02-05-2018 HRA MIN - Laserfiche WebLink

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t tou,,,ing aml Redevelopmoit "Minutes P�age 4 fllbrwary 1), 2018 Bank who is providing the fir�.ancing for this project. She indicated she will abstain frorn voting on this item. ("hart 'Yoth asked if there was a quorurn. Ms. OthOLidt stated that after C011SUItill.gwidt the. 144A attorneys, SIle was advised that this is a tinique sitiiatton with the two comi-russioners abstaining. It leaves the remaining three commissioners to vote, and even though one commissioner is absent, a quortun still exists because two out of the three corritnissioners are able to vote. 'I "he result of the vote will be shared with the Cottncil later that evening. Ms. Othoudt presented the staff report arid OLItIffled die HRA policy and applicant's request. She'itlicatLd on 11 .1 anuary 3 1, the Finance CommiI ttee made a motion to recommend the HRA approve establishing a 26 year non-contiguous housing district, Nis. OthOUdt indicated staffs concerns Nvas that. the Jacks(.)n Hills project whether pocAed with the ER .Lodge garage construction or alone does riot "'exceed" the objectives identified in the policy as required to tnerit the'FIF'extens.ion to 26 years. Staff felt that thcJackson Hills project should not extend beyond aTIF term of 15-yeats per the city"s policy. In addldt:)n, she explained that pooling increment from Jackson Hills to the Elk River Lodge project should not be needed as this project was already approved as an apartment complex by the City C.ouncil on its own merit iri order to cornea into compliance with the city zoning code. MS. (AhOLidt indicated that the policy as approved in December does not address p6.)rity projects for pooling increment and she recommends reviewing each project separately, each on their own rnerits, to detern-drie whether they qualify for tax incrernent financffilg. Nlikael,a H uot ftorn Springsted Incorporated was present to answer questiOns as well as the developer. 'I'lie commission asked questions regarding the TIF terms, coupling two projected together previc)usly, and if other cities had ever done sornethirig similar. Ms. Fluor stated there are cities that use that flexibility and noted different districts have different rules. She said 1.11k River's policy does not address non-contiguous TlF districts because that was how, the policy was written and because of that, both projects would have to qualify on their own rnerit. (,onarrussioner C,huba suKgested that the, Corni-nission consider the rec(.:aiu-.nendafiori provided by thenot Joint Finance Committee. Commissioner Toth indicated that he would support pooling the: increment frorn the Jackson Hills project to the Elk River Lodge project, but would support the Jackson Hills project as a. standak.)ne project and TIF District. The commissioners would like to discuss the T] F policy with regards to allow.log pooling of increment at a later tneeting.