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Regular City Council Meeting Monday, July 13, 2009 Page 14 the City's request for certification of the district until AEON is ready to move for- ward, based on the four year rule. Ms. Radel noted changes in figures to page three of the draft resolution, lines 85 - 90 as follows: ^ The estimated increase in the market value that will result from the rede- velopment to be assisted with tax increment financing is $16,917,395 (from $5,000,000 to $23,025,963); and ^ The present value of the projected tax increments for the maximum dura- tion of the TIF District permitted by the TIF Plan is $938,650. Klausing moved, Pust seconded, adoption of Resolution No. 10734_ entitled, Approving a Modification to the Development Program for Municipal Develop- ment District No. 1 and Establishing Tax .Increment Financing (Housing) District No. 18 (Har Mar Apartments Project) within Development District No. l and ap- proving the Tax Increment Financing Plan Therefore" as amended. Mayor Klausing spoke in support of the motion; opining that this was a worth- while project for updating a problem. property. Mayor Klausing spoke highly of other AEON-managed properties in the metropolitan area, and opined that this was a prudent use of TIF funds. Councilmember Pust spoke in support of the motion, opining that use of TIF for affordable housing was the highest and best use of TIF.. Councilmember Ihlan spoke in support of the motion; however, cautioned how TIF funds were used, opining that it was a subsidy and took monies from the City, School District and County. Councilmember Ihlan advised that her support was based on the specific description of affordable housing criteria to be followed and public purpose and guidelines for the City's expectations, as well as the pay-as- you-go process for the developer rather than requiring the City to bond upfront. Councilmember Johnson spoke in support of the motion, based on his research of AEON and their management principles at other facilities, and welcomed their in- volvement in housing in the City of Roseville. Councilmember Johnson opined that the proposed project met TIF criteria as he understood it. Roll Call Ayes: Pust; Roe; Ihlan; Johnson; and Klausing. Nays: None. c. Adopt an Ordinance Approving Wellington Management's request to Re- zone 1126 Sandhurst Drive and 2167 Lexington Avenue to Planned Unit De- velopment (PUD) from Single Family Residence District and General Busi- ness District respectively, and Approval of a PUD Agreement and Final PUD