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<br />I <br />I <br />I- <br />I <br />. <br />. <br />. <br />. <br />I <br />.e <br />I <br />. <br />I <br />I <br />. <br />. <br />I <br />.e <br />. <br /> <br />, <br /> <br />. <br /> <br />Minutes for Special Meeting, <br /> <br />2 <br /> <br />June 27, 1994 <br /> <br />be available to the taxing jurisdictions immediately. Normally a TIF district must terminate <br />before any increase in taxes is realized. For every $1.00 of taxes generated, approximately 38 <br />cents is immediately available to the City, County, School district and any other special taxing <br />entities. <br /> <br />Council discussed further the proposal, including review of infrastructure improvements needed, <br />the potential cost and whether the pay as you go concept should be limited to this area. The <br />current property owners will be directly contacted by Everest. <br /> <br />Probst urged the Developer to recall the discussions held earlier re: the need to not develop a <br />warehouse district only. He stated tl1e design framework plan needs to be reviewed. <br /> <br />Malone stated that he was not sure how the A TS would react to this type of proposal. He was <br />unaware of the costs that might be affiliated. Nelson added that this area may take some time <br />and that they ask for flexibility with tl1e City in this portion of the development. <br /> <br />Council stated it remained open to discussing further the various financing terms, but that it was <br />cautious in the issuing of bonds. They had only previously considered the pay as you go <br />concept. <br /> <br />Hicks noted the comments re: negotiation of the contract This allows for the City or the <br />Developer to pull out of further discussions if at anytime either party does not comply with tl1e <br />terms of tl1e contract, or for otl1er reasons identified in the contract. <br /> <br />Fritsinger noted tl1at should tl1e City enter into a contract, it also agrees to not negotiate witl1 any <br />other third party. <br /> <br />Malone questioned the Developers understanding of paying costs. Fritsinger indicated that the <br />Developer had paid $2,500 to date and will be depositing another $2,500 to cover costs upon <br />execution of the contract to cover city costs. <br /> <br />The Council concurred that this Preliminary Developer's Agreement is a viable alternative and <br />that it would be added to tl1e consent calendar for this night's Council meeting action (June 27, <br />1994) to approve the Agreement. Staffwill inform the Council of any further developments. <br /> <br />Dorothy Person, City Administrator <br />