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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />March 24, 1992 <br /> <br />Page 6 <br /> <br />Council Business. continued <br /> <br />The initial phase would begin this summer, and New Brighton Lumber is <br />seeking the City's help through Tax Increment Financing (TIF). The <br />estimated market value of the proposed initial improvements is $430,000. <br />The projected tax capacity would be $18.180. an increase of $11.000 over <br />the existing tax capacity of the site. <br /> <br />If the Council accepts the development agreement terms and want to <br />implement the project, a new TIF district will need to be created, the City's <br />Development District needs to be expanded, and a public hearing is <br />required. Creation of a new TIF district gives the City authority to collect <br />tax increment with which to pay for the City's redevelopment activities. <br />Both actions are needed to make the project possible. <br /> <br />Williams noted that the redevelopment of this area has been discussed <br />many times in the last 20 years and is pleased to see the proposed project. <br /> <br />Motion by Williams, seconded by Gunderman, to AUTHORIZE STAFF TO <br />SCHEDULE A PUBLIC HEARING AND PREPARE THE NECESSARY <br />DOCUMENTS FOR EXPANSION OF DEVELOPMENT DISTRICT #1 AND <br />CREATION OF TAX INCREMENT DISTRICT #19 FOR THE PROPOSED NEW <br />BRIGHTON LUMBER COMPANY PROJECT. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Motion by Larson, seconded by Rebelein, to AUTHORIZE STAFF TO <br />PREPARE A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF <br />NEW BRIGHTON AND THE NEW BRIGHTON LUMBER COMPANY. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Motion by Williams, seconded by Gunderman, to AUTHORIZE STAFF TO <br />PREPARE A PURCHASE AGREEMENT AND AN ENVIRONMENTAL <br />ASSESSMENT FOR THE NEW BRIGHTON LUMBER COMPANY PROPERTY. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Announcements and Uodates <br /> <br />On March 9, the Public Works Department began its annual street sweeping <br />which will be completed around May 1. Sod and mailboxes damaged by <br />City snowplows will be repaired by the City. <br /> <br />Childs said the Governor's budget proposal includes a possible $302,000 <br />loss in Local Government Aid for New Brighton. One option discussed in <br />the Legislature is a sales tax on city purchases not currently covered by <br />sales or excise tax. A preliminary run shows that such a tax could cost <br />New Brighton roughly $68,500 per year. The League of Minnesota Cities is <br />leaning towards this proposal versus the Governor's budget proposal. <br /> <br />Benke questioned whether acceptance of the sales tax option appears to be <br />the lessor of a severe evil. <br /> <br />Council Business <br /> <br />New Brighton <br />Lumber Proposal <br />Report 92-070 <br /> <br />Announcements and <br />Ucdates <br /> <br />Street Sweeping <br /> <br />Governor's Budget <br />Proposal <br />