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<br />economics dictated the size of the district; that doing individual parcels is <br />not cost effective and not an efficient use of redevelopment dollars. When <br />asked how fast the properties along 20th Avenue would develop, he <br />couldn't answer as he said that redevelopment is market driven. He <br />indicated that it would depend on the cost to the developer to acquire the <br />property, the cost to demolish any existing substandard structures and the <br />cost to remediate any existing soil conditions, i.e. wetlands, debris. He <br />added that it is comparatively cheaper to develop unimproved land and <br />that TIF is intended to offset the cost of mitigating existing conditions of <br />the property to prepare it for redevelopment, thereby making <br />redevelopment as attractive to a developer as unimproved land would be. <br /> <br />Mr. Skarich also reported that if the City designates an area as a TIF <br />District and no redevelopment activities commence within four (4) years, <br />the properties within the district are automatically removed from the <br />district. <br /> <br />Council further discussed the issues associated with establishing and <br />administering a TlF District. The City Attorney was asked what was <br />needed to rezone the area and the City Administrator was asked to contact <br />the Met Council about the City's high density residential benchmark. <br /> <br />III. ADJOURNMENT <br />The Council Worksession was adjourned at 8:30 p.m. <br /> <br />Respectfully submitted by: <br />Kim Moore-Sykes, <br />City Administrator <br />