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MINUTES <br />PLANNING COMMISSION <br />DECEMBER 13, 1990 <br />DeLonais pointed out that should TIF be used, the City, <br />County and School District will not get the benefit of <br />the increased taxes that this project will generate for <br />10 to 15 years. <br />Bachmeier replied that the district within which this <br />property has been certified has 8 years remaining. <br />DeLonais pointed out that should TIF be used for this <br />project, the City could lose State Aid funding. <br />The City Planner replied that this was not true in this <br />case because the TIF District is already certified. <br />Herkenhoff asked the amount of tax loss the City will <br />have should TIF be approved for this project. <br />The Planner pointed out that currently the City is <br />getting its share of property taxes on the raw land <br />value. This City will continue to get this share, <br />however, the additional taxes generated by the project <br />will not come to the City for 8 years. The Planner <br />pointed out that the philosophy behind TIF is that the <br />property would not develop without the TIF assistance, <br />therefore, there would be no increase in property taxes <br />at all. <br />Bachmeier estimated that the property is currently <br />generating $1,800 in property taxes and the proposed <br />project would generate over $500,000. <br />The City Planner pointed out that the risk the City <br />incurs is that the development would require a lot of <br />services and there would be no additional income in <br />property taxes to support these services. However, the <br />Planner thought this would likely be the case with a <br />residential development versus this type of <br />development. <br />Bendel pointed out the increased employment this <br />development will bring to Little Canada, as well as the <br />increased demand for retail services. <br />Bachmeier anticipated that 1,200 jobs would be <br />established in the facility. Bachmeier reported that <br />this is his first TIF project, and pointed out that <br />other cities are offering TIF assistance. Bachmeier <br />also pointed out that over the 8 years of assistance, <br />there will be inflationary increases in the amount of <br />property taxes the City, County and School District <br />receives. <br />Page 3 <br />