02-08-2012 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL FEBRUARY 8, 2012 PRIORITIZE ECONOMIC DEVELOPMENT OPPORTUNITIES/ TIF RESOURCES Administrator reported that he would inform SMHS and Briggs and Morgan that this matter could proceed to the Public Hearing stage. The City Administrator reviewed his February 3, 2012 report relative to the need to prioritize economic development opportunities and Tax Increment resources. He reviewed potential uses /projects beginning with TIF District 2 -1 (Country Drive). The Administrator noted that this district has the most flexibility. The City can bond the future income stream but would have to amend the TIF plan to do so. He estimated that the district would generate roughly $700,000 of bond proceeds and still maintain its current balance of $200,000. There is one more parcel the City should acquire to ready the area for redevelopment should the Gagne property ever become available. The Administrator noted that TIP funds from 2 -1 could be used in Woodlyn Avenue redevelopment area. He pointed out that the optimal redevelopment would include assembling several parcels of land for redevelopment and including a new Public Works Garage in a portion of this redevelopment area. The Administrator recommended that the City not bond for the future TIF increment unless it is able to pull the need parcels and project together. Blesener asked if it would be possible to provide a temporary location for Donovan Construction should they desire to be part of the redevelopment. The City Administrator replied that providing Donovan with adequate outdoor storage space would be a challenge that needs to be addressed. The Administrator noted that the Woodlyn redevelopment project would be a difficult one to pull together, but utilizing TIF dollars to do so will provide the City its best chance to do so. The Administrator indicated that if the Council agrees that the focus should be on the Woodlyn Avenue redevelopment area, he will work on that project. Council agreed. The Administrator reviewed TIF District 3 -2 (Rice & Little Canada Road Area), pointing out that the Rutzick interfund loan is outside the TIF District because it is outside the five year time period. Therefore, the numbers provided by Ehlers are accurate. It was the recommendation of the Administrator that TIF dollars within District 3 -2 be utilized for projects within that district. He also indicated that the City should move to expand the boundaries of this project area so TIP funds can be used to assist with other projects in the future. Council agreed. 12