Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />l� 0 <br />11 <br />Ragular City Counei� Meet�n� <br />Moa�day, Ju�ne 11, 20D7 <br />Page 13 <br />Mr. M���er advised that �he Ciiy had issued TTF bonc�s as upfront fi-- <br />nancing in 1982 for a combination of many Presbyier�an Homes' pro- <br />jec�s, one of which had been original construction of the Eagle Carest <br />facility. However, Mr, Miller no�ed that since then, ihe TIF bonds had <br />been paid of�', and there were cu�ently no TTF bonds in p1ay. <br />Ms. Bolton concu�red and clarified that the request was for r��nanc- <br />ing of revenue bonds only. <br />Councilmember Ihlan qu�s��oned the ownership change. <br />12 Janna S�ve�°�nce, Pr�sbyterian Hom�s represen�ative <br />13 Ms. Sevexance advised �hat there was actually no underlying owner- <br />14 ship changc, and that the entiiy on the oxiginal bonds was stx�l �he <br />15 bui�ding owner. Ms. Severance advised that after 1998, another prop- <br />I6 �rty had come under the umbrella oi fil�at ownership, and given com- <br />�'7 plexities of ref nancing, it b�came appa�en� that it wou�d be easier fio <br />18 cxeate a new corporation as �he sole owner, th�rough an L,LC. <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />Publie Comment <br />Tim Ca��aghan, 3AG2 Shorewood Lane <br />M�r. Callaghan sought clarification from the time the TIF bonds were <br />o�iginally issued �or Eagl� Crest, and agreemen� with the corporation <br />tha� this property wou�d remain on tax ro��s past the time the bonds <br />wexe paid o£�, aYd questioned i� �ha� agreement was still in place. <br />27 M�. M�ller advised that he had att�mpted to answer ihat question when <br />28 it had been previously posed; and reviewed his ch�onologica� research <br />29 of the City Council�passed resolution in I993, and whether such a re- <br />3o str�ctive covenant should be included in the renegotiated redev�lop� <br />31 ment ag�'eement. Mr. N�il�er advised that he could find no �anguage in <br />32 the origina� agreement; and found nothing aside from that o�r�ginal <br />33 xesolution. Mra Mz�1er adv�sed �hat the property w�s currently pay�ng <br />34 $256,000 in annual propez-ty taxes. <br />35 <br />3� Discussion ensued between s�aff, Mr. Callaghan, and Ms. Bolton re- <br />�7 garding such a res�rictive cavenant and whether it was recorded at the <br />38 County leve�. <br />39 <br />