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Regular City Council Minutes - 2/3/03 Page 4 3) Allow limited sharing among project parcels; 4) Extend the" start" time from 5 to 9 years; 5) Allow local tax rate to float; use current tax rate each year of TIF calculation. Mr. Welsch reviewed the New Brighton Northwest Quadrant project as a similar example to the Twin Lakes Redevelopment Area. Discussion items included continuing revisions in TIF legislation and a definition by Mr. Welsch of "float," identified as each parcel becoming a parcel within the entire Redevelopment District, narrowing the risk by allowing the tax rate to escalate with whatever the tax rate is for that year as the project escalates and allowing retirement of districts earlier to achieve better cash flow. Further discussion included the Brownfield aspects of the redevelopment area; status of Environmental Assessments completed to-date and remediation plans; additional informational meetings and public hearings during the process; recent changes in commercial property tax rates, creating a need to re-examine the feasibility of the redevelopment project; the City's current Tax Incren1ent Financing Policy; and ramifications on the School District, State of Minnesota and City. Kysylyczyn moved, Klausing seconded directing staff to invite Financial Consultant Jim Casserly to make a presentation at the February 10, 2003 regular Council meeting at 6:00 p.m. under "Presentations" on the agenda, on the "why" and "how" technical issues necessary to decertify the remainder of Tax Increment Financing District (TIF) No. 11; and rationale in creating another TIF District. Roll Call Ayes: Kough, Klausing, Maschka, Schroeder and Kysylyczyn. Nays: None. Kysylyczyn moved, Klausing seconded to appoint Mayor Kysylyczyn and Councilmember Maschka to be the leads