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7.o Suggested Council Action/ tune Discussion <br />7.1 Staff` is suggesting that Council dedicate at least 1 hour to more fully discussion the <br />future desired uses of T1F District Igo* 12 proceeds on September 22 at 6 :00 p.m. <br />7.2 Staff` has evaluated the projects throughout the city and recommends that the laud <br />proceeds and TEF generated from the Applewood Pointe project be used in the following <br />priority order. <br />1. Reimburse cost incurred to date to the H A fund in an estimated amount of <br />$140,143. <br />2. Cover the future costs associated with the development of the Arona site such as TIF <br />analysis and public infrastructure ondiug, Terrace ]give extensions sidewalk <br />extension on Terrace), etc. These costs will not be fully realized until sometime in <br />004 once the road and pond are fully constructed. The proceeds from the sale and if <br />needed TIF generated from the development should be held to cover these costs. <br />Any excess land sale proceeds after construction is complete should be used in the following <br />manner: <br />3. Reimburse the PIRA for costs associated with the development of the first time buyer <br />homes within App lewood Pointe — estimated at over $300,000. <br />4. Sincdlthe initial purchase of the Arona site came from the economic development <br />fund, future proceeds generated from the site should be 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 (490 -2241) <br />Exhibits: <br />1. TIF District No. 12 Financ Plan dated 2/22/90 <br />2. MN State Statute sections 469.124 through 469,134 <br />3. Arona site cost spreadsheet <br />4. Memo from Krass Monroe <br />\\victoria \CcmmDev\Econamic I- evelcpment%TIF District P1an1DIST # 12%0811-114-0 3 TIF district 12 overyiew.dac <br />RCA TtF District #1 (080403) - page 5 of 5 <br />