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262 <br />COUNCIL MEETING JULY 8, 1991 <br />entire 48 acres needs soils correction and the project would not <br />qualify for this type of TIF development. <br />Jacqueline Farm, 6209 Centerville Road noted that if the <br />developer is unable to sell $170,000.00 town home units and <br />reduces his prices, the amount of TIF is also reduced. Mr. <br />Miller said that it was true that more expensive homes produce a <br />larger tax base. <br />Council Member Kuether noted that Mr. Birch will have to place <br />covenants on the property and minimum town home costs must be <br />included in the covenant. Council Member Reinert noted that the <br />legislature changes their rules every year and this could affect <br />the project. Mr. Batty noted that the TIF plan presented tonight <br />reflects all 1991 legislative changes. <br />Mr. Batty said he was not uncomfortable with this TIF plan since <br />the City will not be selling general obligation bonds to cover <br />any of the project costs. This is a "pay -as- you -go" plan. If <br />the tax structure is changed and the value of the town homes is <br />reduced, there will be less TIF dollars to invest in the project. <br />Amy Donlin, 6100 Centerville Road noted that when a farmer buys a <br />farm and the soil is poor, no one bails him out. She felt the <br />developer knew what he was purchasing and TIF is just a <br />convenient method and he is taking advantage of it. <br />Mery Fifrich, representing Mr. Birch the developer, explained <br />that this improvement will be totally self- supporting. He <br />explained that the residents will pay for the maintenance of the <br />streets. Mr. Fifrich also noted that at this time the property <br />is being taxed approximately $5,000.00 per year. In the future <br />when the property is developed this figure will increase greatly. <br />He also noted that currently this is the south entrance to the <br />City and it is an eyesore. <br />Council Member Bohjanen moved to close the public hearing at 9:18 <br />P.M. Council Member Reinert seconded the motion. Motion carried <br />unanimously. <br />Council Member Kuether moved to table this item until the City <br />has an answer regarding the Comprehensive Land Use Amendment. <br />Council Member Bohjanen seconded the motion. Motion carried <br />unanimously. <br />PUBLIC HEARING, LAKE AMELIA ESTATES PRELIMINARY PLAT <br />Mr. Miller explained the location of this 20 acre preliminary <br />plat. He noted that there will be 29 building pads and a total <br />of 58 dwellings. The 20 acres will be developed in two (2) <br />PAGE 10 <br />