08-08-07 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL AUGUST 8, 2007 value of the increment at $1,500,000 over 16 years. The Administrator also noted that the second phase of the St. Jude expansion would generate additional increment dollars which may be helpful in the redevelopment of the Capitol View site. The Administrator reported that in order to ensure compliance with TIF requirements, it may be necessary to trade utility costs for soil correction costs. The Administrator noted that 90% of tax increment can be used for correcting existing conditions, and utilities are exempted as an allowed improvement. The Administrator emphasized that the program would be extremely accountable for the use of increment dollars to the benefit of the community while there would be some benefit to St. Jude Medical. The Administrator also noted that the TIF District would be "pay as you go" which is a lower risk concept. Blesener agreed with the need to create the scattered district pointing out the likelihood for stop light and turning lane improvements in the proposed district areas. The Administrator agreed and indicated that Bob Schroeder is facilitating conversations with Arby's and Bally's relative to access and drive improvements that will be needed as a result of the Viking Drive realignment. The Administrator reported that St. Jude Medical has agreed to advance the funds needed to create the Renewal and Renovation District, with the understanding that these funds will be repaid via a TIF Note if their project proceeds to completion. Ms. Allan introduced the following resolution and moved its adoption: RESOL UTION NO.2007-8-194 -CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL ON OCTOBER 70, 2007AT 7:30 P.M. ON THE PROPOSED ESTABLISHMENT OF DEVELOPMENT DISTRICT NO. 5 AND THE PROPOSED ADOPTION OFA DEVELOPMENT PROGRAM THEREFOR, AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 5-1 THEREINAND THE PROPOSED ADOPTION OF THE TAX INCREMENT FINANCING PLAN THEREFOR, AND ON THE PROPOSED ADOPTIONOFAMODIFIED POLICYAND CRITERL4 FOR GRANTING B USINESS SUBSIDIES The foregoing resolution was duly seconded by Montour. Ayes (5). Nays (0). Resolution declared adopted.