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City Council 09-06-2006 <br />Summary of Work Session <br /> <br />Present were Mayor Mary Capra, Council Members Michelle Lakso, and Jeff Paar. Also <br />present were Administrator Dallas Larson, Finance Director John Meyer and City <br />Attorney Kurt Glaser. Absent were Council Members Richard Terway and Tom Lee <br /> <br /> <br />1.John Meyer presented information relating to the budget and showed the amount of <br />taxes that would be contributed by new construction to be about $38,000, leaving <br />about $65,000 of the levy increase to be distributed among existing property <br />taxpayers. The Council discussed the budget and tax impacts. The preliminary <br />budget and levy will be on the agenda for the next regular meeting. <br /> <br />2.The Council discussed the Downtown Redevelopment Plan and the preliminary <br />development agreement with Beard Group. John Meyer reviewed tax increment <br />financing for the first phase and indicted that future phases would have similar <br />demands on TIF. The Council expressed its preference to do “Pay as you go” tax <br />increment financing instead of bonding up front, but agreed that all possibilities <br />should be considered in order to implement the plan. The term of the tax increment <br />was preferred to not exceed 20 years, but that also would be open to discussion. <br />The Council discussed other financing sources such as grants and waiving fees as <br />being other possibilities. The preliminary development agreement will be placed on <br />the next regular meeting agenda. <br /> <br />Adjourned at approximately 8:25 p.m. <br /> <br />Dallas Larson <br />City Administrator <br />