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of the funding for the site. Black added that the City has been working on revitalizing the <br /> downtown district and this property was considered a blight for the area. The Council viewed <br /> the purchase as a good investment for the area and the price as a fair one. <br /> Tax Increment Financing Report <br /> Black provided a brief explanation of how TIF is established and used. Nelson inquired if the <br /> county and the school districts still gather their portions of the taxes even when there is a TIF <br /> district established. Black replied that the State gave the school districts funding to cover the <br /> loss of tax revenue when a district is established but he is not aware of any funding for the <br /> counties. Fernelius added that the school districts are not adversely affected and they can assess <br /> a tax levy to help cover additional costs. <br /> Black noted that since the 1980s New Brighton has been more active than most cities in <br /> establishing TIF districts. Most of the sites are in the southeastern part of the city. TIF is a tool <br /> to be considered because New Brighton is a city with older infrastructure, since it was <br /> established in the 1880s. Harmon stated that the chart that Black provided shows the benefit of <br /> using TIF. Fernelius added that the chart shows the tax revenues for the next five to ten years. <br /> Black stated that the Council makes the decision to decertify a TIF district, but most often it must <br /> have its bonds paid off. Benke added that there is currently$250,000 in tax revenue that the City <br /> currently collects that would not be here if a TIF district had not been established. <br /> Railroad Wye <br /> Nelson asked about the progress with regarding the purchase of the two acres for the wye <br /> relocation. Fernelius replied that staff is still working with the buyers to purchase the two acres. <br /> City Manager Search Process <br /> Troha said that six candidates were interviewed last week and three have been asked back for a <br /> second interview on October 19th. There will be a community reception on that day for the <br /> Council, Commissioners, staff, and the public. Bauman said that the Council members <br /> interviewed all the candidates individually, and all three candidates selected were in the top three <br /> positions by all of the Council members. Sculthorp asked were the candidates were from. Black <br /> replied that two of the candidates are local and one is from Wisconsin. Delaune suggested that a <br /> press release regarding where the City is in the process would be beneficial. Troha replied that <br /> since a recruiting firm is running this process, it would be up to the firm to decide when to make <br /> a press release. Delaune disagreed, suggesting that it is up to the City to keep its citizens <br /> informed; an announcement stating where the City is in the process of hiring a city manager <br /> would stop some speculation on what is happening. Bauman stated that it could be discussed <br /> with the Mayor. Troha added that the Mayor has been providing updates at all the Council <br /> meetings also. <br /> Page 4 of 5 <br />