CCWS 01-31-2005 - Laserfiche WebLink

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ARDEN HILLS WORKSESSION MINUTES JANUARY 31, 2005 2 . Councilmember Larson asked if they were suppose to look at this as an example, and not where the Advisory Committee was today. Mr. Clark replied they were attempting to be conservative with the numbers and what they were trying to do was get down to where they think the market is. Essentially, the framework was an illustration and the numbers got down to what the market was in tenns ofTIF financing. Councilmember Larson asked if the mIn1mUm assessment agreement was an agreement between the owner and the City to agree to pay a higher assessment. Ms. Kvilvang responded the agreement could be either higher or lower. Mr. Clark stated with the ten percent administration there would need to be some future discussion regarding how much of this could actually be justified per law. Sid Inman, Ehlers and Associates, gave a presentation on how third party financial analysis for the City would review developers pro formas to determine public financing needs. Mr. Clark noted ifthey have a particular phase come in, that would not necessarily be filled only by TIF. He stated grants and other public financing opportunities would also be looked at. Councilmember Larson asked if some of the districts could be layered. Mr. Inman replied that . was not possible, unless they did a hazardous subdivision. Councilmember Larson asked if they have experience with other sites that were environmental clean up sites. Mr. Inman replied almost every redevelopment site in the Twin Cities had some sort of hazardous cleanup issues. Councilmember Grant asked what ifit took longer than anticipated to develop. Ms. Kvilvang replied the district would still end, but a district could be decertified and the process started over again also. Councilmember Larson inquired about the Administrative fee of 25 percent they had referred to previously. Mr. Inman clarified they could take ten percent for administration and 15 percent outside of the District. Councilmember Larson asked if they did not have the ten percent administration, could the remainder be placed in a redevelopment fund. Mr. Clark replied that was correct. Councilmember Holden asked if the Districts were set up under current laws and the laws changed, would this change the TIF. Mr. Inman replied the TlF would be set up under the current laws, even if the laws changed. . Councilmember Larson stated eventually the City would be looking at redevelopment projects due to the age of the buildings within the City and he liked the idea of placing funds in a redevelopment fund.