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