period. 25