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COUNCIL MINUTES <br />July 8, 2019 <br />APPROVED <br />210 Mikeala Huot, Baker Tilly, reviewed information on the proposed tax increment financing plan: <br />211 - Explanation of tax increment financing, including requirements for fixed term; <br />212 - Chart showing how increment is distributed; <br />213 - Visual explanation of how a tax increment district is created; <br />214 - Elements included in a plan; <br />215 - What drives the need for public financing assistance; <br />216 - Types of tax increment financing districts and what costs can be included; <br />217 - Elements of the district (District No. 1-13) that is now proposed (including map); <br />218 - Term of proposed plan; <br />219 - Estimated budget of expenditures and revenues (discussion on values is still underway with <br />220 Anoka County but they are comfortable with estimates); <br />221 - Increment estimate is $3.7 million; <br />222 - Notifications to County and impacted school district is required (estimated impacts noted); <br />223 - Next steps (Economic Development Authority) reviewed. <br />224 <br />225 Ms. Huot explained that a public hearing is required. <br />226 <br />227 Mayor Reinert asked if there is an updated valuation from Anoka County. Ms. Huot said she spoke <br />228 with the county assessor today and they are currently working on that updated value. The county did <br />229 state that they feel the current estimates will be in the same ballpark as their valuation. The mayor <br />230 asked if the plan can be updated based on new valuation data and Mr. Grochala said a change in <br />231 valuation would not impact the plan. Ms. Huot said the plan presented is conservative. <br />232 <br />233 Mayor Reinert asked about the audit element (construction costs) that the council requested. Ms. <br />234 Huot noted that the plan is before the council tonight; the contract will be considered by the EDA and <br />235 that would include details. <br />236 <br />237 Mayor Reinert opened the public hearing. There being no one present wishing to speak, the public <br />238 hearing was closed. <br />239 <br />240 Council Member Manthey remarked that the council has had many discussion and much review of <br />241 this proposal. <br />242 <br />243 Council Member Manthey moved to approve Resolution No. 19-85 as presented. Council Member <br />244 Stoesz seconded the motion. Motion carried on a voice vote. <br />245 <br />246 UNFINISHED BUSINESS <br />247 <br />248 There was no Unfinished Business. <br />249 <br />25o NEW BUSINESS <br />251 <br />252 There was no New Business. <br />253 <br />254 COMMUNITY EVENTS <br />0 <br />