12.0. EDSR 11-15-1994 - Laserfiche WebLink

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borrow funds, a cyclical economy, assessments, etc. Early on,the Task Force • explored opportunities for a business park to be developed under public sector ownership by, say,the EDA. Currently, it appears as though the initial phase of the business park will be developed by the private sector-beginning with Country Ridge Partnership. The challenge here is working with Country Ridge (and others)to ensure that the business park development is a successful endeavor. Two examples of this public/private partnership may be in the areas of underwriting or deferring the assessments for the road and utility improvements, and, providing the property owner with sufficient and qualified industrial prospects that are looking for improved industrial sites. A discussion of potential City programs to supplement these examples follows. C. City Programs 1. TIF No. 1 and No. 3 - In October, 1993, the City Council agreed to reserve up to $300,000 in TIF funds from the TIF No. 1 and No.3 account to be used by the EDA for the acquisition of land in the event that a business park were to be developed by the public sector. Again, it appears as though the initial phase of the business park will be developed by the private sector. Therefore,perhaps these funds could be used for other purposes. Underwriting the infrastructure cost is • one example. 2. TIF No. 4 (RDF$) - TIF District No. 4 was created as part of the Refuse Derived Fuel (RDF) facility at US Highway 10/169 and 165th Avenue NW. Since no public debt was incurred for this project, the tax increments collected from the RDF project were to be used by the City to provide partial funding of certain water and sanitary sewer system improvements to allow development of the Western area of the City. As we are all aware, this TIF district was in dispute from the start. Consequently, it was decertified in December 1990. However, some increments were collected by the City. With investment income,this figure has now grown to nearly $430,000. On November 14, 1994,the City Council and Municipal Utilities Commission will conduct a joint meeting to discuss potential ways on how these funds will be expended. Some discussion has been held for the City to contribute these funds to the Utilities Commission to reduce the Commission's obligation on the construction of a new water tower at Gary Street near Orono Road. Bids for the construction of the water tower have been awarded and a bond sale in the amount of$1,010,000 is scheduled. Language in the bond sale resolution is worded in • such a way that the amount of the bond will be reduced if the City Council