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MINUTES <br />PLANNING COMMISSION <br />April 5, 1990 <br />The City Administrator reported that the project <br />proposal has been happening rather quickly reporting <br />that it was presented to two members of the Council, <br />Pat Pelstring and himself on Friday, and the Council <br />held a special meeting on Monday to hear the <br />presentation. The Administrator reported that the <br />Council felt the proposal was a good one since it <br />allowed for a more intense use of the property from the <br />proposal previously considered on the site, resulting <br />in more tax dollars to the City. The Council also felt <br />the proposal better than the residential use previously <br />proposed due to the noise considerations on the site. <br />The Administrator reported the need to fast track the <br />TIF request due to pending, more restrictive changes in <br />TIF currently in the Legislature which could be in <br />place by May 1st. The Council has asked that the <br />Commission review the proposal this evening with the <br />Council holding a public hearing on the TIF request at <br />their second meeting in April. <br />The Administrator reported that negotiations with EMC <br />Corporation have not been finalized at this point, and <br />the specific amount of TIF assistance needs to be <br />addressed. The Administrator pointed out that past <br />policy has been to provide assistance in the amount of <br />10% of market value, and that policy appears to be <br />feasible at this point. <br />Bendel asked how much more advantagous the EMC proposal <br />was from a tax standpoint than the Gordie Howe <br />proposal. <br />The Administrator replied that the Gordie Howe proposal <br />was for 49 single - family lots with homes in the <br />$125,000 to $170,000 price -range for an average of <br />$147,500. The Administrator estimated that $147,500 <br />times the tax capacity rate would generate taxes of <br />approximately $3,100 per home, for a gross tax to the <br />City of approximately $151,900. The Administrator <br />estimated that the EMC project would bring in taxes in <br />the range of $190,000 to $300,000 to the City. The <br />Administrator reported that he used conservative <br />figures to arrive at that estimate, using a $4 million <br />market value plus conservative tax capacity rates. <br />DeLonais asked the number of years that TIF assistance <br />would be provided. <br />Page 8 <br />