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Planning Commission Meeting Minutes June 20, 2000 Page 7 • 1 Condition Nos. 1-12 as contained in the DSU memorandum of June 12, 2000 and incorporated 2 herein by reference, as well as the information contained in the revised application package. 3 Motion carried unanimously. 4 Chair Bergstrom noted that this issue would be before the City Council at the meeting on 5 Tuesday, June 27, 2000 and he encouraged Hillcrest Development and related parties to attend 6 the meeting to answer questions and provide any information necessary. 7 5. Public Hearing: Tax Increment Financing Plan for Apache Plaza. 8 Chair Bergstrom opened the Public Hearing at 8:20 p.m. 9 10 Chair Bergstrom invited Mr. Steinman, Springsted, Public Finance Advisors, to address the 11 Commission. Mr. Steinman distributed an updated memorandum from what was presented in the 12 Commission's agenda packets. 13 Mr. Steinman continued by reviewing the memorandum in detail with the Commission, and the 14 Tax Increment Financing (TIF)plan for the property/site known as the Apache Plaza.. 15 Thomas inquired of Mr. Steinman if any thought had been given to expanding the District over to 0 Stinson. Mr. Steinman stated that he was not aware of any discussions to that effect. 17 Bergstrom inquired of Mr. Steinman if this project would affect the bond rating of the City; and 18 additionally he inquired about the worst case scenario financially for the City if the project goes 19 through as proposed. 20 Mr. Steinman stated that, as the concept is proposed, it does not include bonding for any portion 21 of the project. Bonding would be a limited possibility. Mr. Steinman stated that as far as a 22 financial risk to the City on this project,the risk was very low to the City. 23 Charles F. Habiger, representing the owners at 3813 Stinson Boulevard, approached the 24 Commission. One of the issues that his clients would like to address is that they would not be 25 opposed to having the TIF District extended to include their site, but that there are historic 26 drainage patterns that affect their site. 27 Bergstrom directed Staff to work with Mr. Habiger on obtaining additional information with 28 regard to the issue. 29 After calling for additional input from the audience and hearing none, Chair Bergstrom closed 30 the Public Hearing at 8:37 p.m. Motion by Melsha, second by Bergstrom, to approve the Tax Increment Financing (TIF) concept as presented to the Planning Commission by Springsted, Public Financial Advisors.