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<br />City Council Study Session - 04/18/05 <br />Minutes - Page 7 <br /> <br />reCeIVIng property from a person of unsound mind or an <br />intoxicated person, and also prohibit the seller of said property <br />from giving a false or fictitious name, date of birth, or other <br />pertinent information. <br /> <br />After brief discussion, Council consensus supported the language <br />amendments, and staff was directed to bring the item forward for <br />action at the next regular Council meeting on the Consent <br />Calendar. <br /> <br />5. <br /> <br />Briefing about Draft Twin Lakes Term Sheet <br />Community Development Director Dennis Welsch introduced <br />City Consultants Jim Casserly and Gay Greiter of the Krass <br />Monroe law firm. Mr. Welsch reviewed the process to-date in <br />preparing a term sheet, providing feedback and direction to the <br />Twin Lakes Master Developer Rottlund Homes. He indicated <br />the term sheet is an outline of terms for a possible <br />Redevelopment Contract. He indicated that formal action on the <br />term sheet is proposed for the April 25, 2005 City Council <br />regular meeting, at which time the Council would also be asked <br />to schedule public hearing dates for establishment of new Tax <br />Increment Financing (TIF) Districts. <br /> <br />Mr. Casserly advised Councilmembers to look at the details of <br />the term sheet as a status report, reflecting negotiations to-date, <br />but not by any means final, and encouraged Council direction <br />and preference expressed in how to further proceed. <br /> <br />Ms. Greiter reviewed each specific item outlined in the draft <br />term sheet and entertained, along with Mr. Casserly, Council <br />questions and comments related to each item. <br /> <br />The term sheet details included definitions of the parties <br />involved; identification of the redevelopment property; creation <br />of a TIF District; fiscal disparities paid only from within the <br />Twin Lakes TIF District; eminent domain issues; tax increment <br />financing issues; calculation of assistance needed; TI Revenue <br />Bonds and Notes; priority of application of TI; Calculation of <br />redeveloper margin and limitation of assistance; land acquisition <br />prices; land sales prices; construction fund administration and <br />accounting; redeveloper entity; reconveyance/assignment; <br /> <br />Briefing about <br />Draft Twin Lakes <br />Term Sheet <br />