Laserfiche WebLink
-6- <br /> no "free lunch" for the developers involvedin the new proposal because "you'll <br /> really be doubling your money with this deal ". He confirmed that without the City's <br /> help, the developers would find it very difficult to proceed with the project with <br /> the addition of very expensive pilings added to. their costs. <br /> Councilmember,-Ranallo r_espondedtthati-he per_ceived--all -the Councilmembers�)n-~s <br /> wanted the project to proceed and had already agreed tax increment financing <br /> would be ,necessary to help offset the additional soil correction costs. However, <br /> the Councilmember said the new proposal had raised, what he perceived to be valid <br /> Council's. concerns, about investing the City's reserves. in a project which provides <br /> no liquidity for not just .one or two years, but five or si-x, during which .the City <br /> might find itself in' the position of needing,-those funds just to keep itself <br /> independent and able to ,keep its own fire and police protection, maintain its own <br /> roads, and fight off any attempts of annexation by another municipality, even <br /> under the worst scenario involving. loss of outside ,re. venues as well. as the necessity <br /> of looking for revenues to replace those currently provided by the liquor- operation. <br /> As she had in the H:R.A. ' resolutions, Councilmember Makowske requested the phrase <br /> "low and moderate income" be amended to read,-"low or moderate income" in #1 on <br /> the last page of Resolution 85-045. <br /> Motion by Councilmember Marks and seconded by Councilmember Enrooth to adopt <br /> Resolution 85-045 as amended. <br /> RESOLUTION 85-045 <br /> A RESOLUTION. TO DESIGNATE AND, ESTABLISH A -HOUSING DISTRICT NO. 3 PURSUANT TO THE <br /> PROVISIONS 'OF SECTION 462 OF THE MINNESOTA STATUTES AND ESTABLISH A' TAX INCREMENT <br /> • DISTRICT 'PURSUANT TO THE PROVISIONS OF SECTION 273.71 TO 27.3:78 INCLUSIVE OF THE <br /> MINNESOTA STATUTES (CHAPTER 322, LAWS OF MINNESOTA, 1979) AND ADOPTING A HOUSING <br /> PROGRAM AND FINANCE ,PLAN FOR SAID HOUSING AND TAX INCREMENT FINANCE DISTRICT <br /> Motion carried unanimously. <br /> Motion by Councilman Enrooth and seconded by Mayor Sundland to adjourn the meeting <br /> at 9:25 P.M. <br /> Motion carried unanimously. <br /> Respectfully submitted,. <br /> Helen Crowe, 'Secretary <br /> ayor <br /> ATTEST: <br /> City C I er <br />