Laserfiche WebLink
<br />Twin Lakes; incorporating language as researched by Jim Cassedy "City <br />tax exempt financing (pass-through bonding) or tax exempt revenue bonds <br />(non-general obligation revenue bonds) to the extent that is legally and <br />financially feasib1e.1I <br /> <br />WHEREAS, on December 8, 2003 the City Council adopted an outline for the <br />Twin Lakes Stakeholder Panel. <br /> <br />WHEREAS, on December 8, 2003 the City Council approved, by resolution, an <br />exclusive negotiation period with The Rottlund Company, Inc. to agree upon a <br />memorandum of understanding by March 22, 2004 relating to a Contract for Private <br />Redevelopment or Master Developer Agreement for the redevelopment of the Twin Lakes <br />Redevelopment Area. <br /> <br />WHEREAS, on March 15,2004 the City Council approved a Twin Lakes Contract <br />for Exclusive Negotiations with Rottlund Companies. <br /> <br />WHEREAS, between January 29 and July 12,2004 the Twin Lakes Stakeholder <br />Panel process occurred - 25 members participated in 11 workshops relating to Twin <br />Lakes and the Rottlund Companies proposal for development. <br /> <br />WHEREAS, on August 9, 2004 the City Council authorized staffto work with <br />Rottlund Homes to further develop and refine for future City Council consideration and <br />action a financial plan, based on the following criteria: <br /> <br />a. The pay-as-you-go Tax Increment Financing (TIF) Policy (adopted in <br />1997) will not change; <br />b. Consideration of spreading fiscal disparities outside the district will not be <br />considered; <br />c. Consideration to the use of General Obligation (G.O.) bonds will not be <br />given, with the exception of use of G.O. bonds for a portion ofthe <br />roadways given their community-wide value and justification as part of the <br />overall community infrastructure; <br />d. Consideration will be given to the use of TIF Revenue Bonds; <br />e. Consideration will be given to the use of Special Assessments; <br />f. Consideration will be given to reducing the contingency fund with a <br />maximum reduction not to exceed one percent (1 %); <br />g. Consideration will be given to a minimal reduction in City administrative <br />fees, but only after a detailed review of city-incurred costs as a result ofthe <br />project; <br />h. Consideration will be given to approaching the State of Minnesota <br />regarding funding for off-site improvements to the County Road C exit off <br />ofI;.35W; <br />1. Consideration will be given to the use of a hazardous substance sub-district, <br /> <br />9 <br />