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Housing and Redevelopment Minutes Page 2 <br />March 14, 2024 <br />Commissioner Ovall asked how that could be possible. <br />Mr. O'Neil explained on redevelopment TIF, the city can recover some acquisition costs prior to a <br />TIF district being created, and one step is creating an interfund loan pre -funding these expenses, <br />which the city did. To recover those previous expenses, the city needed to develop the TIF district <br />within three years and on this date, we are past that point. He noted it might be futile but there is an <br />interest in recovering those funds as a benefit to the city and HRA. <br />Chair Chuba asked how many years out we were. <br />Mr. O'Neil stated the city is roughly 4 years out and he is using the clock starting on the date of the <br />final home demolition. He felt it is a long shot on the legislative piece, and a big question to pose to <br />both the HRA and city council but given that the city is selling the property for $450,000 and the <br />costs for acquisition and demolition are around $1.3 million, the cost -benefit could be worth <br />pursuing. He also stated a conversation would be needed with the city council as they would have <br />approval authority on developing a TIF district. <br />Commissioner Ovall felt there are circumstances in our favor with the pandemic and highway <br />reconstruction, that those barriers could be to our benefit, and asked Mr. O'Neil to keep digging and <br />report back. <br />4. Adjourn Regular Meeting <br />Moved by Commissioner Beaudry and seconded by Commissioner Ovall to adjourn the <br />regular meeting of the Housing and Redevelopment Authority. <br />Motion carried 5-0. <br />The mz ung was adjourned at 4:15 p.m. <br />tes prepared by Jennifer Green. <br />% /' <br />Tina Allard, City Clerk <br />INATUREI <br />