Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />SEPTE[~fBER 25, 1996 <br />pointed out that each year there are new legislative <br />challenges to TIF. The least risk position is to do <br />what you can to secure economic assets in tax increment <br />funds at this time. Fifield indicated his September <br />25th report accomplishes two things. The first is to <br />protect TIF assets, and the second is to provide <br />capital for land acquisition which minimizes economic <br />risk to the City. <br />Fifield reviewed his September 25th report in detail <br />including a debt service statement for a$545,000 G.O. <br />Taxable Tax Increment Bond issue. This issue would <br />have the capacity to acquire over $500,000 in land on <br />Country Drive based solely on revenue in-hand. <br />Fahey asked if the Council previously combined TIF <br />Districts to allow flexibility. <br />Fifield replied that they did. Fi£ield pointed out <br />that the Country Drive area is an economic development <br />opportunity for the City. Fifield indicated a$545,000 <br />bond issue could be supported by resources which are <br />solely within the Country Drive TIF District. <br />The Administrator pointed out that these resources <br />could be used on Country Drive or in the Rice <br />Street/Little Canada Road area. A few years ago some <br />property owners on Country Drive approached the City <br />about buying their homes. We didn't have the resources <br />at that time. Now the property owner at 2944 Condit <br />informed the City he wants to sell his property, and <br />asked if the City had any interest in purchasing it. <br />The Administrator pointed out that this particular <br />parcel, if combined with the Rudy property, would <br />square off the property. The question is whether the <br />City should take advantage of the availability of this <br />property at this time, or should the money be used in <br />another area. <br />Fahey suggested the property be acquired. Fahey <br />pointed out that i£ redevelopment is not successful in <br />the Rice Street/Little Canada Road area, the City could <br />turn its attention to the Country Drive area. <br />Fifield then reviewed other financing options involving <br />the Rice Street/Little Canada Road area. One involved <br />a$950,000 G.O. Taxable Tax Increment Bond. To support <br />this bond issue would require development of one <br />property with a 20,000 square foot new building and a <br />$4 per square foot land sale cost. These factors would <br />generate $70,000 in annual TIF revenues, and assumes <br />4 <br />