10-27-1999 Council Agenda - Laserfiche WebLink

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MINUTES PLANNING COMMISSION OCTOBER 14, 1999 The Administrator reported that the TIF assistance is estimated to occur over an 11 -1/2 year period at 9 '/z percent interest paid back to the developer. The City is providing no financing, and will recover its dollars as soon as the expenditure occurs. The Administrator reported that the closing on the Rice Street property has been postponed due to a title issue, but should occur within the next several weeks. The Administrator also pointed out that the Council felt the redevelopment proposal was a good long- term solution for this property. Barraclough asked for an explanation of how TIF assistance works. The Administrator reported that the difference between the amount of property taxes the property currently generates and the additional taxes the new development will generate is captured by the City and used to provide TIF assistance to get this site redeveloped. The developer will be advancing the costs on the front end. The City will issue the developer a note and as increment is available over the next 11 '/z years, the developer will be reimbursed these costs at 9 -1/2 percent interest. Keis moved that the Little Canada Planning Commission finds that the modified redevelopment plan for Redevelopment Project Area No. 1 and the modified Tax Increment Financing Plan for Tax Increment Financing District No. 3 -2 conform to the general plans for the development and redevelopment of the City. Motion seconded by Kraemer. Motion carried 5 — 0. APPOINTMENT Keis recommended that Tom Duray be appointed to serve as the TO 10% Commission's representative to the 10% Committee. COMMITTEE Motion seconded by Carson. Motion carried 5 — 0. NOVEMBER Keis reminded the Commission that their next meeting will be held MEETING on Thursday, November 18th. PAGE 166