Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />OCTOBER 10, 2007 <br />PRELIMINARY Blesener reported that the Council had continued action on the Preliminary <br />PLAT - Plat for Richie Place until tonight's Council meeting. However, since <br />RICHIE PLACE that time, Lauren Development has applied for a Variance for cul-de-sac <br />length and requested that the Preliminary Plat be tabled until the October <br />24, 2007 Council meeting. The Council will then consider both the <br />Variance and the Preliminary Plat at the October 24`h meeting. <br />Mr. Montour introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2007-10-249 -TABLING ACTION ON THE <br />PRELIMINARY PLAT FOR RICHIE PLACE UNTIL THE OCTOBER <br />24, 2007 REGULAR COUNCIL MEETING AT THE REQUEST OF <br />LAUREN DEVELOPMENT <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (5). <br />Nays (0). Resolution declared adopted. <br />TIF - Mayor Blesener opened the Public Hearing to consider the following: <br />DISTRICT Establishment of TIF District No. 5-1 and the Adoption of <br />NO.S-1 TIF Plan; <br />Establishment of Development District No. 5 and Adoption of <br />a Development Program; <br />Adoption of an Interfund Loan Resolution; <br />Adoption of a Modified Business Subsidy Policy and Criteria <br />to include a specific job and wage floor. <br />The City Administrator reviewed his October 5, 2007 report in detail. He <br />noted that the proposed TIF District and Development Program for the St. <br />Jude and Viking Drive projects is structured so that there will be no direct <br />assistance to St. Jude Medical. Tax increment that is captured will be used <br />for infrastructure improvements that will benefit the entire area. The <br />Administrator noted that this project is an excellent one for meeting the <br />public purpose test. TIF will be used for upgrades that serve the entire <br />area consisting of sanitary sewer, water main, streetscape, and possible <br />land acquisition for widening of County Road B-2. <br />The Administrator noted that given there is no direct subsidy to St. Jude, <br />the TIF District has switched from a "pay as you go" to the City's having <br />to finance or bond for improvements since all improvements are now <br />public. There will still be a development agreement with St. Jude <br />Medical, however, which will include provisions for minimum assessed <br />value and TIF guarantees. <br />2 <br />