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f <br /> 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 theit businesses while specified pending conditions <br /> were finalized within two years, or the permit would then become void. <br /> F <br /> Counselor Beck stated an escrow could be required to ensure titnely 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 ate 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 tequiternents in question. <br /> 8.1 Set Public Hearing for Black Hawle,Woods Housing Tax Increment <br /> Financing (TIF) <br /> Mt. Beeman presented the staff report. Mikaela Huot from Sptingsted gave a <br /> PowerPoint presentation,which explained the evaluation process of the tax <br /> increment financing (TIF) request submitted by Senior 30 Ell-,Rivet 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 /> Councilmennber 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 /> Counciltnennber 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 tanking. 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 mote on comnnetcial/industrial development with job <br /> creation goals rather than affordable housing. <br /> i <br /> Ms. Iluot 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 />