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1 <br />1 <br />1 <br />COUNCIL MEETING <br />MAY 8, 1989 <br />Mr. Bisel moved to adopt Resolution No. 32 - 89 Adopting the <br />Assessment for D. Erickson's 2nd Addition, Phase II. Mr. <br />Reinert seconded the motion. Motion carried unanimously. <br />Resolution No. 32 - 89 can be found at the end of these <br />minutes. <br />PUBLIC HEARING EXCLUDING ROSS' CORNER SHOPPES FROM TAX <br />INCREMENT FINANCING DISTRICT NO. 1 -2 <br />Mayor Benson opened the public hearing at 8:18 P.M. Mr. <br />Miller explained that the City has been working with Mr. Ross <br />for some time to get his planned improvement and property <br />included in District No. 1 -2. Mr. Ross has been working with <br />an architect and has been negotiating financing for his <br />improvement. District No. 1 -2 includes Menkveld's <br />subdivision, Sunrise Meadows. The Building Official has <br />issued five building permits in this subdivision and since <br />the filing of District No. 1 -2 has not been completed at the <br />court house, the tax increment has been lost for these five <br />building permits. The Building Official has seven more <br />building permits waiting to be issued and the City will loose <br />this increment if the permits are issued before the plan is <br />filed at the court house. <br />Mr. Ross has presented a commitment letter from his bank <br />indicating that financing for his project is available <br />provided that certain terms are acceptable to Mr. Ross. <br />Mayor Benson explained that the City is now in the position <br />that it must file the necessary documents at the court house <br />to protect the tax increment in the Sunrise Meadows <br />subdivision. This tax increment is to help finance the West <br />Central Trunk Sewer and Water Mains. <br />Mr. Mark Smith of Business Development Consultants explained <br />that they have agreed to the terms and conditions of the <br />developers agreement, however, the amount of the letter of <br />credit has not been received from the City. When this is <br />included in the developers agreement the agreement will be <br />signed immediately. A closing date has been set for June 15, <br />1989 with a different bank than the one indicated tonight for <br />financing the entire improvement. <br />Mr. Bisel moved to close the public hearing at 8:36 P.M. Mr. <br />Neal seconded the motion. Motion carried unanimously. <br />Mr. Bisel moved that as of May 10, 1989 at the close of <br />regular city hall business hours Mr. Ross will be eliminated <br />from Tax Increment Financing District No. 1 -2 if he has not <br />completed all the necessary paper work and submitted it to <br />the City. The Tax Increment District No. 1 -2 will be filed <br />excluding Mr. Ross' property. Mr. Neal seconded the motion. <br />Motion carried unanimously. _ <br />