06-10-97 Council Minutes - Laserfiche WebLink

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MirrUT•Ls CITY COUNCIL JUNE 10, 1997 PTTRINA Mayor Fahey reported that at its I~st meeting, the Cow~cil held the PARK public hearing to consider the request for Rezoning, Coinprehensive TERRACE Plan Ainendment and Preliinina~y ~Plat for PiCrina Paii< Terrace, a two- phase twinho~ne development pro~~osed for the property lying between Slumberland on the nordt and Pioneer Parl< on the south. The first phase is proposed ~t 67 twinhome units, while the second phase wouid consist of 22 twinhome units. Given that the full Council was not present at Yhat meeting, action on die proposai was tabled until this evening. Fahey noted that Yhe City Admii~istrator has ~rovided caiculations showin~ the potentia! tax revenue loss should the property be rezoned from Industrial;Par1< to Medium-Density Resident~ial. The City Administrator reviewed his tax analysis thlt compares various lai~d values with a variety of existing industri~l developments in the Ciry to tl~e potential tax revernie that the ~~roposed twinhome development would generate. The Administrator ~~ointed out that there is the potential for a loss of $100,000 to $300,000 in gross tax revenue. The Administrator pointed out, however, that the analysis does not tal<e into consider~ttion soil correct~ions which mi~ht be required for an industrial developmeiit on this property 1nd the potenti2l for the cleveloper To request Tax I~~cre~nent Financin~ assistance because of this. Pedersen noted th1C the analysis also does not tal<e into consideration Yhe facY that the twi~~home tlevelopment would begin generlt~ing tax revenue within the nexY Cwo years, while it m~ly be five to ten years before an industrial development is proposed. LaValle uoted that it is very lilcely that soil corrections would be required for an industrial develo}~ment in this 1rea. L~Valle a~reed that these soil corrections would prompt an industrial developer to request Tax Increment Financing assistance, thereby reducin~ the tax revenue geilerated by an indusfrial development. Morel~i~ felt th~t this was a cllssic case of lool<in~ for the best lon~-term so(ution for the property. Nlorelln fclt that the Pitrina Pa~i<'Terrace twinl~oroe tlevelopment was an excellent project. His concern was the rezonin~ of the property from Industri~tl-P~tii< fo any Cype of residential zo~~in~. Morelan ~ointed out thlt the City recenCly did a Comprehensive P11n update and noted Yhat [he property nortl~ of"Pioneer Par]< wtis discussed. At that time, the hi~l~est ai~d best use ot'the propeirty was Industrial-Parlc Morelttn commenCed thaC he h1s ~sl<ed himself what has changed since that discussion, ~nd the only answer is that the City now has before it a proposal for twinhomes. W hile the twinhome development will bring ii~ taxes immediltely for the City, Morelan felt it was not really the 2