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MINUTES <br />CITY COUNCIL <br />JULY 9, 2003 <br />BARB <br />MONTOUR <br />LITTLE <br />VENETIAN <br />INN <br />PUBLIC <br />HEARING — <br />TIF DISTRICT <br />N0. 2 <br />The Mayor and Council extended get well wishes to Barb Montour <br />for a speedy recovery. <br />Mayor Fahey announced that the Little Venetian Inn is now open for <br />business in the Market Place Shopping Center at 2900 Rice Street. <br />Mayor Fahey opened the public hearing to consider the modification to <br />Development District No. 2 and the proposed establishment of Tax <br />Increment Financing District No. 2 -2 therein and the adoption of a Tax <br />Increment Financing Plan therefore. It was noted that this matter will be <br />considered by the Planning Commission at their July 10'x' meeting. <br />Therefore, the Council will postpone its action until the July 23' 1 Council <br />meeting. <br />The City Administrator reported that this action will result in a 15 -year <br />renewal and renovation district for the entire former Knox property. TIF <br />assistance is being requested for soil corrections for the development <br />proposed by District Council 82. The City Administrator reviewed <br />financial details of this proposal noting that there would be no subsidies <br />provided from a taxpayer standpoint by the City due to fiscal disparities. <br />Also, given current interest rates that the City is able to earn, this would be <br />a favorable investment option for the City provided that proper credit <br />protections are put in place. <br />There was no one present from the general public wishing to comment on <br />this matter. <br />Upon motion by Fahey, seconded by Blesener, the public hearing was <br />closed. <br />Blesener asked if TIF assistance is being sought for the entire site. The <br />Administrator indicated that assistance is only being proposed for the <br />District Council 82 development, and there would be no funds available <br />for the Drywall Supply development. <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2003 -7 -145 — TABLING ACTION ON THE <br />MODIFICATIONS TO DEVELOPMENT PROGRAM FOR <br />DEVELOPMENT DISTRICT NO. 2 AND THE PROPOSED <br />ESTABLISHMENT OF A TAX INCREMENT FINANCING <br />DISTRICT NO. 2 -2 THEREIN AND THE ADOPTION OF A TAX <br />2 <br />