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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 three -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 />