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HRA Meeting Minutes <br /> March 12, 1996 <br /> Page 2 • <br /> 1 VI. OTHER BUSINESS. <br /> 2 Executive Director Morrison and Chair Ranallo met with CUB, Dorsey & Whitney, First <br /> 3 Bank, and the Schoening-Group to discuss an update on the Apache redevelopment. They <br /> 4 need final plat approval by April 15. They have requested $1,860,000 in Tax Increment <br /> 5 Financing; however the City has not approved the final plat. The value of the New <br /> 6 Market building has decreased over the years. They would want to create a Lot 8 to get <br /> 7 better value for TIF purposes. The City would send a letter to County Assessor to remove <br /> 8 Lot 8 from TIF District and the property could fall under the three year knock down rule. <br /> 9 Chair Ranallo stated there may be some water runoff from Lot 7. Executive Director <br /> 10 Morrison stated if it was replatted now there would be time to deal with recertification. <br /> 11 The Executive Director asked if any of the Commissioners had any concerns with the <br /> 12 creation of Lot 8. Chair Ranallo suggested the Planning Commission could hold the <br /> 13 public hearing on April 9. Soth stated it may not need to go back to the Planning <br /> 14 Commission. <br /> 15 Chair Ranallo stated the store may not be completed by November 1 as previously <br /> 16 planned and will probably open in January. Executive Director Mornson stated the TIF • <br /> 17 would need to be given within 90 days after April 15. <br /> 18 Commissioner Marks commented if Lot 8 was not included in the TIF District there is no <br /> 19 way to know what may happen in the future. The Executive Director stated they will <br /> 20 have until the end of the year to decertify the lot. <br /> 21 Commissioner Faust stated the creation of Lot 8 would give the HRA more flexibility in <br /> 22 TIF planning to the City's benefit. <br /> 23 Chair Ranallo stated as soon as CUB develops, other lots should develop quickly. <br /> 24 Commissioner Wagner stated he saw no problem with replatting the property. <br /> 25 Commissioner Marks noted OPUS is the developer and the City has not received any <br /> 26 details of the economic study done. <br /> 27 Chair Ranallo stated previous reports showed Apache improving with CUB. Now the <br /> 28 developer is not saying who they are talking to. They only say it looks very good. OPUS <br /> 29 will be paid on a commission basis. • <br />