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CC PACKET 04111995
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CC PACKET 04111995
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12/30/2015 6:24:08 PM
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12/30/2015 6:24:02 PM
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22
SP Folder Name
CC PACKETS 1994-1998
SP Name
CC PACKET 04111995
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Housing and Redevelopment Authority Meeting Minutes <br /> February 28, 1995 <br /> Page 3 <br /> $600,000.00 value could increase to $2.6 million. The current$8,000.00 in taxes could <br /> 2 increase to $43,000.00. There would be a resulting LGA penalty of$12,000.00 <br /> 3 Momson reported Jim Nesser is interested in purchasing the Clark Station property <br /> 4 ($70,000.00 asking price) to construct an office building costing approximately <br /> 5 $150,000.00. He would need rezoning and would like financial assistance. <br /> 6 Morrison reported the proposed Verkins Addition is a request for a subdivision of <br /> 7 property located at 29th and Old Highway 8. He stated there are currently three buildings <br /> 8 on this property. It is being proposed to demolish one of the buildings and construct three <br /> 9 new homes. He indicated they are requesting no assistance but may require some setback <br /> 10 variances to accommodate the lot. He stated this item is scheduled for the April 18th <br /> I I Planning Commission meeting. <br /> 12 Momson then distributed a memorandum regarding the process for the Clark Station <br /> 13 property. He indicated it would be the same process used for 3111 and 3112 Silver Lake <br /> 14 Road. He stated the only difference is that the developers will be given ftmds after the <br /> 15 property is constructed. This would save the City money as there would be reduced <br /> 16 attorney cost, no interest income would be lost, and a developers agreement would not be <br /> 17 necessary. There would be no risk for the City if handled this way. <br /> 18 Ranallo asked if the City was willing to rezone the Clark Station property. <br /> 19 Enrooth indicated all of the other three-comers are zoned fight-industrial. <br /> 20 There was Council consensus to use this process in regards to the Clark Station property <br /> 21 and any future projects where it would be applicable. <br /> 22 Momsoh then reported the funds M' 'the TIF accounts exceeds the debt service obligation. <br /> 23 He distributed a memorandum which illustrated the possible uses of the fimds and the <br /> 24 benefits. He stated there is a bill that will probably be passed which states that all <br /> 25 districts created pre-1990 need to be de-cerfified unless the budget is amended by July 1, <br /> 26 1995. He indicated it is necessary to determine the amount of excess and identify <br /> 27 possible expenditures and the amount needed.for these projects. He stated there is some <br /> 28 funds in the TIF accounts. He explained the benefits where there would be no LGA loss, <br /> 29 the City may not have to issue bonds, and may not have to put some -of the property in the <br /> '30 district, which would allow the City to benefit immediately from the development. <br /> 31 Motion by Wagner, second by Enrooth to allow Evergreen Townhomes a maximum of <br /> 32 $150,000.00 TIF funds for soil correction,with City Manager to work out the details. <br /> Motion carried unanimously, <br /> '�4 <br />
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