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MINUTES <br />CITY COUNCIL <br />OCTOBER 27, 1999 <br />Mrs. Scalze introduced the followin~ resolution and moved its adoption: <br />RE.SOI, UTION NO. 99-10-208 - ACCEPTING PROPOSAL ON THE <br />SALE OF $79q 000 TAXA737.E GENERAL OI3I.IGATION TAX <br />INCREMENT 730NDS, SERIES 199913, PROVIDING FOR THEIR <br />ISSUANCE, PI.EDGING FOR THE SECURITY THEREOF <br />PI.EDGED TAX INCREMENTS; AND A UTHORIZING EXECUTION <br />OF A TAX INCREMENT PI.EDGE AGREEMENT AS <br />RECOMMENDED 73Y THE CITY'S FINANCIAI. CONSULTANT <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Pedersen, Morelan, Fahey. <br />Nays (0). Resolution declared adopted. <br />MODIFICATION Mayor Fahey opened the public hearing to consider the modification of <br />OF TIF Redevelopment Plan for Redevelopment Project Area No. 1 and adoption <br />DISTRICT of Modified TIF Plan for the Modification of TIF District No. 3-2. Fahey <br />NO. 3-2 pointed out that the modifications allow the expansion of the TIF District <br />to include the Rice Street car wash and adjacent properties. The Planning <br />Commission has recommended approval of these actions. <br />There was no one present from the ~;eneral public wishing to comment on <br />this matter. <br />Upon motion by Fahey, seconded by LaValle, the public hearing was <br />closed. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />RESOI. UTION NO. 99-I 0-209 - APPROVINC THE MODIFIED <br />DEVEI.OPMENT PROGRAM FOR REDEVELOPMENT PROJECT <br />AREA NO. 1; AND APPROVING THE MODIFICATION TO THE <br />TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT <br />FINANCING DISTRICT NO. 3-2 THEREFOR <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (5) Fahey, Pedersen, Scalze, Morelan, LaValle. <br />Nays (0). Resolution declared adopted. <br />At this point in the meeting the City Council temporarily adjourned and <br />reconvened as the Economic Development Authority. <br />ii <br />