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P23 CITY COUNCIL WORK SESSION April 4, 2011 DRAFT 135 development like this without a liquor store and he's confident that the operation makes 136 sense in this area. 137 138 The council and staff discussed the possible use of tax increment financing. Economic 139 Development Coordinator Divine explained that there is currently a window of 140 opportunity allowed by state statute to utilize tax increment financing for retail projects. 141 The legislation is sunseting soon but it looks as if there may be an extension; this type of 142 financing would have a maximum district life of ten years. There is no doubt that it 143 would be requested by the developer to assist with financing the public improvement 144 element of the project. 145 146 City Planner Smyser noted that there would have to be some amendment to the approved 147 49/J Master Plan if the development were to move forward as proposed. 148 149 The mayor noted that he will be particularly interested in what residents have to say; he 150 sees that this is a little better project than what was proposed initially and it seems 151 prudent to at least consider it in the current economy. Neighborhood review and input is 152 important. He thinks the corner of 49/J should really be a part of a development plan; a 153 council member pointed out that a grocery development may improve the odds of the 154 corner property being developed. 155 156 The developers will take their revised plan to the neighborhood for review and return to 157 the council after that process. 158 159 3. GASB 43/45 - Finance Director Rolek reviewed his written report that outlines 160 assumptions relating to the city's financial obligations for certain post employment 161 benefits; the benefits discussed are healthcare costs for disabled public safety employees 162 and for the cost of allowing retired employees to remain on the city's healthcare plan at 163 their own cost. He is reporting this information because it is a requirement of the 164 Government Accounting Standards Board (GASB). 165 166 The council reviewed the information and Mr. Rolek reported that it will also be included 167 in the city audit review process. When the mayor asked if there are other unfunded 168 liabilities, Mr. Rolek mentioned the special assessment bonds for the Legacy project as an 169 example. He also noted that city employees are allowed to carryover a certain amount of 170 vacation and sick time and it is required that that be accounted for. 171 172 4. Five -Year Financial Plan — Finance Director Rolek distributed his report 173 outlining a draft of the 2011 -2015 Five Year Financial Plan for the city; it is a summary 174 of what's been put together by staff to date. He noted that there are a number of things up 175 the air — including strategic planning and the organizational study — so that leaves factors 176 impacting the Plan yet to be determined and it has made forecasting difficult. For the 177 Plan, staff has used information that is available today and then weighted some figures 178 (fuel costs, health care for example) to reflect anticipated increases in the future. The 4 •