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MINUTES <br />PLANNING COMMISSION <br />April 5, 1990 <br />The Administrator replied that the project would be an <br />economic development project which would have a time <br />period of 10 years within which TIF assistance would be <br />collected for a period of 8 years. The Administrator <br />pointed out that another factor to consider is the <br />build -out rate for the Gordie Howe development pointing <br />out that the figures he quoted are based on a fully <br />developed site. <br />Tom Balyk, attorney representing the property owners, <br />reported that EMC is proposing a 135,000 square foot <br />facility with future plans to double the square footage <br />as the company grows. <br />The City Administrator pointed out that the $150,000 <br />estimate in taxes to the City from the Gordie Howe site <br />is based on a fully developed site. The Administrator <br />pointed out that EMC has the ability to expand and such <br />an expansion will generate additional tax dollars to <br />the City and other jurisdictions in the future. <br />Pedersen stated that the $190,000 in estimated taxes is <br />based on phase one. <br />The Administrator agreed and again pointed out that he <br />has used a conservative approach in arriving at the <br />$190,000 figure using a $4 million project and a very <br />conservative tax capacity rate. <br />Costa asked how long it would take to rezone the <br />property. <br />The Administrator reported that the City Council has <br />scheduled a hearing to consider the rezoning on May 9th <br />and is asking the Planning Commission to either hold a <br />special meeting to reschedule their May meeting to May <br />3rd to consider the issue. <br />Costa asked what EMC would use the TIF assistance for. <br />The Administrator replied that this is undetermined at <br />this point. The TIF would be used for a purpose that <br />is eligible under State Statutes such as site grading, <br />land write - downs, etc. That issue has not been <br />negotiated at this point. <br />Costa asked what EMC is paying for the property. <br />Esterbrooks reported that the Greiman's have a letter <br />of intent with EMC Corporation to purchase the property <br />at $1.3 million subject to the rezoning of the <br />property. <br />Page 9 <br />