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<br />CITY OF CENTERVILLE <br />CITY WORKSESSION MEETING <br />April 21, 2004 <br />6:00 p.m. <br /> <br /> Approved <br /> <br />I.CALL TO ORDER <br /> <br />Mayor Sweeney called the Council Worksession to order at 6:15 p.m. Also <br />present at the meeting were Councilmembers Broussard Vickers, Capra, Lee <br />and Paar; City Administrator Kim Moore-Sykes, Finance Director Ellen <br />Paulseth, Nick Skarich, Northland Securities; Paul Keleher, Sedona Homes, <br />Scott Montgomery, Sedona Homes, Dale Montgomery, Sedona Homes, Pat <br />Pelstring, Pelstring Financial Services. <br /> <br />II.DISCUSSION ITEMS <br /> <br />Information Regarding Tax Increment Financing (TIF). Paul Keleher, Sedona <br />Homes, introduced the issues that he and his associates have in trying to <br />redevelop the site. He indicated that some of the lots have bad soil conditions, <br />substandard buildings that will have to be removed and wetlands. Because of <br />these issues, acquiring and redeveloping these lots increase the lot costs of the <br />project from a market standard of $35,000 per lot to $54,000 per lot. Mr. <br />Keleher reported that at these per lot costs, Jackson Commercial would not be <br />able to compete in the town home market because they would have to price <br />the proposed townhomes too high. He stated that these are the reasons that <br />they will need TIF assistance from the City. <br /> <br />Nick Skarich, Northland Securities, provided information to the Council on <br />applying TIF to this project and answered questions from the City Council on <br />the financial and legal aspects of using TIF for this project. <br /> <br />Council consensus was to direct Mr. Skarich to review the financial analysis <br />as provided by Sedona Homes. <br /> <br />III. ADJOURNMENT <br /> <br />The Council Worksession was adjourned at 7:45 p.m. <br /> <br /> <br />Respectfully submitted by: <br />Kim Moore-Sykes, <br />City Administrator <br />