4.1 DRAFT MINUTES (3 SETS) 02-07-2022

Home Browse Search

City Council Minutes Page 6 January 3, 2022 ----------------------------- understand that the dollar amounts have not been finalized and won’t be until all the budget numbers have been submitted. She stated she is in support of applying for the grant, but the resolution needs to be adjusted to state the grant loan will be matched up to $850,000. Mr. Briggs stated when he met with the Joint Finance Committee he discussed how the project would be extremely difficult to complete due to the costs to remedy the soil conditions. He discussed the competitive bidding environment and banking requirements and how he’s looking for additional subsidies to get his project off the ground. He stated his project will likely increase in size (increasing number of units and footprint to bring his costs down) if this grant is not approved. Mayor Dietz questioned Mr. Briggs if he would be asking for more TIF funding at a later date. Mr. Briggs stated yes, he would increase the entire scope of the project. Ms. Huot stated a project would come back for analysis with any awarding of grant funds. She stated the amount of TIF would be subject to the viability of the project. Councilmember Wagner clarified there could be two scenarios: the TIF amount could be reduced or increased based on changes in the project scope. Mayor Dietz clarified that if Mr. Briggs doesn’t get the grant, he stated he will increase the project scope. Mr. Briggs stated he searched for this additional grant money because the current financials for the project are not bankable. Councilmember Wagner questioned Mr. Briggs if his goal is to have a larger project then what had been reviewed previously. Mr. Briggs stated his goal is to get forty-four units with 15 years of TIF and searching for additional funding sources in order to have a bank approved project. Councilmember Wagner noted legally the Council can only make recommendations based on what is provided to them. She clarified to the applicant she doesn’t like the project changing and their being funding expectations from Council based on a different project. She felt everything should be finalized before discussing a TIF district. Councilmember Beyer asked why this project is under discussion before there is TIF. Mr. O’Neil stated this demonstrates the difficulty of putting a project together and the variables that can occur. He stated he was asked to consider the project on a helpful timeline to the applicant.