HRA MINUTES 03121996 - Laserfiche WebLink

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HRA Meeting Minutes • March 12, 1996 Page 2 1 VI. OTHER BUSINESS. 2 Executive Director Morrison and Chair Ranallo met with CUB, Dorsey & Whitney, First 3 Bank, and the Schoening Group to discuss an update on the Apache redevelopment. They 4 need final plat approval by April 15. They have requested $1,860,000 in Tax Increment 5 Financing; however the City has not approved the final plat. The value of the New 6 Market building has decreased over the years. They would want to create a Lot 8 to get 7 better value for TIF purposes. The City would send a letter to County Assessor to remove 8 Lot 8 from TIF District and the property could fall under the three year knock down rule. 9 Chair Ranallo stated there may be some water runoff from Lot 7. Executive Director 10 Morrison stated if it was replatted now there would be time to deal with recertification. 11 The Executive Director asked if any of the Commissioners had any concerns with the 12 creation of Lot 8. Chair Ranallo suggested the Planning Commission could hold the 13 public hearing on April 9. Soth stated it may not need to go back to the Planning 14 Commission. Chair Ranallo stated the store may not be completed by November I as previously planned and will probably open in January. Executive Director Morrison stated the TIF 17 would need to be given within 90 days after April 15. 18 Commissioner Marks commented if Lot 8 was not included in the TIF District there is no 19 way to know what may happen in the future. The Executive Director stated they will 20 have until the end of the year to decertify the lot. 21 Commissioner Faust stated the creation of Lot 8 would give the HRA more flexibility in 22 TIF planning to the City's benefit. 23 Chair Ranallo stated as soon as CUB develops, other lots should develop quickly. 24 Commissioner Wagner stated he saw no problem with replatting the property. 25 Commissioner Marks noted OPUS is the developer and the City has not received any 26 details of the economic study done. 27 Chair Ranallo stated previous reports showed Apache improving with CUB. Now the 28 developer is not saying who they are talking to. They only say it looks very good. OPUS ep will be paid on a commission basis.