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HRA Regular Meeting Minutes <br />July 25, 2006 <br />Page 3 <br />1 Councilmember Stille asked Ms. Kvilvang to comment on the status of project with regard to <br />2 further cost over runs. <br />.3 <br />4 Ms. Kvilvang replied this is the extent of the cost overruns for Phase I. She believes the Phase II <br />5 budget is in line with the project, but once they dig into it things may come forward. <br />6 <br />7 Commissioner Stille stated the TIF is coming very favorably so one takes the good with the bad. <br />8 <br />9 Ms. Kvilvan stated the project is performing well past expectations. <br />10 <br />11 Chairman Faust indicated if he were to characterize cost overruns, he would also characterize <br />12 revenues also. Chairman Faust stated the City actually .did plan this, and the developers have <br />13 basically been the bankers. <br />14 <br />15 Ms. Kvilvan agreed with Chairman Faust <br />16 <br />17 Motion by Councilmember Thuesen, Seconded by Councilmember gray to approve Resolution <br />18 .06-010; Reimbursement of qualified costs in TIF District No. 3 -5 not originally outlined in the <br />19 redevelopment contract. <br />20 <br />21 <br />22 V. STAFF REPORTS, <br />23 None. <br />24 <br />25 <br />26 VI, H.R.A. COMMISSIONER COMMENTS, <br />27 None. <br />28 <br />29 <br />30 VIL INFORMATION AND ANNOUNCEMENTS. <br />31 None <br />32 <br />33 <br />34 VIH. ADJOURNMENT. <br />35 <br />36 Chair Faust closed the HRA meeting at 7:10 p.m. <br />37 <br />38 <br />39 <br />40 <br />41 <br />K <br />