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City Councii Regular Meeting — 06/20/05 <br />DRAFT Mi�u�tes - Page �8 <br />pa�-c�l. <br />Councilmember Ihlan referred to E�ibi� 1'7C, and proposed <br />bonds, rather than a"pay-as�you-go" proposal for TIF. <br />Mr. Casserly reviewed the Revenue Bonds as outlined in the <br />plan, rather tk�an General Obligation backing, applied to different <br />�'ormulas, and supported by revenues af the project. <br />Mr. Casserly and Councilmember Ihlan discussed their <br />fundamental disagreement over the use of TIF and a�sumptions <br />re�ated to bond issuance, use of TIF and public monies, and <br />impacts to the City, County and School District. <br />Chuck Besek, Ameriean Engineer�ng Testing <br />Mr. Besek discussed clean-up standards for residential versus <br />commercial praperties, noting that the area south of tihe lake was <br />proposed for residential and wou�d there�ore be cleaned up to a <br />higher standard, and noted that area represented �he ar�a with the <br />most significant eontaminatian. <br />Mr. Welsch noted that, historically from the original proposal in <br />2001, it was anticipated ihat housing would go around the lake, <br />accomplish the most substantial clean up of the area needing the <br />most clean up, thus allowing u�e of TIF ta eliminate the worst <br />areas around the lake, which would accomplish ihe City's <br />objective. <br />Councilmember Maschka conf Y-med with Mr. Casserly that <br />current taxes of $430,000 would not be iinpacted by new values <br />and TIF, other than for the smal� perceniage tQ be used for <br />creation of the hazardous substance subdistrict. <br />6.a Ho�d a Public Hearing for Considexation of the Public Hearing <br />Restatement of the Development Pragram for <br />Developmen� District No. 1 and Creation of Tax <br />Increment Financing District No. 17 and Hazardous <br />Substance Subdistrict No. 17A and Adt�pting Tax <br />Incxemen� Financing Plans ReIating Thereo�' {PF3595 <br />TIF Distric�} <br />