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EDA MINUTES NOVEMBER 24, 2003 <br />DRAFT <br />46 EDA Member O'Donnell moved to adopt Resolution No. 03-011, modifying development District <br />47 No. 1 and establishing Tax Increment Financing District No. 1-11. EDA Member Reinert seconded <br />48 the motion. <br />49 <br />50 EDA President Carlson noted this is a difficult decision for her because of the potential amount of <br />51 money, and she thinks there are loopholes in the plan, such as where they say they do not intend to <br />52 bond, but are keeping the option open. She is glad the city intends to collect on some of the project, <br />53 but they do not know what exactly they will spend, or what the return will be. She sees a lot of road <br />54 costs, and feels the majority of the road costs should be borne by the Federal, State and County <br />55 governments. <br />56 <br />57 Ms. Divine indicated the noted loopholes are not actually loopholes, as any decision made will have <br />58 to be a separate decision made by the City Council. She stated that while it may provide flexibility, <br />59 each decision will have to be an informed decision based on the information presented. This plan <br />60 merely sets a budget and establishes the district, it leaves the city council free to make decisions as <br />61 they move forward. <br />62 <br />63 EDA Member Bergeson reminded the Board that any TIF project has to pass the "but for" test as well. <br />64 <br />65 EDA Member Reinert indicated that the cost of roads or contribution of land or other valuable <br />66 contribution from the City will be a decision made by the City Council after all the numbers and <br />67 information is presented. He stated that while this TIF district may provide them flexibility, the City <br />68 Council will have the ability to make a decision. <br />69 <br />70 Vote: 3 Ayes, 2 Nays. Motion carried. EDA President Carlson and EDA Member Dahl opposed. <br />71 <br />72 ADJOURNMENT <br />73 <br />74 There being no further business, EDA Member O'Donnell moved to adjourn. EDA Member <br />75 Bergeson seconded the motion. Motion passed unanimously. <br />76 <br />77 Meeting adjourned at 6:54 p.m. <br />78 <br />79 <br />80 <br />81 <br />82 <br />83 Transcribed by: <br />84 Karen Whaley <br />85 TimeSaver Off Site Secretarial, Inc. <br />86 <br />2 <br />