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REVIEW OF TIF POLICY AND PLAN <br /> Paul Steinman and Mikaela Huot were at the meeting and presented the TIF policy and <br /> plan to the City Council and EDA. They requested input from the EDA and Council on <br /> the policy and plan for finalization of the documents. Staff attached the TIF policy and <br /> plan for the City Council and EDA's review. <br /> Haas asked about the public improvements and whether districts revenues pay for them. <br /> Paul Steinman stated that some would be paid with it and some would not. Each project <br /> will be reviewed individually to see if it is needed. Petryk asked if improvements were to <br /> happen on Highway 61 could TIF revenues be used. Paul Steinman stated that it could be <br /> used. <br /> Haas asked why the policy requires projects to increase the taxable value thrre-fold. Paul <br /> Steinman stated that this is a way to make sure that projects are up to the City's <br /> expectations. CD Director stated that the policy is a guiding document and changes can <br /> be made if it does not seem to work as well as we would like. <br /> Petryk asked about the terms. Paul Steinman stated that the City should plan for <br /> 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 <br /> Steinman stated that we have researched how much revenue will be generated and then <br /> looked at how much we would need for public improvements. In addition, there will be <br /> annual monitoring. Mikaela Huot 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 <br /> of now. Mikaela Huot stated that they are not set, but will be set at the public hearing on <br /> April 2nd, 2007. <br /> Arcand asked about the four year rule and if the property does not have a plan in can it be <br /> removed. Paul Steinman stated that is true, but it can come back in at current market <br /> value. Arcand talked about 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 />