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City Council Regular Meeting Minutes . August 8, 2000 • Page 5 1 Cavanaugh asked about a specific bullet point in the findings of fact that mentioned if the City 2 abandoned the proposed plan, that it would send a negative message. Mr. Melsha stated that he 3 could not speak for the other Commissioners, but his sense in the meaning of that sentence was. 4 that Hillcrest was an excellent developer and a large amount of trust had been obtained from 5 Hillcrest. If the project were to be abandoned, Mr. Melsha stated that the possibility was great 6 that the City would send a negative message to other potential developers. Furthermore, Mr. 7 Melsha stated that the Commission was comfortable working with Hillcrest and felt that the 8 developer would provide the City with an excellent renovation and work fairly with the City as 9 well. 10 Cavanaugh thanked Mr. Melsha for the time and work that the Planning Commission had put 11 into the project. 12 Cavanaugh introduced Paul Steinman, Springsted, and invited him to address the Council: Mr. 13 Steinman directed the Council's attention to a memorandum from him dated July 28, 2000. This 14 memorandum discussed the public comments provided at the meeting of July 25, 2000 and 15 answered a number of points presented by Mr. Raymond Haik in his memo dated August 1, 16 2000. Additionally, the memorandum summarized Springsted's recommendations with regard 17 to the Hillcrest redevelopment proposal. 8. Sparks inquired about the funding and Mr. Soth and Mr. Steinman both explained the way the 9 funding would work and the incentives that Hillcrest Development would have to make the 20 project work successfully. 21 Horst confirmed with Mr. Robert Thistle, Springsted,that this project would create a very low 22 taxpayer risk. Mr. Thistle assured the Council that the risk was very low for taxpayers. 23 Cavanaugh inquired how much TIF money Hillcrest would receive if they performed until the 24 "interim agreement as opposed to the "preferred." Mr. Steinman responded and provided 25 figures to Cavanaugh. It was confirmed that.under either agreement,Hillcrest would receive TIF 26 money, but it would just depend upon which agreement was met as to how much TIF money 27 Hillcrest would receive. 28 Horst confirmed that the TIF money is being used to do good things for the project; strictly for 29 the benefit of the community. Mr. Steinman confirmed that TIF money is generally used for the 30 community good. 31 Bob Strakota, TIF consultant for Hillcrest explained additional details on the TIF financing. 32 Cavanaugh requested some additional documentation and Mr._Strakota offered to provide him 33 with a copy after the meeting. 34 Scott Tankenoff, managing Partner of Hillcrest Development, approached the Council. He �5 responded to some questions that had been asked by Cavanaugh and Sparks regarding figures