09-07-2004 HR MIN - Laserfiche WebLink

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Housing&Redevelopment Authority Page 2 September 7,2004 Downtown Revitalization Project.Ms.Mehelich noted that the District will be a • Redevelopment Tax Increment Financing District. Sid Inman of Ehlers&Associates presented the TIF Plan.Mr.Inman stated that tax increment collected from the District will enable the city to facilitate the redevelopment of the area,which includes a four-story building with approximately 10,000 square feet of commercial space and 52 for-sale residential units on the Bluff Block.Mr.Inman also stated that a three-story building with approximately 10,000 square-feet of commercial space and 32 rental housing units will be included in the Jackson Block. Mr.Inman indicated that it is in the city attorney's opinion that the parcels of property included in this Plan are not contiguous;therefore,four parcels of land are being added to the TIF District.Mr.Inman stated that with the addition of the four parcels,staff would need to advertise for a rescheduled public hearing and this will require the postponement of the City Council public hearing on the Tax Increment Financing Plan and business subsidy scheduled for September 20,2004.Mr.Inman noted that the public hearing is expected to be pushed back about 30-days but this should not delay the project's construction. Commissioner Motin questioned if the additional four parcels are included in the Plan, would that require the city to develop those properties?Mr.Inman stated that the statute allows the city to be arbitrary and chose which properties included in the Plan that they would like to develop. Commissioner Lieser questioned if the Plan would require modification if Sherburne County requests TIF money to redo the road?Mr.Inman stated no,line items within the Plan can be modified but the budget cannot be made larger without going through a formal modification process. MOVED BY COMMISSIONER TOTH AND SECONDED BY COMMISSIONER THOMPSON TO POSTPONE THE RESOLUTION RECOMMENDING TO THE CITY COUNCIL FOR A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1,ESTABLISHING DOWNTOWN PHASE 1 TAX INCREMENT FINANCING DISTRICT NO.22 THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR UNTIL OCTOBER 4,2004.MOTION CARRIED 5-0. 6. Three Properties for Sale on Main Street Assistant Director of Economic Development Heidi Steinmetz stated that as directed by the HRA at its August 2,2004 meeting,staff researched the details of three properties for sale on Main Street north of Highway 10.Ms.Steinmetz provided the details of these three properties and noted that some of the listing agents may be in attendance to answer questions.She indicated that staff is looking for input and direction from the HRA regarding these three properties. Chair Wilson indicated that he would like more time to think before making a decision on the properties. Commissioner Toth stated that the HRA does not have to make a decision right now as there is no hurry to develop the property. •