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7,0 Suggested CouncH AcfiomTuture Discussion <br />7.1 Staff is suggesting that Council dedicate at least 1 hour to more fully discussion the <br />future desired uses of TIF District No. 12 proceeds on September 22 at 6:00 p . . <br />7.2 Staff has evaluated the projects throughout the city and recornmends that the land <br />proceeds and TIF generated from the Applewood Pointe project be used in the followin g <br />priority order. <br />l . <br />Reimburse cost incurred to date to the HRA fund in an estimated amount of <br />$1409143. <br />2. Cover the future costs associated with the - development ofthe Arona site such as TIF <br />analysis and pnhlic in trueture (pondin& Terrace Drive extension, sidewalk <br />extension on Terrace), etc. These costs will not he fuller realized until sometime in <br />2004 once the road and pond are fully conducted. The proceeds flom the sale and if <br />needed TIF generated floor the development should he held to cover these costs. <br />Any excess land sale proceeds after construction is complete should he used in the followin g <br />manner: <br />3. Reimburse the HRA for costs associated with the development of the first time buyer <br />homes within Apple wood Pointe — estimated at over $300,000,. <br />4. Since the initial purchase of the Arona site came from the economic development <br />funds future proceeds generated from the site should he applied to future <br />redevelopment efforts such as public infrastructure costs associated with Twin Lakes <br />and/or other identified redevelopment areas throughout the City. <br />Prepared by. Cathy Bennett ( 0 -2241) <br />Exhibits: <br />I. T F District 'o. 12 Financing Plan dated 2122190 <br />2. MN State Statute sections 469'124 through 469,134 <br />3. Arona site cost spreadsheet <br />4. Memo f i om Krass Monroe <br />\Wio1an'akCo mmDavkEwnomic DevelopmenEXTIF DistdcManVST #U M-4-03 TV district 12 aweryiuw,dac <br />RCA TFF District #12 (080403) - Page 5 of T <br />