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-3 - <br />Mr. Fornell.add'ed that-& problem the City has had dealing with <br />problems.in this area is caused by multiple ownership, that is, <br />one center is managed locally by the Towle Co., through a New York <br />law firm for owners in Europe, and the other is owned by a local <br />individual but which individual is not in the area year-round. <br />Discussion followed on various financial tools available for <br />revitalization. The methods discussed were, Tax Increment Financing <br />(T.I.F.)_; some limited.Community Development Block Grant monies <br />(,C.D.B.G.)_; U.D.A.G..grant monies; Industrial Development Revenue <br />Bonds; and Small.Business Administration loans. Of these, Tax <br />Increment Financing is probably the best revitalization tool and <br />is the most often used. <br />The meeting was recessed at 9:00 P.M. <br />The meeting was reconvened at 9:10 P.M. <br />Discussion followed on the dates and time of.future meetings of <br />the Task Force. It was the consensus of those present that the <br />meetings should be scheduled for the 2nd and 4th Wednesdays of the <br />monthandto start at 7:00 P.M. and for the next meeting to be <br />scheduled for February 11th. <br />Mr. Fornell asked that the members give consideration to the appoint- <br />ment of a Chairman for the Task Force. <br />Motion by Mr'. Ranallo and seconded by Mr. Madden to adjourn. <br />Motion carried unanimously. <br />The meeting was adjourned at 9:45 P.M. <br />Respectfully submitted, <br />Ronald O. Berg <br />Administrative Assistant <br />