2A, Review & Discuss Presbyterian Homes Development Proposal

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possible and therefore it is important to the City to provide TIF support in order to achieve a more beneficial project for the community. In addition to the extra ordinary costs associated with this redevelopment (as compared to doing this project on a vacant parcel), the City has some issues that it needs to address as part of this project. The issues are a sewer line replacement and the improvement of the street (the extension of County Road D east of Lake Johanna Blvd.). It is legal to use TIF funds for these improvements. The City's share of the street work and the cost of the sewer work combined are estimated to be slightly under $150,000. Another important issue to consider with this redevelopment project and the recent revisions is the possibility of the applicant deeding or transferring the "triangle shaped parcel" to the City as part of the TIF proposal. The value of this land is open to discussion. It is uncertain what the applicant will do with this site if the TIF proposal is rejected by the Council as this site is no longer part of the redevelopment application. Recommendation The City's Financial Planning and Analysis Committee (FPAC) recommended that the City Council approve the TIF request from Presbyterian Homes regardless if the redevelopment project included the Library or not. The FPAC viewed Presbyterian Homes as a community asset and a business that provides an important service within the community. Furthermore, the FPAC noted that the project is located at a key intersection in the City and that it was in the City's best interest to help make this project the best and most attractive possible. I agree with the FPAC recommendation and believe that the redevelopment project would change for the negative in terms of overall quality and appearance if no TIF funds were provided. The City gaining ownership and control of the triangle shaped parcel is an extra benefit that should improve the 5 -way intersection in the long term. I also recommend that if the City Council knows that there is no Council majority support for the TIF application, then the City Council should not move forward with consideration of the application. After October 25 work on the District plan will be authorized and the application process will get expensive very quickly.