Laserfiche WebLink
ARpNHILLS <br />MEMORANDUM <br />DATE: October 18, 2010 <br />TO: Honorable Mayor and City Council embers <br />FROM: Patrick Klaers, City Administrator 4;-- <br />SUBJECT: Presbyterian Homes TIF Request <br />Background <br />The schedule for considering the TIF application from Presbyterian Homes has been <br />changed. Originally, the public hearing for establishing the TIF District was scheduled <br />for October 25 This public hearing is not going to take place. Due in part to uncertainty <br />with the Library part of the original proposal, staff and the applicant decided to hold off <br />on authorizing LHB to do the required inspections of the site and the inspections of the <br />existing structures. <br />The new schedule has the City Council, on October 25 setting a public hearing for <br />December 13, 2010. Prior to this upcoming October 25 City Council meeting, staff <br />thought it was appropriate for the Council to review the changes in the Presbyterian <br />Homes proposal and to discuss the request for TIF. Please see the attached memo from <br />City Planner Meagan Beekman regarding the current proposal and the changes from the <br />original proposal which the Council reviewed in August. <br />Discussion Points <br />By all appearances, it looks like Presbyterian Homes will be able to meet the <br />qualifications for creating a 16 year Renewal and Renovation District. These <br />qualifications relate to the lot coverage and the condition of the existing structures. It also <br />appears that, based on the redevelopment nature of the proposed project, the applicant <br />will have more than enough qualified costs. Preliminary estimates show approximately <br />$1.5 million in increments being available over 16 years. <br />When a redevelopment project has a significant amount of site preparation costs, it tends <br />to limit the ability of developer to finance the balance of the project. The project as <br />proposed has incorporated TIF support from the City. Accordingly, everyone needs to <br />answer to the question of: "What would the project be and look like without any TIF <br />support ?" In other words, "but for" TIF dollars, the project as proposed would not be <br />