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7.0 Suggested Council Action /Future Discussion <br />7.1 Staff is suggesting that Council dedicate at least 1 hour to more fally discussion the <br />future desired uses of TYF District No, 12 proceeds on September 22 at 6: oo .rn. <br />P <br />7. 2 Staffhas evaluated the projects throughout the city and recommends that the land <br />Pmceeds and TIF generated from the APplewood Pointe project be used in the following <br />priority order. <br />1. Reimburse cost incurred to date to the HRA fund in an estimated amount of <br />$1402143. <br />2. Cover the future costs associated with the development of the Arona site such as TIF <br />analysis and public infrastructure (ponding, Terrace Drive extension, sidewalk <br />extension on Terrace), etc, These costs will not he fully realized until sometime in <br />004 once the road and pond are fully constructed. The proceeds from the sale and if <br />needed TIP generated flora the development should he held to cover these costs,, <br />Any excess land sale proceeds after construction is complete should he used in the following <br />manner: <br />3. reimburse the IRA for costs associated with the development of the first time buyer <br />homes widiin Applewood Pointe — estimated at over $300,000. <br />4. Since the initial purchase of the Arona site carne from the economic development <br />fund, futureproceeds generated fern the site should he applied to future <br />redevelopment efforts such as public infi#ructure costs associated with Twin Tomes <br />and/or other identified redevelopment areas throughout the City. <br />Prepared by Cathy Bennett (490-2241) <br />Exhibits: <br />1. TIF District No. 12 Financing Flan dated 2/22190 <br />2. MN state Statute sections 469.1 through 469.134 <br />I Arona site cost spreadsheet <br />4. Memo flom bass Monroe <br />k\ViQtO iaXCQmmD onomyc DcvcIOPMent\TIF DistrirtFIWDIST #12\08�4 03 TIF district 92 ovcnricw.dor, <br />RCA TIF District #12 (080403) t Page 5 of 5 <br />