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City Council Regular Meeting Minutes <br /> November 13, 2001 <br /> Page 5 <br /> Ol. <br /> 2 Current TIF Budget: <br /> 3 S/W Quadrant $1,125,000 <br /> 4 Lots/Twin City Federal $75,000 <br /> 5 Kentucky Fried Chicken $500,000 <br /> 6 Apache Plaza Redevelopment $200,000 <br /> 7 Total TIF Budget $1,900,000 <br /> 8 <br /> 9 Budget Amendment/Revisions: <br /> 10 S/W Quadrant $ <br /> 11 Lots/Twin City Federal $ <br /> 12 Kentucky Fried Chicken $ <br /> 13 Apache Plaza Redevelopment $ <br /> 14 Hardee's Building $319,000 <br /> 15 Exhaust Pro's $ <br /> 16 Phillip 66 Station $ <br /> 17 Revised TIF Budget $1,760,000 <br /> 18 <br /> 19 <br /> 20 Mornson indicated that if the city was interested in acquiring any other redevelopment <br /> 21 properties, they needed to decide that tonight and schedule a hearing for January 8, 2001. <br /> Councilmember Thuesen indicated that he felt they needed to talk strategically with the <br /> 24 corresponding people to aid them in making the decision. <br /> 25 <br /> 26 Mayor Pro Tem Horst stated that he was interested in going forward and scheduling the hearing <br /> 27 for January 8, 2001. <br /> 28 <br /> 29 Councilmember Sparks asked who would guide them through these decisions. Mornson <br /> 30 indicated that City Staff would aid in their decision-making. <br /> 31 <br /> 32 Councilmember Thuesen expressed his concern regarding the Northwest Quadrant and the <br /> 33 holding pattern that they are in with the Shopping Center. Mornson indicated that he felt that the <br /> 34 timing of looking at acquiring other redevelopment properties was right. <br /> 35 <br /> 36 Mornson indicated that he wanted Springsted, Inc. to examine the abilities to issue a bond from <br /> 37 the Chandler proceeds which gives them the opportunity to do more at one time. Also, Mornson <br /> 38 wanted to determine the ability to use the Kenzie money as a loan to the Chandler proceeds. <br /> 39 <br /> 40 Motion by Councilmember Hodson to schedule a public hearing regarding TIF Budget for <br /> 41 January 8, 2001. <br /> 42 <br /> 43 <br /> aMotion carried unanimously. <br /> 46 Mayor Pro Tem Horst asked how tax abatement would be related to the new tax-reform laws. <br /> 47 Steinman indicated that it does not relate directly to TIF in any way, but said tax-abatement was <br />