01-25-95 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JANUARY 25, 1995 Fahey asked how soon the numbers would be ready. Fahey stated that his main concern was whether the project will be supportable with TIF financing. Fahey suggested that Collyard submit the financial and investor information to the City Administrator. Collyard reported that the economics of the project are something that is constantly being worked on, and indicated that he would communicate the numbers to the Administrator. Fahey urged Collyard to work closely with the Administrator and staff over the next 30 days so that the TIF calculations can be analyzed. Morelan asked if the proforma submitted at the last meeting contained enough information to make an assessment as to the project feasibility from a TIF standpoint. The Administrator replied that that information did not include some numbers on the cottages. This information is needed. More review is in process. Fahey suggested that the matter be placed on the agenda for the February 23rd Council meeting for additional discussion. Morelan stated that he left the January 20th meeting with a lot better outlook knowing that there are some real people with some desire to locate in this development. Morelan felt the project has moved to a degree, but the City still needs to know whether or not it is financially feasible. Collyard reported that as the project moves through different stages, the numbers are becoming more firm. Collyard reported that the project will go forward to some extent and will work at some point. The footprint for the project is becoming firmer as it moves forward. Collyard pointed out that the scope of the project may be reduced or it may be enhanced. Fahey again suggested that Collyard work with the City Administrator noting that the Administrator will keep the Council advised. Morelan felt that somewhere down the line the City will 28