Council_Minutes_1982_03_08 - Laserfiche WebLink

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Mounds View City Council March 8, 1982 Regular Meeting Page Six Mr. Wiggins stated that the project presently has a $125,000 shortfall, and outlined the options available to overcome this. He stated they are asking for assistance from the City for $125,000 and outlined how it could be accomplished, preferrably through tax increment financing. Mayor McCarty asked if the City could touch only its share of the tax increment financing. Attorney Meyers replied that the City would have control over all of it. There was a discussion of the legal aspects of tax increment financing, with Attorney Meyers answering the Council's questions. Mayor McCarty stated he still had reservations on the financing. Mr. Wiggins asked if he would like to know if they have Council's backing, as they must know which direction to proceed, and specifically would like a motion to approve the use of tax increment financing, if feasible, within the parameters of the law, and with the present size and character. Motion /Second: McCarty /Blanchard to direct Staff to prepare a report on tax increment financing for a 40 unit housing project for senior citizens and handicapped people, setting forth all the ramifications and options open to the City. 5 ayes 0 nays Motion Carried. Mr. Wiggins asked if the Council was in favor of tax increment financing to save the features mentioned, as he must instruct the architects and members of the development team on how to proceed. Mayor McCarty stated he was concerned with the debt limit of the City, and they need information from Staff before they can give an answer. He added that, however, if it can be accomplished with little impact without adding to the public debt or risk the City's credit, he would be in favor of it. He added he was not certain if tax increment financing was the only way to go. He also stated he was 100 percent behind the concept of the project and would do all he could to help achieve the goals of the project.