HomeMy WebLinkAbout2004-04-21 CC WS
CITY OF CENTERVILLE
CITY WORKSESSION MEETING
April 21, 2004
6:00 p.m.
Approved
I.CALL TO ORDER
Mayor Sweeney called the Council Worksession to order at 6:15 p.m. Also
present at the meeting were Councilmembers Broussard Vickers, Capra, Lee
and Paar; City Administrator Kim Moore-Sykes, Finance Director Ellen
Paulseth, Nick Skarich, Northland Securities; Paul Keleher, Sedona Homes,
Scott Montgomery, Sedona Homes, Dale Montgomery, Sedona Homes, Pat
Pelstring, Pelstring Financial Services.
II.DISCUSSION ITEMS
Information Regarding Tax Increment Financing (TIF). Paul Keleher, Sedona
Homes, introduced the issues that he and his associates have in trying to
redevelop the site. He indicated that some of the lots have bad soil conditions,
substandard buildings that will have to be removed and wetlands. Because of
these issues, acquiring and redeveloping these lots increase the lot costs of the
project from a market standard of $35,000 per lot to $54,000 per lot. Mr.
Keleher reported that at these per lot costs, Jackson Commercial would not be
able to compete in the town home market because they would have to price
the proposed townhomes too high. He stated that these are the reasons that
they will need TIF assistance from the City.
Nick Skarich, Northland Securities, provided information to the Council on
applying TIF to this project and answered questions from the City Council on
the financial and legal aspects of using TIF for this project.
Council consensus was to direct Mr. Skarich to review the financial analysis
as provided by Sedona Homes.
III. ADJOURNMENT
The Council Worksession was adjourned at 7:45 p.m.
Respectfully submitted by:
Kim Moore-Sykes,
City Administrator