04-22-2019 Council Packet - Laserfiche WebLink

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CITY COUNCIL WORK SESSION April 1, 2019 DRAFT 3 that there is a precedent for this tool in other city developments. He threw out the 88 possibility of cutting the requested period in half. 89 90 Community Development Director Grochala noted past use of TIF – Target Store (6 91 years); Distribution Alternatives (5.5 years) and a housing project many years ago. 92 93 Mayor Reinert asked if the council is interested in the possibility. Council Member 94 Stoesz said he is interested (perhaps a ten year period if necessary for a very difficult 95 corner); Council Member Maher thinks the project is worth the establishment of a district 96 (probably not more than 6 years); Council Member Rafferty said he likes the project but 97 he isn’t comfortable at this point on the tax increment element; Council Member Manthey 98 said he would like to understand the numbers more but knows the corner will probably 99 need some help. 100 101 Mayor Reinert noted that there is more work ahead so it appears there will be more time 102 spent by the council on the subject. Community Development Director Grochala said he 103 sees the need for more work but he hears interest on the part of the council and some 104 flexibility in the time period. 105 106 A Lyngblomsten developer representative clarified that the townhome tax revenue would 107 not be included. Regarding the site selection, it’s common knowledge that they’ve 108 looked at Arden Hills as well. He also noted that developers prefer to not include tax 109 increment in their project financing proposals but in this case it is necessary. There are 110 some right of way issues and extra costs and some high priced land. The project includes 111 a lot of costs and risk. He noted that there is a timing issue and commitments coming up 112 in the next week or so. 113 114 Mayor Reinert asked that the council educate themselves over the next week and then 115 hold a work session before next Monday’s meeting to discuss the subject further. 116 117 The council requested that staff prepare a range of revenues based on the term of the 118 district. 119 120 The developer remarked that what they will need to hear in a week is that the council is 121 comfortable moving forward. 122 123 The council concurred to meet at a special session on Monday, April 8 at 6:00 p.m. to 124 discuss the matter. 125 126 City Planner Larsen reviewed her regular agenda item, 6A, also relating to the 127 Lyngblomsten project. There have been some changes to the plans which were 128 reviewed: 129 - Phasing was reviewed: 130 - At the NE corner of the development, there are changes from community garden 131 to stormwater pond to meet water management requirements; 132