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• <br />• <br />PLANNING & ZONING BOARD <br />JUNE 14, 1995 <br />Mr. Mesich inquired if there would be any hazardous waste <br />involved in the business. Mr. Butler indicated there <br />would be no hazardous chemicals or waste. <br />Chair Pro -Tem Robinson asked in regards to the street, <br />will Apollo Drive be constructed to hold the heavier <br />weights from industrial use. City Engineer Powell <br />indicated the road has been constructed of a nine to ten <br />ton design. <br />Bill Johnson made a MOTION to approve application 95-21 - <br />S, Mag -Con Inc., XXX Apollo Drive, Site Plan Review <br />subject to the conditions outlined by staff. All voted <br />aye. Motion carried. <br />H. Resolution Pertaining to Economic Development <br />District #3 (Clearwater Creek). <br />Economic Development Assistant, Mary LaForest briefly <br />reviewed the resolution regarding the establishment of <br />Economic Development District No. 3 <br />Ms. LaForest indicated the Economic Development Authority <br />has authorized preparation of a Development District <br />Program to establish a new Economic Development District <br />No. 3 and a Tax Increment Financing Plan for Tax <br />Increment Financing District No. 3 -1. <br />Ms. LaForest indicated it has been determined that <br />establishing this new TIF District within the Clearwater <br />Creek Development Center is of benefit to the City in <br />anticipation of development on the I -35E /County Road 14 <br />interchange. <br />Ms. LaForest noted this will allow the city to provide <br />TIF assistance to facilitate new development within an <br />area of the City that has been designated for <br />commercial /industrial development. <br />Ms. LaForest indicated the Public Hearing on the new TIF <br />District has been scheduled for June 29, 1995 at 5:15 <br />p.m. State statute requires Planning & Zoning Board <br />review when a new Economic Development District is <br />established within a City, to see if the land use is <br />consistent with the Comprehensive Land Use Plan. <br />Chair Pro -Tem Robinson inquired if there is a cap or <br />limit to the TIF. Ms. LaForest indicated there is a <br />limit in terms of time, and a limit in regards to the tax <br />revenue generated that can be used to provide TIF <br />assistance. <br />III Mr. Mesich asked if there is a cost to the City in <br />regards to establishing a TIF District. Ms. LaForest <br />5 <br />