CCP 10-27-1997 - Laserfiche WebLink

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-- - -------------------- -- ~-;~~~ AFT ARDEN HILLS EDA MEETING - OCTOBER 14.1997 f..J d \.. .., ' !I. 8 Mr. Ruff commented on the need to make sure the partnership has adequate capital. He . suggested the City may want to consider a split between the up front dollars and a pay-as-you-go to provide incentive for the developer to reduce the costs. Commissioner Malone asked if a split is considered, could the City be reimbursed on that half. Mr. Ruff clarified that the City can reimburse themselves from excess TIF proceeds but can not reimburse themselves from tax exempt bond proceeds, which would be over time. On a poll of the EDA, consensus was reached to consider some assistance. Mr. Fritsinger stated if the EDA wishes to proceed with issuance of the bond, it will be back on the agenda of October 27th. He advised that staff will refine these issues and present them at that time. He requested some clarification on whether the TIF increase is being considered for only soil correction or the brick upgrades as well. Commissioner Malone inquired how an incentive could be built in to provide incentive to keep costs down. Mr. Zehring stated this would be fine with him because they will be doing all they can to keep costs down. He stated that the ability to export soils to a close location would be fantastic. Commissioner Hicks asked if they are considering the enhanced exterior treatment to make the City feel better about the appearance. Mr. Zehring explained it will enhance marketing the . building but the proposed upgrades were directed towards the GBD image as well as for themselves. President Probst stated if the upgrades create a favorable image it will also increase a project on the corner. He commented this may be conjecture at this point but he believes it has the potential to make the difference. President Probst asked if there is any interest in pursuing the brick issue. Conunissioner Aplikowski stated she has three issues but the main issue for her is soil corrections. She explained she does not want to give all of the money (TIF) away just to get the additional brick and asked if there is some assurance that should the City need TIF there will be some left over. Mr. Ruff explained that this is not the total amount of TIF but including the brick upgrade would take over one-half of the anticipated allowance for other costs, based on conservative evaluations. Commissioner Malone asked if the cost for the brick upgrade is equal to the amount to be spent on soil corrections. Mr. Zehring explained that the cost for tl1e brick is closer to $200,000. .