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1 REGULAR COUNCIL MEETING <br /> 22 AUGUST 25, 1992 <br /> PAGE 6 <br /> 4 <br /> 5 <br /> 6 <br /> 7 Uteig Engineering , Inc. performed the Apache Mall Structural <br /> 8 Evaluation and submitted a report for Council consideration. <br /> 9 The report stated that the Apache Mall complex consists of <br /> 10 five buildings . The largest building is the Apache Mall . The <br /> 11 remaining buildings consist of the New Market Grocery <br /> 12 building, a Sports and Health Club building, a Mobil Service <br /> 13 Station building and and a Tires Plus building. <br /> 14 <br /> 15 Uteig Engineering conducted evaluations on the New Market <br /> 16 building, the Sports and Health Club building and the Mobil <br /> 17 Service Station building. All of them were' found to be <br /> 18 substandard by definition. <br /> 19 <br /> 20 It was Mr. Gilligan' s recommendation to exlude the Mobil <br /> 21 Service Station building and the Tires Plus building from the <br /> 22 Tax Increment District and reduce the redevelopment to three <br /> 23 parcels, two of which have substandard buildings located on <br /> 24 them. <br /> 25 <br /> 26 The other required Findings are met by this development . The <br /> 27 developer is requesting tax increment assistance and the <br /> project would not be possible without these funds and the. <br /> redevelopment plan conforms to the general plan for the <br /> 30 development of the City as a whole. <br /> 31 <br /> 32 Councilmember Marks inquired how long this whole process would <br /> 33 take. Mr. Gilligan responded that there will be a .need to <br /> 34 subdivide but this would not hold up the process . <br /> 35 <br /> 36 Mr. Thistle reviewed the obligations of tax increment <br /> 37 financing. He noted that this type of financing does not use <br /> 38 existing tax dollars nor take any away from what is already <br /> 39 being paid. <br /> 40 <br /> 41 He explained the mechanics of tax increment financing and <br /> 42 development of a tax increment financing district . <br /> 43 <br /> 44 With the use of an overhead, Mr. Thistle reviewed the present <br /> 45 appearance of the parcels under consideration and the proposed <br /> 46 redevelopment project area which will be located in the <br /> 47 district . He explained that tax capacity yields the property <br /> 48 taxes and the increment expected. The estimated market value <br /> 49 of the properties is used to estimate the tax capacity. <br /> 50 <br /> • <br />