CCP 08-08-1994 - Laserfiche WebLink

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