05-03-2021 HRA MIN - Laserfiche WebLink

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Housing and Redevelopment Minutes May 3, 2021 Page 8 Ms. Huot stated the action requested tonight is the city council adoption of the TIF plan and creation of the TIF district. She indicated the appraisals, which have been received and will validate this need to increase the amount, will support and the final contract would come after that. Commissioner Wagner stated she would like to hear from those who sit on the Finance Committee as she feels this deviation from the policy is pretty significant and asked if the city has ever deviated from the 15 -year policy. Ms. Huot stated she could not speak for certain, but her recollection was there have been longer term districts, but the policy has been modified several times with one being term limits. Commissioner Ovall stated he is lacking all the context of the details of what was discussed. He stated the tone from the Finance Committee was there's a pecking order with TIF being job creation first and then redevelopment of old housing and industrial stock. He felt TIF is a good tool to facilitate redevelopment. Lastly is housing, market rate or affordable. She stated they have heard over the years that while the policy is 15 years, it is out of alignment with state guidelines. He felt that this proposal of pay as you go is attractive with these factors, along with the site itself. Chair Toth felt the appraisals being received are answering some of the final questions. He noted there may be another TIF district possibility with the Main and Gates redevelopment. He stated to him, the developer has made the efforts asked by the city. Ms. Huot stated TIF 24 was a 26 -year TIF, but it was redevelopment, not housing. Commissioner Ovall stated this proposal is somewhat of a hybrid with redevelopment and housing components. Commissioner Wagner also agreed there was a lot of attractiveness to this proposal and this area has been poised to be redevelopment for several years. She stated it's always in the back of her mind to ensure we don't find ourselves overcommitted in large TIF districts. Moved by Commissioner Ovall and seconded by Commissioner Chuba to recommend support for the application to establish a Phase 120 -year TIF district as requested by Stonewood Development, LLC, and 20 years for Phase 2 with an aggregate of 26 years for construction of two 90 -unit residential market -rate apartment buildings with underground parking on the former Saxon Auto site as outlined in the staff report. Motion carried 5-0. B. Adjournment Chair Toth adjourned the meeting at 6:35 p.m.