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City Council Regular Meeting Minutes July 25, 2000 • Page 7 1 the issue of burying the cables should be further discussed and further investigated 2 because maintenance of overhead cables might be easier than underground. 3 6. HardingSte. 4 Mr. Hubmer noted that the appraisal process is proceeding regarding the Harding Street 5 issue. If the project is to proceed this fall, the schedule is running about 2-3 weeks 6 behind; however, if the project ends up moving to next fall,the current schedule of the 7 project is sufficient. 8 Cavanaugh thanked Mr. Hubmer for his input and attendance at the meeting. 9 X. PUBLIC HEARINGS. 10 Mayor Cavanaugh opened the public hearing at 8:10 p.m. 11 A. Amendment to Tax Increment Financing District#3 - Ramsey County (Resolution 00- 12 061 . 13 City Manager Michael Morrison explained that the City would be considering the elimination of 14 certain parcels from the existing Apache Plaza tax increment financing district and the 15 establishment of a new tax increment financing district containing these parcels. 0 The new tax increment financing district is proposed to include the tax parcels which contain 17 Apache Plaza Shopping Center, and the adjacent property consisting of the site of the former 18 New Market Store and the Taco Bell. Since a portion of these parcels is presently included in a 19 tax increment financing district established by the HRA in 1992 it will be necessary to remove 20 these parcels from the existing tax increment financing district prior to including them in the new 21 tax increment financing district. 22 Attorney Jerry Gilligan recommended as a course of procedure to take public testimony, close 23 the public hearing, and then the Council should reconsider the proposed Resolution at a later 24 date in August 2000 in order to resolve some open issues. 25 In that respect, Mayor Cavanaugh invited input from the audience through the avenue of the 26 public hearing. 27 Mr. Bob Strakota, consultant for Hillcrest Development, approached the Council. Mr. Strakota 28 explained that the TIF assistance is needed because the property requires significant capital 29 improvements in order to get the property up to par so that remodeling can take place. The $4 30 million of assistance would go into the building structure, and the additional $1 million would go 31 towards correcting the watershed issue. Additionally, Mr. Strakota noted that there were issues 32 with Herbergers as well, and the TIF funds would be used to resolve that problem.