Laserfiche WebLink
1 <br />1 <br />COUNCIL MEETING DECEMBER 18, 1995 <br />PUBLIC HEARING, MODIFICATION OF THE PROGRAM FOR <br />DEVELOPMENT DISTRICT NO. 1 AND TAX INCREMENT FINANCING <br />PLANS FOR TAX INCREMENT FINANCING (TIF) DISTRICTS No. 1-1 AND 1- <br />2, BRIAN WESSEL <br />Mayor Reinert opened the public hearing at 6:35 P.M. Mr. Wessel explained that earlier <br />this evening the Economic Development Authority (EDA) adopted modified plans for <br />Tax Increment Financing Districts 1-1 (Rice Lake Estates) and 1-2 (Sunrise Meadows). <br />The purpose of this modification is to transfer funds within the district to reimburse the <br />City's service area fund for the dollars spent to fund the West Central Trunk project. The <br />purpose of the public hearing is to received public comment regarding the modification of <br />these TIF Plans. <br />There were no questions or comments from the City Council or the audience. Council <br />Member Neal moved to close the public hearing at 6:37 P.M. Council Member Elliott <br />seconded the motion. Motion carried unanimously. <br />Consideration of Resolution No. 95 - 186 Approving a Modified Program for <br />Development District No. 1 and Tax Increments Financing Plans for TIF Districts <br />No. 1-1 and 1-2 - Mr. Wessel explained that this resolution finds that development <br />occurring in TIF Districts 1-1 and 1-2 was made possible by infrastructure improvements <br />in the modified Plans and would not reasonably have occurred solely through private <br />investment. The modified Plans will reimburse the City for funds used to finance these <br />improvements. <br />Council Member Elliott moved to adopt Resolution No. 95 - 186. Council Member <br />Bergeson seconded the motion. Motion carried unanimously. <br />Resolution No. 95 - 186 can be found at the end of these minutes. <br />Consideration of Resolution No. 95 - 195 Authorizing Execution of Reimbursement <br />of Development Agreements - Mr. Wessel explained that the EDA entered into a series <br />of development agreements with businesses moving into the Apollo business Park. In <br />these agreements, the EDA has assumed revenue obligations on behalf of the City. There <br />has been no formal agreement between the City and the EDA for transferring funds from <br />the EDA to the City. This resolution states that the EDA agrees to repay its obligation <br />with interest to the City out of tax increment, as increment is received. <br />Mr. Batty, bond attorney for the City is recommending that these agreements be <br />approved. <br />Council Member Elliott moved to adopt Resolution No. 95 - 195. Council Member <br />Bergeson seconded the motion. Motion carried unanimously. <br />PAGE 2 <br />