11/05/2003 Council Minutes - Laserfiche WebLink

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• • • CITY COUNCIL WORK SESSION NOVEMBER 5, 2003 APPROVED 1 Mr. Stoberg stated they are also waiting for a market analysis that is being completed by 2 the Hartford Group. The market analysis may indicate the proposed density of housing 3 within the current plan cannot be supported. 4 5 Community Development Director Grochala referred to a proposed surface water 6 management plan noting the location of the ponds. The plan also calls for underground 7 water storage. 8 9 This item will appear on the regular Council agenda Monday, November 10, 2003, 6:30 10 p.m. 11 12 Tax Increment Financing Plan — Economic Development Assistant Divine distributed a 13 copy of the Tax Increment Financing Plan for District No. 1-11 (Legacy at Woods Edge 14 Project). 15 16 Mr. Paul Stienman, Springsted, advised the plan is a redevelopment TIF District that 17 includes some TIF for reconstruction of the bridge. The area has already been approved 18 for a TIF redevelopment district. At this point it is just a plan that includes some 19 projections. The plan does not provide a business subsidy for any business or obligate 20 the City to provide a business subsidy. However, developers do want to see that the City 21 is willing to establish a TIF district in this area. 22 23 Mr. Stienman referred to page 6 of the plan noting the estimated public costs or budget. 24 Springsted is recommending the budget be as big as the dollars the district will generate. 25 That will allow the City flexibility within the plan. The plan also proposes that fiscal 26 disparities be spread outside the TIF area. He noted the impact on an average priced 27 home within the City. However, the City can determine at any time to keep the fiscal 28 disparities within the district. He advised the City is a net gainer in terms of fiscal 29 disparities. 30 31 Mayor Bergeson asked if setting the budget at capacity gives the City any disadvantage 32 while negotiating with developers. Community Development Director Grochala advised 33 that the City makes the decision of a business subsidy and developers would have to 34 justify their need. A public hearing regarding TIF District will be held on November 24, 35 2003. 36 37 Councilmember Carlson inquired about a current request from the developer. Economic 38 Development Assistant Divine advised the developer has always indicated there will be a 39 need for help with the cost of the land right down and infrastructure. 40 41 Councilmember Carlson inquired about the possibility of cost sharing for the bridge 42 reconstruction. Community Development Director Grochala advised the City has always 43 indicated there would be cost sharing for the cost of the bridge improvements. Staff will 44 start working with the County on the bridge improvements. 45