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1 <br />0 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />I'-,] <br />L: <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />16 <br />H.R.A. MEETING <br />APRIL 14, 1992 <br />PAGE 2 <br />Motion carried unanimously <br />6. CONSIDERATION OF AMENDMENTS TO THE KENZIE TERRACE <br />REDEVELOPMENT PLAN AND TAX INCREMENT FINANCING PLAN <br />Chairperson Ranallo stated that three years ago the City <br />worked with Lang -Nelson to develop their Kenzie Terrace <br />project. <br />At that time all projections for the project were based on <br />setting the taxes at $1,200 per unit. Because of legislative <br />changes to the formula for determining property taxes for <br />apartment buildings, the taxes have increased to $1,50.0 per <br />unit. <br />The Tax Increment Financing package for this development was <br />originally proposed to be paid off in ten years. Presently, it <br />is set for seven years. <br />The developer, Lang -Nelson, is requesting the City Council to <br />approve amendments to the Redevelopment Plan to provide for an <br />interest reduction program by the H.R.A. with respect to their <br />housing units located in Kenzie Terrace. The amendments to the <br />Financing Plan would authorize the use of tax increments <br />derived from the Kenzie Terrace Tax Increment Financing <br />District of the H.R.A. established by the Financing Plan to <br />provide for the payment by the H.R.A. or the City of the costs <br />of the Interest Reduction Program. <br />The Chairperson noted that there are pros and cons to <br />approving this request. If it is not approved the development <br />could result in having less than quality management. <br />Members of the H.R.A. felt that the present management is <br />running a very fine operation and one of which they can be <br />very proud. <br />Chairperson Ranallo felt that if the St. Anthony H.R.A. had <br />forced Apache Plaza Shopping Center to participate in an <br />operation similar to this that the present problems being <br />experienced at the Shopping Center would have been avoided. <br />The Executive Director noted that the original life of the Tax <br />Increment District was for twenty years, but the plan is to <br />have it all paid in ten years. <br />