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<br /> <br /> <br />Mayor Niedfeldt-Thomas requested further information regarding the City’s interfund loans. Schlichting <br />discussed the process and interest rates used for the City’s interfund loans. <br /> <br />Councilmember Abdulle asked if streets were eligible for TIF funding. Ms. Huot stated generally streets are <br />eligible if within the TIF project area and are within the proper percentage of funding. <br /> <br />Mayor Niedfeldt-Thomas questioned how long the affordable units within the US Bank TIF district had to <br />remain affordable. Ms. Huot reported these units had to remain affordable for the full length of the TIF district <br />which was 26 years. She commented on how some cities have extended the term of TIF districts in order to <br />extend the affordability for certain units. <br /> <br />Councilmember Allen stated developers would have to incur extraordinary costs to develop Block B which <br />was why nothing has happened over the past several years. He reported he has heard a number of presentations <br />on TIF over the years and noted he learned something new from each one. <br /> <br />Councilmember Abdulle explained he appreciated the refresher on TIF. <br /> <br />Mayor Niedfeldt-Thomas thanked Ms. Huot for her thorough presentation on TIF. <br /> <br /> <br />Worksession adjourned at 6:16 pm <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br /> <br />Terri Spangrud <br />City Clerk <br />