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r- 'I <br />L..A <br />3 <br />4 <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 />I 1 <br />LJ <br />28 <br />29 <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 />54 <br />H.R.A. MEETING <br />MARCH 24, 1992 <br />PAGE 3 <br />Chairperson Ranallo noted that the goal is to have the Tax <br />Increment District phased out in ten years. He felt this could <br />happen even though actions of developers in the District may <br />impact this. <br />The Executive Director stated that originally the tax capacity <br />of the Lang -Nelson development was at 888. It presently is at <br />1128. He felt this was directly due to the State passing its <br />problems onto municipalities. <br />Commissioner Wagner inquired <br />demonstrated any concern with <br />regarding the Plan. <br />if the School District has <br />the action being proposed <br />Executive Director Burt responded he has contacted the School <br />District Superintendent who felt this action would have no <br />affect on the School District. It was noted that if the <br />District continued for twenty years the School District would <br />have no concerns. <br />Chairperson Ranallo felt the City has a choice to do nothing, <br />which would risk the rents of the units to be increased and <br />ultimately result in the rentals/sales becoming less <br />attractive. He also noted that LaNel could sell the <br />development to a less conscientious buyer and the entire <br />project could deteriorate. <br />Executive Director Burt stated that the easement in the <br />agreement must be more clearly defined. <br />Commissioner Wagner inquired if this amendment to the Plan <br />could impact on the other Districts in the City. <br />The Executive Director felt this was unlikely. He specifically <br />addressed the Meta property whose owner is still paying on <br />bonds and back taxes. He also noted that the parking situation <br />in that location needs to be cleared up. <br />The Chairperson recalled that originally all of the units were <br />to be sold and no rentals were considered. <br />Close of Public Hearing <br />Motion by Wagner, second by Fleming to close the Public <br />Hearing at 8:41 p.m. <br />Motion carried unanimously <br />