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COUNCIL MINUTES July 8, 2019 <br />DRAFT <br />6 <br />Mikeala Huot, Baker Tilly, reviewed information on the proposed tax increment financing plan: 210 <br />- Explanation of tax increment financing, including requirements for fixed term; 211 <br />- Chart showing how increment is distributed; 212 <br />- Visual explanation of how a tax increment district is created; 213 <br />- Elements included in a plan; 214 <br />- What drives the need for public financing assistance; 215 <br />- Types of tax increment financing districts and what costs can be included; 216 <br />- Elements of the district (District No. 1-13) that is now proposed (including map); 217 <br />- Term of proposed plan; 218 <br />- Estimated budget of expenditures and revenues (discussion on values is still underway with 219 <br />Anoka County but they are comfortable with estimates); 220 <br />- Increment estimate is $3.7 million; 221 <br />- Notifications to County and impacted school district is required (estimated impacts noted); 222 <br />- Next steps (Economic Development Authority) reviewed. 223 <br /> 224 <br />Ms. Huot explained that a public hearing is required. 225 <br /> 226 <br />Mayor Reinert asked if there is an updated valuation from Anoka County. Ms. Huot said she spoke 227 <br />with the county assessor today and they are currently working on that updated value. The county did 228 <br />state that they feel the current estimates will be in the same ballpark as their valuation. The mayor 229 <br />asked if the plan can be updated based on new valuation data and Mr. Grochala said a change in 230 <br />valuation would not impact the plan. Ms. Huot said the plan presented is conservative. 231 <br /> 232 <br />Mayor Reinert asked about the audit element (construction costs) that the council requested. Ms. 233 <br />Huot noted that the plan is before the council tonight; the contract will be considered by the EDA and 234 <br />that would include details. 235 <br /> 236 <br />Mayor Reinert opened the public hearing. There being no one present wishing to speak, the public 237 <br />hearing was closed. 238 <br /> 239 <br />Council Member Manthey remarked that the council has had many discussion and much review of 240 <br />this proposal. 241 <br /> 242 <br />Council Member Manthey moved to approve Resolution No. 19-85 as presented. Council Member 243 <br />Stoesz seconded the motion. Motion carried on a voice vote. 244 <br /> 245 <br />UNFINISHED BUSINESS 246 <br /> 247 <br />There was no Unfinished Business. 248 <br /> 249 <br />NEW BUSINESS 250 <br /> 251 <br />There was no New Business. 252 <br /> 253 <br />COMMUNITY EVENTS 254