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<br />Council Meeting Minutes <br />April 12, 1994 <br /> <br />Page 3 <br /> <br />Consent Af:enda. continued <br /> <br />13. CONSIDERATION OF APPROVAL TO WAIVE THE READING AND <br />ADOPT TIlE RESOLUTION APPROVING THE QUICK TAKE <br />APPRAISALS OF VALUE FOR THE NEW BRIGHTON CARE <br />CENTER EXPANSION PARCELS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Public Hearinf: 7:35-7:40 p.m. <br /> <br />Economic Development Specialist Jill Hanson presented the creation of Tax. <br />Increment Financing District (TIF) #23. <br /> <br />The area included in the TIF involves the site for a handicapped housing project <br />proposed by the National Handicap Housing Institute (NHHI). The proposed 27,678 <br />sq. ft. facility would be located on the comer of Pike Lake Dr. and Thomdale Ave. <br />Creation of the TIP would make this development possible and the tax increment <br />generated will be used to fund land acquisition and soil correction costs. HUD <br />asked that central air conditioning and landscaping be requirements of the project. <br /> <br />City Financial Consultant Jim Casserly reviewed the development agreement terms <br />which provide assistance for eligible expenses. He added that the City would <br />recover that amount of assistance provided in the agreement in about 13 years. <br /> <br />The agreement tenns include: NHBI would build a 27,678 sq. ft. facility with a <br />total market value of $925,000; total taxes generated will be $28,220 or $1,129 per <br />unit; the City provides $150,000 of tax increment assistance for land, soil <br />corrections and HUn requirements; and a payment in lieu of taxes clause will be <br />established if the property taxes are lowered because of a tax class change. <br /> <br />There were no comments from the audience. <br /> <br />Motion by Williams, seconded by Gunderman, to CLOSE TIlE HEARING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Hearing was closed at 7:40 p.m. <br /> <br />Motion by Williams, seconded by Larson, to WAIVE TIlE READING.AND <br />AOOPr THE RESOLUTION MODIFYING PLANS FOR DEVELOPMENT <br />DISTRICT #1 AND APPROVING TIlE TAX INCREMENT FINANCING <br />PLANS FOR TlF #23. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Motion by Williams, seconded by Larson, to WAIVE THE READING AND <br />AOOPr THE RESOLlITION APPROVING AND AUTHORIZING THE <br />MAYOR AND CITY MANAGER TO EXECUtE A DEVELOPMENT <br />AGREEMENT WITH NHBI. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />..... <br /> <br />Consent A2enda ~ <br /> <br />Quick Take Appra. <br />Report 94-089 <br />Resolution 94-050 <br /> <br />Public Hearini <br /> <br />Creation of TIP 23 <br />Report 94-090A <br />Resolution 94-051 <br /> <br />Development <br />Agreement with <br />NHHI <br />Report 94-090B <br />Resolution 94-052 <br /> <br />I <br /> <br />I <br />