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City of Centerville <br />Council Meeting Minutes <br />July 24, 2019 <br /> <br /> <br />Lengthy discussion was had by the Council regarding the benefit to the community, spurring <br />development in the downtown area, public safety implications, budgetary implications, fluctuation <br />of “affordable” “market based” rent on a yearly basis, etc. <br /> <br />Mr. Patrick Brama, Trident Development was available for comment and questions. Council <br />Member Koski questioned the typical annual rate of return on investment and Mr. Brama stated 6- <br />7% on the low end and 10-12% on the high end which was agreeable by the developer, banker and <br />owner. He stated that without TIF the project would not be financially worthy. <br /> <br />Additional discussion ensued regarding alternative options for the development, the City paying <br />expenses associated with sewer, water, storm sewer and additional expenditures without the City <br />receiving tax dollars for 20 years, potential for setting a precedence and others requesting the same <br />type of financing. <br /> <br />Mr. Brama, Trident Development stated that they had explored a handful of options to make the <br />project viable but determined that TIF was the only tool. <br /> <br />Administrator Statz stated that the next step would be to adopt the resolution and order a public <br />hearing. He stated that the process for establishing the district follows the public hearing. <br />However, only concept plans have been submitted to the Planning & Zoning Commission and <br />there will be additional discussion and approvals associated with the look and character of the <br />building. <br /> <br />Finance Director DeJong stated that the district would not be established if the project did not <br />proceed. <br /> <br />Motion by Council Member Lakso, seconded by Council Member Love to Adopt Res. #19- <br />021 – Calling for a Public Hearing on the Proposed Modification of Development Dist. #1 <br />and the Establishment of Tax Increment Financing District #1-8 within the Development <br />District and the Adoption of the Modified Development Program and the Adoption of the <br />Tax Increment Financing Plan Relating to Thereto as Presented. Council Member Montain <br />Opposed. Motion Carried. <br /> <br />IX. NEW BUSINESS <br />1. None. <br /> <br />X. COUNCIL/ADMINISTRATOR ANNOUNCEMENTS <br /> <br />1. Administrator’s Report <br /> <br />Administrator Statz stated that there was no written report for the week. He also stated that <br />grading for Old Mill Estates was nearing completion, that plat would be recorded shortly <br />and all appropriate documents (Letter of Credit, Escrows and Insurance) were on file. He <br />reported that the previous builder for Bay View Villas had pulled out and Staff is waiting to <br />hear of another builders as they are aware of discussions taking place. <br />Page 4 of 7 <br /> <br /> <br />