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City Council Regular Meeting Minutes March 23, 2021 Page 3 Mayor Stille stated AEON was looking at tax credits and a resolution was passed for TIF but the 1 project did not proceed. 2 3 Councilmember Jenson asked about Development 65’s other units that would be built. There are 4 already a number of mobile homes that are moving in. Ms. Kvilvang stated the budgets were 5 included to maximize the budget. There is not an active proposal for either site. 6 7 Councilmember Jenson asked if Hoyt is still the owner of the mobile home park and he continues 8 to add mobile homes there. Ms. Kvilvang stated Hoyt is free to do with his property as he 9 wishes and the owner does not need to agree when a TIF district is created. 10 11 Councilmember Webster asked about the Silver Lake TIF District and when it became a TIF 12 District, did Cub continue to pay the same property taxes. Ms. Kvilvang stated Cub was not part 13 of the Silver Lake TIF District. 14 15 Ms. Kvilvang stated there is no increase in value in a TIF district until there is an increase or re-16 development of a site. The base value is frozen and that value will be there throughout the term 17 of the TIF District. 18 19 Mayor Stille stated this is not an indication to a land owner that anything will be approved. This 20 provides Council with flexibility. 21 22 Councilmember Jenson asked when setting up this TIF on the entire parcel, are we dangling a 23 carrot in front of a developer. Ms. Kvilvang stated it is absolutely not. 24 25 Councilmember Webster asked about the TIF being paid off in nine years and there was no 26 interest the TIF District can be closed. After the TIF is closed, it must be decertified. 27 28 Councilmember Jenson asked if the entire parcel is approved does the Hoyt property increase or 29 is it fixed for nine years. Ms. Kvilvang stated it does not affect the property value. If appreciation 30 occurs the tax would increase. If a development stays as it is today, it does not qualify for TIF. 31 32 Councilmember Randle asked if the mobile home park is owner occupied and Ms. Kvilvang 33 stated some are owned and some are rented. 34 35 Councilmember Webster stated when Ms. Kvilvang reviewed the Development 65, she was 36 impressed how Ms. Kvilvang was able to capture the costs of the infrastructure. 37 38 Mayor Stille closed the public hearing at 7:30 p.m. 39 40 Councilmember Jenson stated he was very apprehensive coming into the meeting and the 41 discussion cleared up his concerns. 42 43 Mayor Stille stated this is not a commitment to occur debt and not a commitment to give funds to 44 a developer. 45 46 3