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MINUTES <br />CITY COUNCIL <br />DECEMBER 18, 1996 <br />CEDARS <br />LAKESIDE <br />APARTMENTS <br />PROJECT <br />PUBLIC <br />HEARING <br />OF THE EDA <br />AND CITY <br />COUNCIL - <br />TIF <br />AMENDMENTS <br />Housing Revenue Refunding Bonds Series 1996A, and <br />$391,100 Multifamily Housing Revenue Bonds Series 1996B <br />for the Cedars Lakeside Apartments Project. Fahey <br />noted that these bonds are a common financing tool and <br />the bond proceeds will be used for the renovation of <br />the Cedars Lakeside Apartments. City approval of the <br />bonds does not place any City funds at risk. Fahey <br />also noted that the EDA will conduct the public hearing <br />this evening. No formal action will be taken since the <br />closing on the bonds has been postponed until January. <br />There was no one from the general public present <br />wishing to comment on this matter. <br />Upon motion by Morelan, seconded by Scalze, the public <br />hearing was closed. <br />The City Administrator reported that formal action will <br />be brought back to the EDA at a future meeting. <br />Fahey opened the joint public hearing of the EDA and <br />the City Council to consider the modification of <br />development programs for Development Districts Nos. 1 <br />and 2 and Tax Increment Financing Plans for TIF <br />Districts Nos. 1 -1, 1 -2, and 2 -1. <br />Rusty Fifield, Fiscal Advisor, summarized the <br />amendments to Development District No. 1, Tax Increment <br />Financing District No. 1 -1 (Thunder Bay), and Tax <br />Increment Financing District No. 1 -2 (North Star Turf). <br />These amendments expand the boundary of Development <br />District No. 1 to include the entire City, allow all <br />parcels in the Development District to be eligible for <br />acquisition, increase the amount of estimated public <br />development costs in both TIF districts, and increase <br />maximum bonded indebtedness. In summarizing the <br />amendments to Development District No. 2, TIF District <br />No. 2 -1 (Country Drive), Fifield pointed out that the <br />boundaries of Development District No. 1 will be <br />expanded to include the entire City, and all parcels in <br />the Development District will be eligible for <br />acquisition. <br />There was no one present from the general public <br />wishing to comment on this matter. <br />Upon motion by LaValle, seconded by Scalze, the public <br />hearing was closed. <br />Mr. LaValle introduced the following resolution of the <br />Page 13 <br />