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• <br />• <br />• <br />PLANNING & ZONING BOARD <br />September 13, 1989 <br />The city council will take no action on the plan however <br />until September 25 when it will also review the site plan. <br />This will allow three things to happen: <br />1. A development agreement will be completed outlining <br />the developer's responsibilities regarding <br />construction, timing, fiscal guarantees, etc. The <br />developer will be asked to agree to this document <br />prior to city approval of the tax increment finance <br />plan. <br />2. The site plan will be changed to meet the concerns <br />that the members of the planning and zoning board <br />had as determined at the August 23rd meeting. <br />3. More detail can be placed in the tax increment <br />finance plan. The plan assumes several worst -case <br />scenarios. <br />Fred Chase stated that he has difficulty recommending <br />approval of this TIF plan without receiving comments from the <br />Economic Development Committee. Mr. Chase questioned the <br />P &Z's authority regarding this issue, stating that this <br />does involve dollars and he doesn't feel the board should get <br />involved in money issues. <br />Mr. Bisel stated that the P &Z has a higher status than the <br />EDC. John Miller stated that the Planning & Zoning Board is <br />required to review this because it does change the <br />comprehensive plan of the city. <br />Alan Irwin brought up the fact that the payback cannot be any <br />longer than 25 years. Mr. Miller stated that this should be <br />paid back within an 8 to 11 year period. <br />Mr. Miller explained the TIF plan to the board. <br />MOTION: Mr. Chase moved to recommend to City Council that <br />the Tax Increment Finance Plan for Main Street Shops, TIF <br />District 1 -3 be recommended for approval. It is suggested by <br />the board that before council action is taken the Economic <br />Development Committee has an opportunity to provide their <br />financial expertise. Mr. King seconded the motion and the <br />motion was approved unanimously. <br />A copy of the TIF draft will be sent to the Economic <br />Development Committee for their review and comments before <br />the September 25th Council Meeting. <br />DISCUSSION OF CONCEPT PLAN FOR COMMERCIAL DEVELOPMENT OF THE <br />DENNIS ERICKSON LAND ON ELM STREET NEAR SUNRISE DRIVE. <br />MOTION: Robert King moved to table the Concept Plan for <br />Commercial Development of Dennis Ericksons land on Elm Street <br />