02-12-1996 EDA Minutes - Laserfiche WebLink

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EDA Member Kuether questioned why the shopping center parcel had been removed. Mr. Wessel explained that TIF could not be used except for light industrial purposes. EDA Member Kuether moved to approve Resolution No. 96-01 authorizing preparation of the modified plan for TIF District 1-4. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 96-02 AUTHORIZING PREPARATION OF A MODIFIED TAX INCREMENT FINANCING PLAN FOR TIF DISTRICT NO. 1-7 Mr. Wessel explained that this modification of the TIF plan served two purposes. It adds parcels to the district and enables the city to provide financial assistance to Progressive Engineering and Ballantine Trench -ALL in the Apollo Business Park. The parcels being added to the district include the G.M. Development property in the business park, Glenn Rehbein's light industrial property on the southwest quadrant of the I-35W interchange, and the Hawkins Chemical property north of the business park. EDA Member Bergeson commented that this seemed a departure from previous legislation, and questioned why the city wouldn't add more property to District 1-7. Ms. LaForest stated that the legislative change involved the removal of the 20-year "taint" on properties within a TIF District, but all parcels must be contiguous and this modification added all the parcels that could reasonably be incorporated. Mr. Wessel stated that the Hawkins Chemical property would not be rezoned to light industrial until the city had a project for the site. EDA Member Kuether moved to approved Resolution No. 96-02 authorizing preparation of the modified plan for TIF District No. 1-7. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 96-03 SETTING A PUBLIC HEARING DATE FOR THE PROPOSED SALE OF PROPERTY IN THE APOLLO BUSINESS PARK Mr. Wessel explained that the city was writing down the cost of city -owned land to Progressive Engineering. The charter requires a public hearing. EDA Member Neal moved to approve Resolution 96-03 calling for a public hearing to be held on March 25, 1996 at 6 p.m. ADJOURNMENT EDA Member Kuether moved to adjourn. EDA Member Neal seconded the motion. Motion passed unanimously. Meeting adjourned at 6:30 p.m.