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<br /> MINUTES <br /> CITY COUNCIL <br /> <br /> JULY 28, 2010 <br /> COMP PLAN The City Planner announced that the Metropolitan Council has accepted <br /> UPDATE the City's Comprehensive flan update, and the final step iu the process is <br /> for the council to formally adopt the plan. <br /> Mr. McGraw introduced the following resolution and moved its adoption: <br /> RESOLUTION ND. 2010-7--178 -ADOPTING THE LITTLE CANADA <br /> 2030 COMPREHENSIVE PLAN <br /> The foregoing resolution was duly seconded by Boss. <br /> Ayes (5). <br /> Nays (0). Resolution declared adopted. <br /> BUSINESS The City Administrator reported that the City has an opportunity to assist <br /> DEVELOPMENT Bob Wagner, one of the owners of the former Knox building. The <br /> LOAN - Administrator reported the building was acquired by Mr. Wagner and his <br /> BOB WAGNER partners and they began to remodel the building for their various tenants. <br /> The Metropolitan Council then re-evaluated the SAC charges for this <br /> building and imposed $56,675 in additional SAC fees. The City is <br /> obligated to pay this money to the Met Council, with the property owner <br /> reimbursing the City. In discussing the situation with Mr. Wagner, the <br /> City learned that he is having an issue with building out space for tenants <br /> as bank financing is extremely difficult to obtain. Mr. Wagner would like <br /> to do additional build out for two existing tenants as welt as building out <br /> space for a company that occupies space in his Oakdale building. This <br /> eompauy is called Neato Scan, and has developed software for scanning <br /> bar codes on books so that potential purchasers at flea markets, estate <br /> sales, etc. can determine the value of books they might purchase. Based <br /> on the SAC fee owing, build out needs for the building, and assumption of <br /> existing owner financing, the City could provide financing to Mr. Wagner <br /> of up to $291,675. <br /> The City Administrator reported that the Legislature recently amended <br /> TIF laws authorizing the use of existing TIF funds for purposes such as <br /> this. Linder the legislation TIF dollars could be loaned or could be a grant <br /> to a property owner. The Administrator reported that the costs he listed <br /> are all eligible costs under the new TIF legislation. If the Council is <br /> interested in pursuing this matter, the Administrator indicated that a <br /> financing plan would be prepared and a public hearing would have to be <br /> held on this financing plan. The Administrator indicated that there the <br /> legislation provides a small window of opportunity for this type of use of <br /> TIF funds, with that window closing in 2011. <br /> 11 <br /> <br />