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City Council Minutes <br />May 17, 2021 <br />Motion carried 5-0. <br />8.1 Stonewood Development LLC TIF Assistance Agreement <br />Ms. Eddy presented the staff report. She stated that the agreement had been <br />reviewed by legal council and minor changes had been made. <br />Page 4 <br />Mikaela Huot, Director at Baker Tilly, reviewed the agreement and changes. The <br />TIF agreement would be pay asyou go. The developer would be responsible for up- <br />front costs and completion would be phased. 90% of the tax increment would be <br />received over the 20-year period with a maximum principal amount of $3.3 million. <br />Phase One was initially stated to begin in 2021 but was changed to March 2022 <br />which moved the first payment to 2024. <br />Council reviewed that the change in start date would change the payment dates. <br />Councilmember Christianson verified that changing to 20 years instead of 15 years <br />was a one-time change to the city policy. Ms. Huot confirmed that it was a one-time <br />change. If construction is delayed, the TIF district could not go past the maximum <br />26 years total allowed by the state. <br />Mayor Dietz expressed reservations on changing to a 20-year term but, due to the <br />blighted nature of the property, and in support of the recommendations of the Joint <br />Finance Committee, HRA, and consultant he would vote in favor of the agreement. <br />Moved by Councilmember Beyer and seconded by Councilmember <br />Westgaard to adopt Resolution 21-37 approving and authorizing the execution <br />of a Tax Increment Financing (TIF) Assistance Agreement and related <br />documents for Delta Apartments Project. Motion carried 5-0. <br />8.2 `Northwest Metro Mississippi River Crossings Feasibility Analysis <br />Councilmember Wagner reviewed information received at the Northwest Metro <br />River Crossing Policy Advisory Committee meeting where they discussed a possible <br />future river crossing. One of the proposed'changes at the meeting was a crossing <br />from Highway 94 to Armstrong Blvd in Ramsey. <br />Councilmember Wagner added that, at the meeting, the committee discussed the <br />impact of COVID-19 on traffic counts. <br />Councilmember Westgaard stated that Armstrong Blvd is not able to support that <br />amount of traffic, so traffic would end up on Highway 10 or Highway 169 resulting <br />in delays in Elk River due to traffic lights. <br />Councilmember Beyer stated that commuters should be informed about the <br />proposed changes. A proposed crossing could help Rogers, but it wouldn't help Elk <br />River. <br />P 0 T E A E O A l <br />NATUR-El <br />