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<br /> <br />. <br /> <br />~ <br /> <br />--, <br /> <br />City Council Minutes <br />April 1, 1985 <br />Page Three <br /> <br />Chamber of Commerce, and other agencies that might be interested in local <br />programming on cable television system. Mr. Flannery indicated that the <br />meeting was scheduled for 2:00 p.m. at the Central Lutheran Church. Mr. <br />Flannery further indicated that the Rite Cable Commission is in the process <br />of negotiating extending the cable commission to the communities of Roger, <br />Otsego Township and Albertville. Mr. Flannery indicated that he felt if the <br />cable commission extended to those communities it would provide for a stronger <br />cable company~ Mr. Flannery further indicated that he will continue to par- <br />ticipate in the cable communications commission and come to the City Council <br />meetings to keep the City Council updated of the progress of the commission. <br /> <br />8. Tax Increment Financing Plan - P.H. 7:30 P.M. <br /> <br />Mayor Hinkle indicated that Mr. Peter Beck was present to discuss the Tax <br />Increment Financing Plan with the City Council in a Public Hearing. Mr. Peter <br />Beck reviewed the Tax Increment Financing Plan and explained the process of <br />establishing an economic development district and a tax increment district <br />within that economic development district. Mr. Peter Beck indicated that the <br />tax increment financing plan was developed to allow for the construction of a <br />water tower to provide sufficient water storage for fire flow need for the City <br />of Elk River. Mr. Beck indicated that the plan has been discussed with the <br />County and the School Board. Mr. Beck further indicated that the County board <br />adopted a motion approving the tax increment plan as also did the School Board. <br />Mr. Peter Beck further indicated that Mr. Ron Langness of Springsted, Inc., the <br />City's Bond Council was present to discuss the proposed financial aspects of the <br />tax increment financing plan. <br /> <br />Mr. Ron Langness reviewed the proposed financing plans with the City Council. <br />Mr. Ron Langness indicated that the short fall of the $30,000. as orginally <br />projected in the first eight years and the $160,000. short fall in the years <br />thereafter, has been adjusted;bythe projected future development in the City <br />of Elk River as compiled by himself, Mr. Rick Breezee, Building and Zoning <br />Administrator, and Mr. Peter Beck. <br /> <br />Mr. Langness indicated that the proposed additional development that would be <br />used as tax increment financing districts does not include the second phase <br />of the Elk River Plaza development. Mr. Langness reviewed the financial <br />projections as submitted to the City Council. Mr. Langness further pointed <br />out to the City Council that the projections included a contribution from the <br />Water Utilities Fund in the amount of approximately $17,500. to $25,000. <br /> <br />Mr. Hank Duitsman representative of the Utility Commission indicated that the <br />utility commission decided that the City water utility could make a $20,000. <br />contribution to the reduction of the bonds. <br /> <br />Mayor Hinkle opened the public hearing. Mr. Larry Toth questioned the economic <br />benefit of the water tower to the total community. <br /> <br />Discussion was carried on regarding total community benefit of the water tower <br />with regard to jobs, and tax base. Discussion was also carried on regarding <br />the economic development district as proposed at the tax increment financing <br />district within that economic development district. <br /> <br />General discussion was carried on regarding the impact of the bonds on the total <br />City. <br /> <br />~ <br />