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2017.10.04 EDC
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2017.10.04 EDC
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<br />Jason Aarsvold, Ehlers & Associates, provided the EDC with a cursory definition of Tax Increment <br />Financing (TIF) and reviewed the City’s TIF Management Plan, noting each district had a separate plan. <br />He stated it took 60 to 90 days to create a TIF district and then described the different types of TIF <br />districts. He commented further on the Executive Summary of the TIF Plan and noted the obligations <br />within each district. The positive market value increases that were created due to TIF was discussed. <br />He commended the City on their redevelopment efforts. <br /> <br />Commissioner Benke requested further information on fiscal disparities. Mr. Aarsvold provided the <br />EDC with a definition on the sharing quality of fiscal disparities. <br /> <br />Chair Zisla left the meeting. <br /> <br />Further discussion ensued regarding tax rates and tax capacities. <br /> <br />Davitt commented on how staff was working to refinance and pay down its outstanding debt. <br /> <br />Commissioner Benke reviewed how the City’s tax capacity and tax rates fluctuated due to the economic <br />downturn. <br /> <br />The EDC turned their discussion to the 2018 budget. Davitt described how the City was working to <br />reduce external debt by building internal funding in order to fully fund its future streets projects. She <br />explained how this would benefit the City long time through reduced interest expenses. Councilmember <br />Bauman commented further on the City’s street improvements projects and valued the fact that the <br />Council was working to fund these projects debt free. <br /> <br />Commissioner Allen understood residents were concerned with road maintenance in the City. He <br />appreciated the fact that the Council was addressing this concern head on. <br /> <br />Davitt described the renovations that were occurring at City Hall for the new license bureau. It was her <br />hope the license bureau would be up and running by November 1st. <br /> <br />Adjourn <br />Motion by Commissioner Allen, seconded by Commissioner Benke to adjourn the meeting. <br /> <br />7 Ayes, 0 Nays, Motion carried <br /> <br />Meeting adjourned at 8:39 am <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Janice Gundlach <br />Assistant Director of Community Assets and Development/Director of Planning <br /> <br /> <br /> <br />
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