11-22-1989 Council Agenda - Laserfiche WebLink

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MINUTES PLANNING COMMISSION November 9, 1989 Drabik pointed out the City's plans for lighting on Little Canada Road and suggested that Brueggemann might want to consider extending these plans to his development. Brueggemann replied that he would look into it. Costa was concerned that the prime property was being developed initially, and the more difficult property left for later development. Brueggemann pointed out that it is not financially feasible to develop the property with the homes first. TIF funds need to be generated in order to write down the cost of redeveloping the homes. Costa stated that it could be 20 years before the property with the homes is redeveloped. The City Planner reported that the terms of the TIF bonds would be 10 years and the incentive would be present to redevelop the property with the residential homes since the most increment is captured early in the bond issue. Costa questioned how much the average property owners in the City would benefit by this project in the next couple of years. The Planner replied that under TIF, the project would continue to generate the same amount of taxes that the property does currently. The excess taxes will go to the TIF project itself. Once the TIF District expires all the taxes will go on the tax roll. Costa stated that the project will pay nothing for fire, police and utility services. The Planner replied that the taxes generated on the property currently will continue to be generated. Costa stated that it will be ten years before the taxpayers realize any benefit from the project. Costa felt the project will be an expense to the City for ten years for the cost of services. The Planner pointed out that the project will generate employment opportunities, and improvment of the Nadeau Road connection will be realized. The Planner stated Page 9