04-25-1990 Council Agenda - Laserfiche WebLink

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MINUTES PLANNING COMMISSION April 5, 1990 Pedersen the Howe of TIF. horse in agreed that the EMC proposal was better than residential proposal, but questioned the use Pedersen felt that the cart was before the this instance. Bendel pointed out that the EMC project is TIF while the Howe project is not. Bendel he would love to see EMC locate within the felt the EMC proposal a better use of the However, he did not believe it appropriate assistance in this instance. requesting stated that City and property. to grant TIF Balyk pointed out that the City has already put the required mechanisms in place to allow the use of TIF on this site. Balyk also pointed out that the City's bond counsel has determined that the EMC project would qualify for TIF. The Administrator stated that this is true, based on the information provided thus far. Costa pointed out that the property is buildable and utilities are in place, therefore, he could not see that TIF assistance was needed. Bendel stated that in his opinion the project did not meet the "but for" test and there is no overriding community concern to justify the use of TIF. However, Bendel stated that he would love to see EMC locate within the City. The Administrator reported that the project will pass the "but for" test, otherwise the City's bond counsel would not advocate it. The Administrator pointed out that bond counsel does not apply her opinion liberally, but within the provisions of State Statute. The Planner stated that Briggs and Morgan, the City's bond counsel, is a well thought of and conservative organization. Pedersen asked about the use of tax - exempt financing. The Administrator reported that there is potential for use of industrial revenue bonds, however, the various options are being considered, and the proposal before the Commission this evening is the result of an initial meeting with the developers on Friday. The Administrator reported that pending legislation Page 16