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<br />CITY OF CENTERVILLE <br />CITY WORKSESSION MEETING <br />April 21, 2004 <br />6:00 p.m. <br /> <br />Unapproved <br /> <br />I. CALL TO ORDER <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 />Pel string, Pelstring Financial Services. <br /> <br />II. DISCUSSION ITEMS <br />Information Regarding Tax Increment Financing (TIFt Paul Keleher, <br />Sedona Homes, introduced the issues that he and his associates have in <br />trying to redevelop the site. He indicated that some of the lots have bad <br />soil conditions, substandard buildings that will have to be removed and <br />wetlands. Because of these issues, acquiring and redeveloping these lots <br />increase the lot costs of the project from a market standard of $35,000 per <br />lot to $54,000 per lot. Mr. Keleher reported that at these per lot costs, <br />Jackson Commercial would not be able to compete in the townhome <br />market because they would have to price the proposed townhomes too <br />high. He stated that these are the reasons that they will need TlF <br />assistance from the City. . <br /> <br />Nick Skarich, Northland Securities, provided information to the Council <br />on applying TlF to this project and answered questions from the City <br />Council on the financial and legal aspects of using TIF for this project. <br /> <br />Council consensus was to direct Mr. Skarich to review the financial <br />analysis as provided by Sedona Homes. <br /> <br />m. ADJOURNMENT <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 />