04-24-2000 HR MIN - Laserfiche WebLink

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HRA Minutes Page 2 April 24, 2000 • Dick Gongoll, CEO and president of the First National Bank was present. He indicated that it is their intent to have the project serve as an anchor for the downtown area. He further indicated that they are working with an architect and expect to exceed their proposed timeframe. Marc Nevinski reviewed the provisions in the purchase agreement. The HRA discussed the rating system and suggested that staff consider using some type of formula for penalties. There being no one for or against the matter, Chairman Kropuenske closed the public hearing. COMMISSIONER WILSON MOVED TO APPROVE THE PURCHASE AGREEMENT FOR THE KING AND MAIN SITE WITH THE FOLLOWING AMENDMENT: 1. THAT THE CLOSING TAKE PLACE ON JUNE 1, 2000. COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0. 7. Public Hearing - Revised Tax Increment Financing Policy Marc Nevinski explained that new legislation mandates that cities modify their current incentive and subsidy policies to include provisions stipulated by the • business subsidy law. Chairman Kropuenske opened the public hearing. There being no one for or against the matter, Chairman Kropuenske closed the public hearing. COMMISSIONER TOTH MOVED TO APPROVE THE REVISED TAX INCREMENT FINANCING POLICY. COMMISSOINER WILSON SECONDED THE MOTION.THE MOTION CARRIED 5-0. 8. Tax Abatement Policy Marc Nevinski reviewed the Tax Abatement Policy. He indicated that staff is proposing to change the name to Tax Rebate Financing which more accurately reflects how the policy works. Marc noted that the EDA and City Council have reviewed the policy and held public hearings on the policy. It was the consensus of the HRA to approve the policy as drafted and that it is interested in including special types of housing in the policy. 9. Other Business There was no other business. •