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City Council meeting of February 20, 2007 <br />Page 3 <br />that the policy is a guiding document and changes can be made if it does not seem to work as well as <br />we would like. <br />Petryk asked about the terms. Paul Steinman stated that the City should plan for maximum flexibility. <br />Mikaela Huot went over the TIF Plan with the Council and EDA. <br />Haas asked with other districts did we not budget enough money within five years. Paul Steinman <br />stated that we have researched how much revenue will be generated and then looked at how much we <br />would need for public improvements. In addition, there will be annual monitoring. Mikaela Huot <br />stated that they are still working through this issue. <br />Miron talked about the boundaries of the district. Haas asked if they were set in stone as of now. <br />Mikaela Huot stated that they are not set, but will be set at the public hearing on April 2nd, 2007. <br />Arcand asked about the four year rule and if the property does not have a plan in can it be removed. <br />Paul Steinman stated that is true, but it can come back in at current market value. Arcand talked about <br />the importance of the timing of certification of the district. <br />Denaway made a motion, Arcand seconded, to recommend adoption of the TIF policy. <br />All ayes. Motion Carried. <br />ADJOURNMENT <br />COUNCIL: <br />Hass made a motion, Granger seconded to adjourn the City Council meeting at 11:30 am <br />Granger made motion, Bever seconded to adjourn the EDA meeting at 11:30 am <br />All aye. Motion carried. <br />Rachel Simone <br />Associate Planner <br />