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Planning Commission Minutes — March 22, 2007 <br />Page 4 <br />City's general plan for development or redevelopment. The City Council would be holding a <br />public hearing on TIF at their meeting on April 2, 2007. <br />Mikaela Huot, Springsted Assistant Vice President/Consultant, was at the meeting and explained <br />she had worked with the City extensively on the TIF plan. She explained how the tax increment <br />financing would work and that the property owners would still pay property taxes at the value of <br />the property prior to improvements. Any incremental value would be captured as tax increment. <br />This money could be used to pay for some improvements to the property. <br />Schumann pointed out that any property in the district could take advantage of TIF but didn't <br />have to, and he questioned when the decertification would be. Huot said it was basically 25 <br />years and explained some of the decertification rules. <br />The CDD explained that it would be project specific. The developer of the property would go <br />before the EDA with an application for TIF for review. The EDA would forward a <br />recommendation to the City Council. Tax generated on the project could be used for roads and <br />infrastructure. <br />Bailly asked about development on Lower 147`h Street, and the CDD explained that property <br />acquisition there could be difficult because of the multitude of property owners. <br />Kleissler asked about the City's intentions for the property the City owned along TH61. The <br />CDD explained there were no plans, but it could be sold to a developer similar to what was done <br />in the Bald Eagle Industrial Park. Huot said it was a challenge to develop with many different <br />parcel owners, and the fact that the City owned several parcels in one area could act as a catalyst <br />for development. <br />Weidt made motion, Bailly seconded, to recommend approval of the resolution finding the TIF <br />plan to be consistent with the City's plan for downtown. <br />Ayes: Bailly, Schumann, Weidt <br />Nay: Kleissler <br />Motion carried. <br />Adiournment <br />Weidt made motion, Bailly seconded, to adjourn at 9:16 p.m. <br />All Ayes. Motion carried. <br />Michele Lindau, Secretary <br />Planning Commission <br />