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Truth-in-Tazation Hearing and Regular City Council Meeting Monday, December 03, 2007 Page 11 Councilmember Pust opined that, when the properties came back, the tax burden, or tax windfall, would be a lessening of the overall community tax burden. Mr. Miller concurred that the impacts would be minimal; and advised that refined demonstrations would be available at the December 17, 2007 pub- lic hearing; estimating that for an average home, the relief would be ap- proximately $50/year taking all factors into consideration. 4) If we were to extend the decertification date and amend the TIF Plan, funds can't be used to finance geothermal at skating center, since it's a recreational facility; but it could potentially be used for sidewalk and pathway infrastructure improvements, as a permitted use under the general use of "installation of roads, utilities, sidewalks, and parking facilities." Mr. Miller advised that dollars would have to be expended for such a use in 2008 or 2009; that those dollars couldn't be captured and set aside, but need to be expended, or they would revert. Mr. Miller advised that the City Council would need to come to a collective agreement on the specific use under those conditions. Mr. Miller recommended, as the best course of action for the City Council to fol- low if they adopted TIF Plan changes on December 17, 2007, would be to use broad language, "as allowed under state statute," rather than being too precise on the use, to allow sufficient latitude and opportunities in the future to designate public purpose. Further discussion included advantages and disadvantages for decertification or extension; gains for the City, while considering the perspective of other taxing ju- risdictions and negative impact to them; notice to those jurisdictions, as a courtesy by staff, of pending action by the City; and market assumptions for commercial properties, and anticipation of another $1.1 - $1.2 million annually by extending the district unti12009. b. Request by Ryan Companies for Contractual Relief in the Centre Pointe Re- development Agreement Finance Director Chris Miller presented a request from Ryan Companies for Council consideration of possible relief of their Redevelopment Agreement for Centre Pointe. Mr. Miller's written report dated November 8, 2007 provided de- tailed options, impacts, ramifications, and related considerations for Council con- sideration and discussion. Mr. Miller clarified that the City was under no obliga- tion to provide relief to Ryan, based on advice of legal counsel.