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EDA MINUTES NOVEMBER 24, 2003 <br />DRAFT <br /> <br />2 <br /> <br />EDA Member O’Donnell moved to adopt Resolution No. 03-011, modifying development District 46 <br />No. 1 and establishing Tax Increment Financing District No. 1-11. EDA Member Reinert seconded 47 <br />the motion. 48 <br /> 49 <br />EDA President Carlson noted this is a difficult decision for her because of the potential amount of 50 <br />money, and she thinks there are loopholes in the plan, such as where they say they do not intend to 51 <br />bond, but are keeping the option open. She is glad the city intends to collect on some of the project, 52 <br />but they do not know what exactly they will spend, or what the return will be. She sees a lot of road 53 <br />costs, and feels the majority of the road costs should be borne by the Federal, State and County 54 <br />governments. 55 <br /> 56 <br />Ms. Divine indicated the noted loopholes are not actually loopholes, as any decision made will have 57 <br />to be a separate decision made by the City Council. She stated that while it may provide flexibility, 58 <br />each decision will have to be an informed decision based on the information presented. This plan 59 <br />merely sets a budget and establishes the district, it leaves the city council free to make decisions as 60 <br />they move forward. 61 <br /> 62 <br />EDA Member Bergeson reminded the Board that any TIF project has to pass the “but for” test as well. 63 <br /> 64 <br />EDA Member Reinert indicated that the cost of roads or contribution of land or other valuable 65 <br />contribution from the City will be a decision made by the City Council after all the numbers and 66 <br />information is presented. He stated that while this TIF district may provide them flexibility, the City 67 <br />Council will have the ability to make a decision. 68 <br /> 69 <br />Vote: 3 Ayes, 2 Nays. Motion carried. EDA President Carlson and EDA Member Dahl opposed. 70 <br /> 71 <br />ADJOURNMENT 72 <br /> 73 <br />There being no further business, EDA Member O’Donnell moved to adjourn. EDA Member 74 <br />Bergeson seconded the motion. Motion passed unanimously. 75 <br /> 76 <br />Meeting adjourned at 6:54 p.m. 77 <br /> 78 <br /> 79 <br /> 80 <br /> 81 <br /> 82 <br />Transcribed by: 83 <br />Karen Whaley 84 <br />TimeSaver Off Site Secretarial, Inc. 85 <br /> 86