Laserfiche WebLink
1 H.R.A. MEETING <br /> 2 APRIL 14 , 1992 • <br /> 3 PAGE 2 <br /> 4 <br /> 5 Motion carried unanimously <br /> 6 <br /> 7 <br /> 8 6 . CONSIDERATION OF AMENDMENTS TO THE KENZIE TERRACE <br /> 9 REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN <br /> 10 <br /> 11 Chairperson Ranallo stated that three years ago the City <br /> 12 worked with Lang-Nelson to : develop their Kenzie Terrace <br /> 13 project . <br /> 14 <br /> 15 At that time all projections for the project were based on <br /> 16 setting the taxes at $1 , 200 per unit . Because of legislative <br /> 17 changes to the formula for determining property taxes for <br /> 18 apartment buildings , the taxes have increased to $1 , 500 per <br /> 19 unit . <br /> 20 <br /> 21 The Tax Increment Financing package for this development was <br /> 22 originally proposed to be paid off in ten years . Presently, it <br /> 23 is set for seven years . <br /> 24 <br /> 25 The developer, Lang-Nelson , is requesting the City Council to <br /> 26 approve amendments to the Redevelopment Plan to provide for an <br /> 27 interest reduction program by the H.R.A. with respect to their <br /> 28 housing units located in Kenzie Terrace . The amendments to the <br /> 29 Financing Plan would authorize the use of tax increments <br /> 30 derived from the Kenzie Terrace Tax Increment Financing <br /> 31 District of the H.R.A. established by the Financing Plan to <br /> 32 provide for the payment by the H.R.A. or the City of the costs <br /> 33 of the Interest Reduction Program. <br /> 34 <br /> 35 The Chairperson noted that there are pros and cons - to <br /> 36 approving this request . If it is not approved the development <br /> 37 could result in having less than quality management . <br /> 38 <br /> 39 Members of the H.R.A. felt that the present management is <br /> 40 running a very fine operation and one of which they can be <br /> 41 very proud . <br /> 42 <br /> 43 Chairperson Ranallo felt that if the St . Anthony H.R.A. had <br /> 44 forced Apache Plaza Shopping Center to participate in an <br /> 45 operation similar to this that the present problems being <br /> 46 experienced at the Shopping Center would have been avoided. <br /> 47 <br /> 4.8 The Executive Director noted that the original life of the Tax <br /> 49 Increment District was for twenty years , but the plan is to <br /> 50 have it all paid in ten years . <br /> 51 <br /> 52 <br /> 53 <br /> 54 <br />