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MINUTES <br />CITY COUNCIL <br />DECEMBER 2,1997 <br />Fahey pointed out that in redevelopment projects the potential for <br />increased valuation and return to the City must be considered. If a <br />building valued at over $1 million could be developed on a site which <br />previously had a residential home on it, this increased valuation would <br />provide a greater return to the City. <br />The City Administrator suggested that if the City would wait until a <br />developer was in hand before purchasing the properties needed for <br />redevelopment, it would be extremely doubtful that the properties would <br />cost less than what is being paid today. The Administrator felt it was <br />prudent for the City to purchase redevelopment sites when there are <br />willing sellers. <br />Morelan reminded the ~eneral public that the City only has control of <br />between 14% and 16% of the property tax bill, and the Council and staff <br />have made great efforts to keep that 14% figure at a bear minimum. <br />Morelan pointed out that in Budget workshop meetings, the Council <br />debates $100 of expenditures here and there. However, it is this kind of <br />process that is needed to keep the net levy down. Morelan pointed out that <br />the City's net levy has increased less than 1% per year over the past <br />several years. Morelan indicated that the City's valuation has increased <br />over the last several years. However, the long-range plan is to attract <br />redevelopment, which will increase the tax base even more, thus reducing <br />property taxes for everyone in the City. Morelan indicated that, hopefully, <br />in looking back it will be evident that the Council made the right choice. <br />However, there is no certainty, but Morelan felt the City was headed in the <br />right direction. <br />There was no one else from the general public present wishing to made <br />any additional comments. <br />Fahey thanked those present for comin~ this evening and expressing their <br />interest. <br />Upon motion by Morelan, seconded by LaValle, the Truth In Taxation <br />hearin~ was closed. <br />Upon motion by Morelan, seconded by Scalze, the meeting was adjourned <br />at 7:45 P.M. <br />~ ~t~-f1~~,.s zl<u <br />Mich el I. Fahey, Mayor <br />~- / <br />Attest: ( ~ e I ~'-~ . / ~-----~'' <br />Toell~ anson, City Administrator <br />