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1 REGULAR COUNCIL MEETING <br /> AUGUST 25, 1992 <br /> PAGE 5 <br /> 5 <br /> 6 Mayor Ranallo explained it is the intention of the City <br /> 7 Council to afford residents an opportunity for input on <br /> 8 the budget . An informational meeting is scheduled for <br /> 9 October 13 , 1992 at 7 : 30 p.m. for this purpose. The <br /> 10 intent is .to have citizen comments and suggestions before <br /> 11 the budget is finalized in December. <br /> 12 <br /> 13 The City Manager advised the levy will be certified at <br /> 14 the September 8th Council Meeting. This will be <br /> 15 advertised through press releases in- the City' s local <br /> 16 newspapers and on the cable access channel . <br /> 17 <br /> 18 <br /> 19 8 . PUBLIC HEARING <br /> 20 <br /> 21 A. Proposed Apache Plaza Redevelopment Plan and Tax Increment <br /> 22 Financina Plan (Resolution No. 92-040) <br /> 23 <br /> 24 Notice of this public hearing had appeared in the August 12 , <br /> 25 1992 edition of the Bulletin. <br /> 26 <br /> 27 The public hearing was opened at 7 : 45 p.m. <br /> * . . The Mayor introduced the financial advisor, Bob Thistle from <br /> 30 Springsted, Inc . , and Jerry Gilligan of the Dorsey & Whitney <br /> 31 law firm, •who •is the City' s bond counsel . <br /> 32 <br /> 33 Mr. Gilligan stated there are two plans under consideration. <br /> 34 One is the proposed redevelopment plan and the second is the <br /> 35 tax increment financing plan. <br /> 36 <br /> 37 The redevelopment plan includes major renovation of the main <br /> 38 center of Apache Plaza, demolition of the sports and health <br /> 39 club, and a storm water holding pond. The New Market space <br /> 40 will be vacated and be available for another tenant . <br /> 41 <br /> 42 Mr. Gilligan advised that the Council is required by <br /> 43 resolution to make certain Findings regarding this project . <br /> 44 The Findings must include that the parcels under consideration <br /> 45 consist of seventy percent of the area in the District are <br /> 46 occupied by buildings , streets , utilities or other <br /> 47 improvements and that more than fifty percent of the buildings <br /> 48 (not including outbuildings) are structurally substandard to <br /> 49 a degree requiring substantial renovation or clearance. <br /> 50 <br />