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City Council Regular Meeting Minutes May 23, 2006 Page 15 1 A. Consider Resolution 06 -048, Tax Increment Financing Policy Tabled from May 9 2006 2 Council Meeting. 4 City Manager Momson explained this issue was tabled from the May 9, 2006 Council Meeting. 5 He asked for objectivity when looking at this policy. It was tailored after what was done for the 6 Silver Lake Village redevelopment and other cities are now trying to get copies of our 7 development agreement and tax increment plan as it is very city friendly. 8 9 The long -term benefits to the City include: creates new jobs, quality employment opportunities, 10 the elimination of blight, a strengthened economic base, increased property values and tax 11 revenues, reduced poverty, creates economic stability, upgrades current neighborhoods and areas 12 for the attraction, retention and expansion of business and housing options in the City, and the 13 implementation of projects that are consistent with the City's Comprehensive Plan. 14 15 City Manager Morrison pointed out some of the changes to the policy to the Council. A change 16 was made under the purpose. Look back provisions were also added to the policy on page 111, 17 paragraph 5, additional sentence was added to paragraph 7, and on page 12, under the Tax 18 Increment Project Evaluation Process, items 6 and 7 were added. 19 20 Councilmember Stille asked for clarification of page 112 number 6. The City Manager indicated 21 that the City is given the potential for an out should the need arise to question a developer. 22 23 Councilmember Horst asked how a developer knows what the pay rate should be. City Manager 24 Morrison replied this is information the City passes on. The City is required to fill out forms for 25 the State of Minnesota under the Business Subsidies Statute if it provides assistance for the 26 project. 27 28 Motion by Councilmember Thuesen, seconded by Councilmember Gray, to approve Resolution 29 06 -048, Tax Increment Financing Policy. 30 31 Motion carried unanimously. 32 33 VII. REPORTS FROM CITY MANAGER AND COUNCILMEMBERS. 34 35 City Manager Morrison reported the Fire Chief will be providing the Council and Staff with an 36 opportunity to participate in the National Infinite Management System (NIMS) training. This is a 37 Presidential Order providing training for a comprehensive response to an emergency. All 38 Council members must complete some form of training either on line or go to another city. The 39 City Manager is proposing one of the counties set up a half day or a Saturday for emergency 40 planning. 41 42 City Manager Morrison reminded the Council of the joint meeting with the school board on 43 Tuesday, May 30th at 6:30 in the high school media center. 44 45 The next Comprehensive Plan meeting is June 5th. 46