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approximately 6,000 total square feet (3, 000 s . f. per <br /> • <br /> floor) . Further, this writer understands that the request <br /> for TIF assistance would likely only address the costs <br /> associated with site preparation, foundation <br /> stabilization, fill and compaction, etc. Land would <br /> likely be conveyed for a nominal fee ($1 . 00) and its <br /> value, approaching nearly $120, 000, would not be <br /> recovered. This issue was addressed later in the memo. <br /> Below is a proposed timetable to complete the Kjellberg <br /> TIF request and TIF Plan approval: <br /> October 11 - EDA authorizes the development of a <br /> TIF Plan; EDA schedules a public hearing to consider <br /> the TIF Plan; EDA also recommends that the City <br /> Council authorize a public hearing to consider the <br /> adoption of the TIF Plan. <br /> October 11 - City Council sets a public hearing <br /> date to consider TIF Plan. <br /> Mid October TIF Plan is sent to School District <br /> and County. <br /> October 26 School Board Meeting <br /> • October 28 Planning Commission reviews TIF Plan. <br /> November 2 County Board meeting <br /> November 3 - Public Hearing notices published in <br /> the Star News <br /> November 15 EDA conducts public hearing; reviews <br /> and adopts TIF Plan (this is a special EDA meeting <br /> date) <br /> November 15 City Council conducts public hearing <br /> on TIF Plan <br /> This request for TIF assistance would result in the <br /> creation of a "redevelopment TIF district" . Increments <br /> from new property taxes within these districts can be <br /> collected for over 20 years. In addition, the state aid <br /> loss penalty is "phased-in" and does not reachthe <br /> severity levels (that is a "full" penalty) until the <br /> district is approximately 20 to 21 years old. <br /> New property taxes generated from this redevelopment <br /> project would likely only recover the EDA' s expenses <br /> associated with site preparation, etc. While land would <br /> • be completely written down, a safeguard to discourage Mr. <br /> Kjellberg from speculating on this redevelopment project <br /> would be to require full or partial repayment of the value <br />