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ARDEN HILLS CITY COUNCIL—December 13, 2010 9 6.A. 2011 Pavement Management Program — Public Hearing and Resolution 2010-080: Ordering Public Improvement and Preparation of Plans and Specifications for the 2011 Pavement Management Program (continued) Councilmember Holmes asked what Staff was doing to improve the water quality for Karth Lake. Civil Engineer Giga stated based on neighborhood input, Staff has looked at what they can do to improve the water quality in Karth Lake. Staff will look into this more during the final design process to determine what the City can do. MOTION: Mayor Harpstead moved and Councilmember Holden seconded a motion to Adopt Resolution 2010-080: Ordering Public Improvement and Preparation of Plans and Specifications for the 2011 Pavement Management Pro ram. Mayor Harpstead clarified this was the first step outlined in the process and the final cost determination would not be made until after bids had been received, which is expected to be in May 2011. Councilmember Holden asked if the estimates were based on last year's costs. Civil Engineer Giga clarified the estimates were based on costs for projects from the last couple of years and the costs from surrounding communities for similar projects. Staff also included a percentage increase but the estimates are considered to be conservative. The motion to adopt Resolution 2010-080 was called to a vote. The motion carried unanimously (5-0). B. Public Hearing Proposed TIF District—Presbyterian Homes Redevelopment Mayor Harpstead stated that at an earlier worksession the Council had determined there would be no action on this item at this meeting but the City would proceed with the public hearing. Ms. Stacie Kvilvang, Ehlers & Associates, stated Presbyterian Homes has approached the City about its proposed redevelopment of portions of their facilities on their existing site. Presbyterian Homes is inquiring about the possibility of the City off-setting some of the cost associated with this redevelopment by providing Tax Increment Financing (TIF). Presbyterian Homes has completed the required applications and paid the required fees and escrow deposits. If this request is granted action would be required to modify the development program for Development District No. 1 and establish Tax Increment Financing District No. 4 within Development District No. 1 and adopt the Tax Increment Financing Plan. As part of the process, the City Council will also approve the Development Contract between the City and Presbyterian Homes. TIF District 4 is proposed to be a renewal and renovation district with a term of 16 years (15 years after the first increment). Presbyterian Homes would like to receive the first increment in 2014. She clarified that the proposed TIF Budget was a maximum amount. To provide the City flexibility to capitalize 20% of the funds from the District for administrative and/or pooling for other projects, the City is being asked to consider the approval of an interfund loan resolution.