08-15-07 EDC Meeting Minutes - Laserfiche WebLink

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EDC Minutes August 15,2007 Page 3 of6 concerned that adding Council preliminary review as a stipulation because the Council already has to review and approve so many things. He indicated he would like to have a "middle ground" on that, of course Council will make the final review and approval. Mayor Harpstead asked how "housing" fits under "A" in this section (Page 3). Community Development Director Barton suggested changing language that takes out "commercial and industrial". Jim suggested removing "would"; however the Mayor thought it made sense to leave it. Under "B" and "C", the Mayor suggested removing "or" in the second to last line because he wants the applicant to be required to give the information indicated. The Mayor asked for clarification of "independent underwriting" and wants to use "evaluation" instead (last line of "C"). The Mayor suggested asking our financial consultants to broaden this section. Under the "Minimum Qualifications" section, Ray suggested "or" be included. Under "Desired Qualifications" Mayor Harpstead suggested a minimum ratio of 1 to 2 be used and to change the section number to 5. Rob asked if there is a minimum dollar amount that would qualify for the use of TIP. The Mayor indicated it is very costly to use TIP for a small project. There was discussion on how much it costs the city to set up a TIP district. The Mayor noted that there is a scoring sheet at the end of this document for applicants. Chair Kunkel thought by leaving the 1 to 2 ratio in the document it allows the Council to have ultimate control over it. The Mayor said the City gets 21 % of the property tax money collected. He indicated he needed clarification of the 1 to 2 ratio and how much the City would actually get. Ray noted that under the "Desired Qualifications" section, each paragraph starts out with the word "TIP" and he thought it should be replaced with "TIF and other financing". Mayor Harpstead requested the word "normally" be removed from most of the document. Section 5: Mayor Harpstead thought "strategy" needed to be qualified with public financing; also, under "C", at the end, a lawyer should be added. Chair Kunkel pointed out that the word "TCAAP" needed to be removed throughout the document. Also, under 6E & 6F, he suggested language "as required by law" rather than stating an actual percentage. Under the second "F" section, the Mayor suggested adding "closing as soon as they can" because it puts the money back in the General Operating Funds as soon as possible. Also, under 7, the italicized paragraph, remove the word "shall" and replace it with "should" and spell out HACA. Chair Kunkel asked if the group wants to review the document again before sending it to Ehlers. Community Development Director Barton suggested that the changes be made to the document and then to send the document to the attorneys and then bring it back to the group after their review. Jim wondered if the TCAAP policy and this public financing policy are really different, if that will be a problem in the end. Mayor Harpstead indicated he thinks that is not a problem, because the TCAAP framework refers to following the TCAAP document on not this general city financing document. Nancy suggested sending the document to Ehlers before sending it to Jerry Filla. Chair Kunkel requested that the financial consultants add references to tax abatement and bonding grants.