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<br />City Council Regular Meeting - 06/20/05 <br />Minutes - Page 18 <br /> <br />up and development response action plans approved as well for <br />all portions of the project, depending on potential uses of each <br />parcel. <br /> <br />Councilmember Ihlan referred to Exhibit l7C, and proposed <br />"pay-as-you-go", Tax Increment Financing (TIF), rather than the <br />proposed bonds. <br /> <br />Mr. Casserly reviewed the Revenue Bonds as outlined in the <br />plan, rather than General Obligation backing, applied to different <br />formulas, and supported by revenues of the project. <br /> <br />Mr. Casserly and Councilmember Ihlan discussed their <br />fundamental disagreement over the use of TIF and assumptions <br />related to bond issuance, use of TIF and public monies, and <br />impacts to the City, County and School District. <br /> <br />Chuck Besek, American Engineering Testing <br />Mr. Besek discussed clean-up standards for residential versus <br />commercial properties, noting that the area south of the lake was <br />proposed for residential and would therefore be cleaned up to a <br />higher standard, and noted that area represented the area with the <br />most significant contamination. <br /> <br />Mr. Welsch noted that, historically from the original proposal in <br />2001, it was anticipated that housing would go around the lake, <br />accomplish the most substantial clean up of the area needing the <br />most clean up, thus allowing use of TIF to eliminate the worst <br />areas around the lake, which would accomplish the City's <br />objective. <br /> <br />Councilmember Maschka confirmed with Mr. Casserly that <br />current taxes of $430,000 would not be impacted by new values <br />and TIF, other than for the small percentage to be used for <br />creation of the hazardous substance subdistrict. <br /> <br />6.a Hold a Public Hearing for Consideration of the Public Hearing <br />Restatement of the Development Program for <br />Development District No. 1 and Creation of Tax <br />Increment Financing District No. 17 and Hazardous <br />Substance Subdistrict No. 17 A and Adopting Tax <br />Increment Financing Plans Relating Thereof (PF3595 <br />