Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />Arden Hills Council <br /> <br />12 <br /> <br />March 29, 1993 <br /> <br />REVIEW TIF INFORMATION <br />FOR "COTTAGES LIFESTYLES" <br /> <br />Administrator Person distributed to Council documents and <br />information provided by financial consultants, Ehlers and <br />Associates, with regard to Tax Increment Financing (TIF) <br />arrangements being considered for John Arkell's "The <br />Cottages" development. The handouts included: <br /> <br />A Preliminary Draft of the Modified Development Program <br />for Development District No. 1 Including Tax Increment <br />Financing plans for Tax Increment Financing Districts <br />No.1 - No.2 (approved by the City Council June 26, <br />1989) and Tax Increment Financing District No. 3 (under <br />consideration) <br />A Preliminary Draft of Tax Increment Financing Plan for <br />Tax Increment Financing District No. 3 ("Cottages <br />Lifestyles") <br />A Tax Increment Financing Procedure <br /> <br />Referring to the Tax Increment Financing Procedure outline, <br />Person reported that the step of calling a public hearing <br />has been accomplished, the hearing set for April 26, 1993. <br />She further reported that the step of delivering fiscal and <br />economic implications material to Ramsey County and Mounds <br />View School District thirty days prior to the public hearing <br />has also been accomplished. She added that the next step is <br />for Council to review the preliminary draft documents in <br />preparation for the April 26 public hearing. She drew <br />attention to specific pieces of information within the <br />drafts. <br /> <br />Mayor Sather commented that since the preliminary draft <br />documents were just received and Council has not had the <br />opportunity to review them, it would be prudent to simply <br />acknowledge receipt of the drafts and arrange to discuss the <br />documents either at the next Council worksession or regular <br />Counci 1 meeting. <br /> <br />Councilmember Malone asked if John Arkell is willing to <br />accept a level of property valuation to assure a certain <br />level of property tax on the development. Person stated <br />that matter would be addressed within the Development <br />Agreement, a draft of which will be provided to Council <br />prior to the April 26 hearing. <br /> <br />Malone asked if there is any further action required of <br />Council prior to the April 26 hearing. Person answered no, <br />but suggested that Council appoint the law firm of Dorsey & <br />Whitney as legal counsel for this TIF matter. <br />