CC PACKET 04141992 - Laserfiche WebLink

Home Browse Search

H.R.A. MEETING MARCH 24 , 1992 3 PAGE 3 4 5 6 Chairperson Ranallo noted that the goal is to have the Tax 7 Increment District phased out in ten years . He felt this could 8 happen even though actions of developers in the District may 9 impact this . 10 11 The Executive Director stated that originally the tax capacity 12 of the Lang-Nelson development was at 88% . It presently is at 13 112% . He felt this was directly due to the State passing its 14 problems onto municipalities . 15 16 Commissioner Wagner inquired if the School District has 17 demonstrated any concern with the action being proposed 18 regarding the Plan . 19 20 Executive Director Burt responded he has contacted the School 21 District Superintendent who felt this action would have no 22 affect on the School District . It was noted that if the 23 District continued for twenty years the School District would 24 have no concerns . 25 Chairperson Ranallo felt the City has a choice to do nothing, which would risk the rents of the units to be increased and ultimately result in the rentals/sales becoming less 29 attractive. He also noted that LaNel could sell the 30 development to a less conscientious buyer and the entire 31 project could deteriorate. 32 33 Executive Director Burt stated that the easement in the 34 agreement must be more clearly defined. 35 36 Commissioner Wagner inquired if this amendment to the Plan 37 could impact on the other Districts in the City. 38 39 The Executive Director felt this was unlikely. He specifically 40 addressed the Meta property whose owner is still paying on 41 bonds and back taxes . 'He also noted that the parking situation 42 in that location needs to be cleared up. 43 44 The Chairperson recalled that originally all of the, units were 45 to be sold and no rentals were considered. 46 47 48 Close of Public Hearinci 49 50 Motion by Wagner , second by Fleming to close the Public 51 Hearing at 8 : 41 p.m. Motion carried unanimously 54