09-12-2007 Council Agenda - Laserfiche WebLink

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codes that require installation or should code changes in the future require it.), and that we would not create this TIF district using HRA authority that may then grant us some special provisions related to the use of eminent domain in the future (I said that was fine, especially considering we don't have an HRA in Little Canada.) I asked that this agreement be forwarded to us early this coming week in order that we can have it in final form for Wednesday's meeting. If we can't agree on the language or not achieve that deadline, I said we would then move forward with our report using a windshield survey, building plans, and permits we have on file. I don't think we are risking anything by saying we would not use eminent domain to acquire their site given the risks associated with that process including the unknowns associated with relocating school functions. It seems to me that only a voluntary acquisition that creates a "win /win" situation would the logical way to acquire this property should that ever be possible. > The district will utilize the "pay as you go" format whereby St. Jude will advance the funds to finance the agreed upon improvements and then will be repaid from available TIF revenues from the new development, subject to an agreed upon interest factor and the continued available of an adequate TIF revenue stream. A development agreement will need to be created that will govern the responsibilities of each party and provide for the issuance of a TIF Revenue Note to St. Jude to address the terms of repayment. Update: Pay As You Go is still in play for the improvements directly benefiting St. Jude. However, they do not want to advance us funds for any acquisitions /improvements associated with the addition of a left turn lane on B2 in the future. I said we could live with that as long with the understanding we would have to bond for those costs and that payment of the debt service would then take the first position regarding the application of future TIF receipts, after creation costs. > The City's desired priority for the use of TIF is: 1) TIF District Formation Costs — estimated at $27,000. Update: Still in Play 2) Utility extensions for the St. Jude project (water main and sanitary sewer). These extensions will avoid the need for a lift station for sanitary sewer and will loop an existing dead -end water main off of Stephanie Court, just to the south of the St. Jude project areas. Update: It appears we may have to extend a new water main to this area to meet needed fire flows. The City Engineer is reviewing this, but he thinks a 12" main may need to be extended from the vicinity of the railroad tracks to accomplish this. This will increase costs but should also improve fire flows for all properties in this area. It may also render the need to loop to Stephanie Court moot in that the loop will may only eliminate a short dead -end with negligible improvements in fire flows associated with the loop itself. When combined with the difficulty associated with construction this loop due to the limited distance between buildings that the main would have to run through, it may be an acceptable outcome. 3) Acquisition of parcels along County Road B2 for open space /road right -of -way to provide for additional lane construction along B2 at such time that Rice Street can accommodate that type of project. This will also eliminate a blighting influence on the -2-