05/02/2019 EDAC Packet - Laserfiche WebLink

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Mr. Wagner asked if the project is protected if the school and counties opt out of the TIF district once they are notified. Mrs. Huot noted that schools and counties are not able to opt out. Mr. Colgan asked if the $19 million soft cost included stabilization and marketing. Mrs. Hout noted that everything was included in the cost. Mr. Colgan asked if the tax value to the total value of the project seem on par. Mrs. Hout noted that the total value tends to be similar to the actual cost, but this project does not include the value of the skilled nursing unit. Mr. Colgan asked about the ability to finance another project down the road. Staff explained the projects are independent. Mr. Johnson asked why the developer is not using special revenue bonds. Mr. Grochala explained they will be using conduit bonds that the city will sign off on. Mr. Cravaro asked if there were existing plans to improve Hodgson Road. Mr. Grochala stated there are no current road improvement plans. Mr. Grochala asked the committee if there is a high enough priority to do tax increment for this project. If so, does the group support exceeding 6 years if warranted. The Committee indicated there support for the use of TIF on the project and would support a longer duration of the district if warranted. Mr. Schueller asked if the project information is public and if a longer duration is allowed will it set a precedence for future projects. Mr. Grochala stated that the information is public but each project stands on its own. Ms. Huot stated the next steps moving forward would include addition discussion at a City Council work session on Monday. She noted that the tax increment process takes approximately 45-60 days. She estimated that the public hearing would be held by City Council in June or July to allow for the developer to break ground in August 2019. Mr. Vojtech asked why the red area was tax exempt. Ms. Huot explained that portion of the building was for skilled nursing which is tax exempt. Ms. Huot noted that 20% of the units in any housing district must be occupied by individuals that make 50% of the area's median income. Mr. Vojtech asked if the developer has decided to rent or sell the townhomes. Mr. Grochala explained the townhomes will be rented and there will be an age requirement. Mr. Vojtech asked if there will be a monument sign at the gateway. Mr. Grochala explained the city will build in a requirement for a gateway monument entrance. B. Projects Updates