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.VW <br />CITY OF ST. ANTHONY <br />KENZIE TERRACE TASK FORCE MINUTES <br />February 25, 1981 <br />The meeting was called to order by Chairman Haugen at 7:03 P.M. <br />Task Force members present at the meeting: Jim Haugen; George Marks; <br />Al Plaisted; William Zawislak; Roman Hentges; Clarence Ranallo; <br />Mikki Gottwalt; Hobie Swan; Rosemary Franzese; Jerry Kelly; Jim <br />Gahagen; and John Madden. <br />Also present: Jim Fornell, City Manager; Ron Berg, Administrative <br />Assistant; Richard Krier, Westwood Planning; and Mike Brinda, <br />T.I.F. consultant. <br />Absent: Mary Cotroneo; Marland Johnson; Art Kuross; Judy Makowske; <br />Dr. Charles Kirk; John DURand; and Dick Enrooth. <br />Motion by Mr. Swan and seconded by Mr. Marks to approve the Task <br />Force minutes of February 11, 1981. <br />Motion carried unanimously. <br />Judy Makowske arrived at 7:06 P.M. <br />• Dick Krier of Westwood Planning and the Task Force consultant, dis- <br />cussed feasibility thresholds, tax increment financing and other <br />finance tools as they might relate to the Kenzie Terrace area. <br />Mr. Krier identified and briefly explained the various financing <br />sources and mechanisms and concluded by stating the primary source of <br />public incentive funds is tax increment financing (T.I.F.). T.I.F. <br />is often used in combination with other tools such as F.H.A.; <br />M.H.F.A.; and other H.U.D. programs as Sections 9, 202, 235, C.D.B.G. <br />and others. <br />Mr. Kuross arrived at 7:30 P.M. <br />Mr. Krier introduced Mike Brinda as a consultant to Westwood and one <br />who has background and expertise in T.I.F. <br />Mr. Brinda explained the concept and workings of tax increment <br />financing. He stated the increment is figured by formula which must <br />be used by Minnesota State Law. Under this formula, a number of <br />common assumptions must be and were made. These assumptions included <br />figures for the city mill rate, bond interest, cost of public <br />acquisition, estimated relocation costs, schedule of tax increment <br />payments, estimated demolition costs and some other factors. <br />Using these figures and the formula together with the previously <br />accomplished market study of the area, Mr. Brinda stated he studied <br />three different approaches in his T.I.F. study. <br />