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Regular City Council Meeting Monday, July 13, 2009 Page 13 Roll Call Ayes: Pust; Roe; Johnson; and Klausing. Nays: Ihlan. Motion carried. Mayor Klausing sought individual Councilmember interest in serving on this Team, with Councilmember Johnson contemplating his interest in serving; and Councilmember Roe expressing his interest in serving, based on his concern with facilities within the park system. Klausing moved, Johnson seconded, appointment of Councilmember Roe to the Park and Recreation Master Plan Update Team (PARMPUT). Roll Call Ayes: Pust; Roe; Ihlan; Johnson; and Klausing. Nays: None. b. Adopt a Resolution Approving a Modification to the Development Program for Municipal Development District No. 1 and establishing Tax Increment Financing (TIF) District No. 18 (Har Mar Apartments Project) within Devel- opment District No. 1, and approving the Tax Increment Financing Plan Economic Development Associate Jamie Radel introduced this presentation, and. provided a bench handout of the overhead presentation by Presentation by Mi- kaela Huot, Assistant Vice President/Consultant with Springsted, the City's finan- cial consultant. Ms. Radel clarified that tonight's request was only for creation of a TIF District, and not for funding until the financing request and package was finalized by AEON. Ms. Radel advised that representatives of AEON were also present at to- night's meeting should the Council have any questions of them. Ms. Huot made her presentation, noting that there was an approximately $914,000 gap projected in financing; and it was recommended that the District be created at this time to capture increment of the Phase I portion of the project, and thus pro- vide another revenue source for Phase II of the project. Discussion among Mr. Huot, Ms. Radel and Councilmembers included use of TIF revenue to buy down land and acquisition costs for AEON to acquire the property anticipating that another entity will purchase the sublot from AEON for Phase II; market value of $5 million with improvements; impact letters sent to Ramsey County and the School District without comment to-date; ability for the City to expend TIF housing funds for affordable housing anywhere within the City and not just restricted to that TIF District if within four years of certification; term re- duction if AEON's financial gap is determined to be less than anticipated; flexi- bility of housing districts versus economic or development districts; and delay in