03-28-1990 Council Agenda - Laserfiche WebLink

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MINUTES PLANNING COMMISSION March 8, 1990 a developer will need all these four properties in order to do something with it. Mr. DeLonais declared that the Planning Commission finds the City's proposed modification of the Development Program for Development District No. 2 and the proposed modification of the Tax Increment Financing District 2 -1, located within Development District No. 2, to be consistent with the Comprehensive Plan for the City expanding the area included to the Water Works property and Country Drive, and expanding the TIF Budget as proposed by Business Development Services. Motion seconded by Drabik. Motion carried 7 - 0. TAX Pat Pelstring submitted to the Commission a report on INCREMENT Tax Increment Financing which he reviewed. FINANCING DeLonais asked how increment is captured from one project for use on a future project. Pelstring replied that in a redevelopment project TIF assistance can be provided for up to 25 years. However, if the financing for a project is needed for only 8 or 9 years, a bond can be sold for a longer period of time and the extra increment collected can be used to assist other projects. The City has the option of paying off bonds early or lengthening the bond issue to collect extra increment. Costa was concerned that in the Country Drive area land was being acquired at the expense of the taxpayers in the City. Pelstring pointed out that currently this property is generating about $16,000 per year in property taxes and this is the amount of taxes that will continue to be generated on the property until the TIF bonding is paid. Pelstring pointed out that concern had been expressed that the development further north on Country Drive would extend into this area if the property were allowed to develop in a piecemeal fashion. The City is offering the TIF assistance so that this property will develop in a coordinated fashion with high - quality development. Page 19