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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 27, 1995 <br />would increase. This has been his experience in other <br />projects. <br />Fifield stated that the improvements planned for the <br />Market Place should make it a better facility. Fifield <br />pointed out that the discussion this evening is not <br />about using Tax Increment Financing dollars to finance <br />the facility. TIF dollars may go into improvements <br />around the facility, but that is down the road at this <br />point. Fifield reported that he has a reasonable <br />expectation that Mr. Grootwassink will do the Market <br />Place project regardless of the City's decision this <br />evening. However, without City financing, the City <br />will lose some ability to achieve public improvements. <br />Fahey pointed out that the square footage of the <br />shopping center is being expanded. Fahey also pointed <br />out that the senior cottages which were proposed for <br />the area by another developer would result in less <br />valuation than the shopping center. Fahey stated that <br />he supported the City financing since it will give the <br />City dollars to use in other areas of the redevelopment <br />project. Fahey felt that the City needed to go forward <br />aggressively. The rents proposed by Grootwassink will <br />not be significantly different whether the City <br />participates or not. Fahey viewed the proposal as a <br />win/win situation that was creative. <br />Scalze also supported the proposal. <br />Morelan asked what the difference is between the <br />interest rate the City would offer Grootwassink and <br />what a bank might offer. <br />Grootwassink estimated a half percent difference. <br />Morelan felt it important for <br />the City was not contributing <br />project, but acting as a bank <br />If the project is successful, <br />At the very worse case, the C <br />property. <br />everyone to realize the <br />any dollars toward the <br />in providing financing. <br />the City will make money. <br />ity will end up owning the <br />Fifield pointed out that the City will be a partner in <br />the project and be putting itself in a position to <br />cause things to happen. <br />Fahey felt the project will bring commercial life back <br />into the area. <br />The City Administrator pointed out that the proposal is <br />7 <br />