12/14/1998 Council Minutes - Laserfiche WebLink

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• • COUNCIL MINUTES DECEMBER 14, 1998 Staff recommended approval of the Second Reading of Ordinance No. 15 - 98. Mr. Wessel was asked if the "size" referred to the footprint of the building. Mr. Wessel indicated size does refer to the footprint of the building. Council Member Neal moved to approve the Second Reading of Ordinance No. 15 - 98, as presented. Council Member Bergeson seconded the motion. Motion carried unanimously. Ordinance No. 15 - 98 can be found at the end of these minutes. PUBLIC HEARING, Proposed Modification of TIF District No. 1-7 and Consideration of TIF Plan for TIF District No. 1-9, Mary Alice Divine - Ms. Divine explained earlier this evening the EDA approved the modification of this plan to remove unimproved parcels from TIF District 1-7 and to establish a new TIF District No. 1-9. Centennial School District and Anoka County have been notified about this new 10 -year economic development TIF district. As noted earlier, some of the parcels in TIF District No. 1-7 are being removed either because it is unlikely they will develop within the reasonably foreseeable future, or they are zoned for non- qualifying uses under State Statutes. TIF District No. 1-9 incorporates the light industrial parcels in the Apollo Business Center and Lakes Business Park that are likely to develop. This new TIF District provides the City with enough capacity to be competitive when offering financial assistance to businesses wishing to locate in the new district. Mayor Sullivan opened the public hearing at 7:45 p.m. No one was present to speak. Council Member Neal moved to close the public hearing at 7:45 p.m. Council Member Dahl seconded the motion. Motion carried unanimously. Consideration of Resolution No. 98 -171, Adopting the Modification to TIF District No. 1-7 and Adopting the TIF Plan for TIF District No. 1-9, Mary Alice Divine - Ms. Divine stated this resolution finds that the modification of TIF District 1-7 to remove parcels from the district and establishing TIF District No. 1-9 to allow the City to provide tax increment financing assistance to prospective businesses, has been determined to be in the best interests of the City. The City is in negotiation stages with several prospective businesses and their inclusion in the plan will enable the City to facilitate their plans without having to return to the City for an additional modification to the district. The final development agreements with these businesses will be brought to the City Council for approval. Ms. Divine noted the Planning and Zoning Board reviewed the resolution and found it consistent with the Comprehensive Plan. Mayor Sullivan stated this is a big step to improve management practices for the City. Because of the TIF penalty some of the undeveloped parcels have been removed from the TIF District. The City has chosen to apply the 10% contribution rather than the TIF penalty option.