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City Council Minutes Page 4 <br /> October 21,2013 <br /> Counselor Beck clarified that if the CUP were granted subject to certain conditions, <br /> the applicant would have two years to meet the conditions and establish the use <br /> before the CUP expires. <br /> Mr. Carlton stated his understanding of the ordinance was that upon approval of the <br /> CUP, applicants can operate their businesses while specified pending conditions <br /> were finalized within two years, or the permit would then become void. <br /> Counselor Beck stated an escrow could be required to ensure timely completion of <br /> items which are unable to be finished due to seasonal conditions. <br /> Mr. Leeseberg commented that with virtually every CUP that is issued, applicants <br /> can operate their business immediately but are allowed time to complete on-site <br /> requirements within a specified time period,but if conditions are not met, the CUP <br /> can be revoked. <br /> Mayor Dietz continued the item to later in the meeting in order to allow Counselor <br /> Beck time to verify the ordinance requirements in question. <br /> 8.1 Set Public Hearing for Black Hawk Woods Housing Tax Increment <br /> Financing (TIF) <br /> Mr. Beeman presented the staff report. Mikaela Huot from Springsted gave a <br /> PowerPoint presentation,which explained the evaluation process of the tax <br /> increment financing (TIF) request submitted by Senior 30 Elk River Limited <br /> Partnership,the project developer, and outlined Springsted's review based upon the <br /> information provided by the developer and the city.Ms. Huot explained the interest <br /> rate would be the rate on the TIF note,the city securing the TIF note. <br /> Councilmember Motin expressed concerns with the interest rate being so high. <br /> Mr. Simon stated the final interest rate could be negotiated. <br /> Roger Derrick, representing Senior 30 Elk River Limited Partnership,thanked <br /> Springsted for completing the TIF evaluation process. He also provided his <br /> perspective of TIF being used for this affordable housing project. <br /> Councilmember Wilson noted it is a policy question of whether or not the Council <br /> will support these types of projects. He also expressed concerns with the worksheet <br /> used to calculate the project ranking. The project,ranked as "moderate"based on a <br /> high, moderate,low, and not eligible scale,used an application review worksheet that <br /> included questions focusing more on commercial/industrial development with job <br /> creation goals rather than affordable housing. <br /> Ms. Huot suggested the application,along with the city's existing TIF policy, be <br /> evaluated, noting a specific worksheet directed at affordable housing could be <br /> created and used for future project requests. Mr. Beeman noted the current policy <br /> P 0 W II H E O 0 Y <br /> 1`4M <br />