08-12-09 Council Workshop Minutes

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MINUTES CITY COUNCIL AUGUST I2, 2009 The Council discussed in detail the specific TIF District recommendations: "I'IF 1-5 (Mayfield) -Ehlers noted that this district was decertified by the Council as of 12/31/08. There is a remaining balance of $67,211. Of that balance $42,101 can be used for additional City administration costs and $25,110 must be returned to the County on or before 10/1/09. The City Administrator indicated that City staff will be putting together administration costs that can be allocated against this district for Comicil approval this fall. o TIF 2-1 (Country Drive) -Ehlers recommended that the City refinance the Series 1999B Bond for interest cost savings. o T1F 2-2 (Painters Union) - No recommendations specific to this district. o TIF 3-2 (Rice & Little Canada Road) -Sherman & Associates has requested relief from the town home development agreement and TIF shortfall guarantee that currently projects at $400,000 over the life of the district. Ehlers indicated that the TIF District can afford to accommodate this request, but recommended including protection measures such as holding the developer accountable for the commercial development and clean-up for the remaining undeveloped parcel. Ehlers also recommended that the City pursue special legislation to extend the five year rule to allow it to prepay itself for improvements to Middle Street and Market Place Drive and to potentially assist U.S. Bank with a reconstruction of its building. o TIF 3-3 (The Lodge and Garden Terrace) - No specific recommendations relative to this district. o TIF 5-1 (St. Jude) -This dish~ict has not yet generated any increment. No specific recommendations relative to this district. o TIF 6-1 (2966 Arcade Street) -This district was recently created. No specific recommendations relative to this district. 2