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I I I Council Meeting Minutes September 10, 1985 Agreement with the idea that something be in place at the next council meeting on October 24, 1985; council could also consider the Purchase Agreements as they are. Winkels stated that both proposals are good for the city and both are prepared to move forward. Blomquist, regarding Tax Increment Financing, asked what affect the difference in purchase price would have on any subsequent assistance that the city might enter into. Winkels responded that three factors affect Tax Increment Financ- ing: (1) sale price of land (more dollars lower the bond). (2) value of project (taxes are based on payoff on bonds); (3) mill rate (static). Winkels stated further that JLN is offering $100,000 more for the land but are asking for another $150,000 TIF assistance; the Welsh proposal does not, at this time, suggest anything in terms of assistance. Frank indicated that the TIF in their Agreement relates to the adjacent parcel and is part of a separate Development Agreement. Harcus asked if JLN will be willing to commit to date specifics to the extent they would sign an Assessment Agreement even if nothing were constructed; Frank responded affirmatively. Harcus stated that $100,000 should not be passed over before the ramifications were examined. Blomquist stated he would balance the offer for additional funds against the tenant in hand, and is considering the fact that JLN has done nothing for over a year on the adjacent property. Harcus suggested staff calculate the difference of the two pro- posals. Doyle thought TIF was to attract development and asked why the additional $100,000 wasn't offered in the beginning. Jerry Fuhr, 1899 - 17th Street N.W., stated that we have spent the last 15 years with a comprehensive city plan and set up zones for this plan and asked council to consider the kind of proposed developments that are being presented. not the money aspect, the size of the development and the timeliness of the projects, and, beyond that, how the size and timeliness will attract additional development. In addition. Fuhr felt that how the council handles this decision will have a great bearing on whether or not future developers wish to come into New Brighton. Asked council to re- consider the process and a comprehensive consideration to how that applies itself to the overall proposed plan in timeliness and in scope of the project; feels it is worth a few weeks of delib- eration. Janecek express uncomfortableness with the bidding; feels Welsh has a not-quite~solid tenant and they are not. at this point. asking for additional assistance from the city which offsets the extra $100,000. Page Eight