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Planning Commission Regular Meeting Minutes <br /> May 16, 1995 <br /> Page 10 <br /> 1 Mornson indicated the request by the applicant was for$260,000, but the City is only providing <br /> 2 $150,000. <br /> 3 Mr. Gram inquired if there has been borrowing for this project. <br /> 4 Mornson said the funds are already available,there is no borrowing for this project. <br /> 5 Mornson, in response to Mr. Gram, indicated that the money is set aside by Minnesota Statutes <br /> 6 for the use in Tax Increment Financing and can not be used for other projects. <br /> 7 Commissioner Faust indicated if the funds are not used,the City does not received them. He <br /> 8 noted the taxes received by the City do not cover the expenditures of the City. <br /> 9 Mr. Gram still believed the amount of money received by the City is insignificant and does Aot <br /> 10 cover the detrimental affect to the residents. His main point was the cost/benefit for the residents <br /> 11 is negative. <br /> 12 Commissioner Makowske indicated Mr. Gram feels the project is going to have a negative effect <br /> 13 on the neighborhood, but how could the development of homes be more detrimental than an <br /> 14 empty lot. <br /> 15 Mr. Gram indicated the units would be worth only $65,000 and that would be devaluating to the <br /> 16 neighborhood. <br /> 17 Commissioner Makowske indicated Mr. Gram misunderstood, each unit would be sold for <br /> 18 $130,000 or more. <br /> 19 Mr. Keith Gordon, 4012 Fordham Drive;inquired if a traffic study could be done by the May <br /> 20 23rd meeting of the City Council. <br /> 21 Mornson indicated that would not be-the business of the City,traffic studies are done by the <br /> 22 County. <br /> 23 Mr. Gordon, inquired as to the soil correction, were there borings done. <br /> 24 Mr.Newman indicated studies had been done, and borings were provided to staff. <br /> 25 Mr. Gordon asked if the reimbursement by the City for soil correction is based on actual or <br /> 26 estimated cost. <br /> 27 Mornson indicated the City has set a cap to the funds at$150,000. • <br /> 28 A resident indicated the City does have a traffic counter and could hold a traffic study. <br />