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Regular City Council Meeting Monday, September 13, 2010 Page 6 hearing and the staff presentation prior to opening the hearing. Ms. Radel advised that staff s recommendation was for creation of TIF District 19 in order to provide financial assistance for the development of Phase I of the Applewood Pointe se- nior housing cooperative, based on policy direction and public purposes within the City for implementation of the Twin. lakes Master Plan and public connection to Langton Lake Park. Ms. Radel noted that creation of the. TIF District did not obligate the City to provide assistance to the project; however, staff recommends that the City Council not. create the District if it does not support, in concept, some level of financial assistance for the project. Mikaela Huot, Assistance Vice President/Consultant, Springsted, Inc. Ms. Radel distributed a bench handout, attached hereto and made a part thereof, on tonight's presentation and discussion of the proposed TIF (Economic Devel- opment) District No. 19 for Applewood Pointe Senior Cooperative Housing Project. Ms. Huot concurred with staff's comment regarding City Council approval of the plan not committing the City to provide any type of subsidy, but allowing the City flexibility in using TIF. Ms. Huot reviewed the components of the TIF Plan itself based on new legislation allowing the City to use statutory authority on a broader basis for economic development uses within TIF guidelines, specifically for af- fordable housing. Ms. Huot advised that the proposed term of the District was for nine years, encompassed 7.67 acres, with four parcels to be acquired in the Dis- trict. Ms. Huot reviewed the phasing of the project for ninety-four (94) senior co- operative units, in two phases, fifty (50) and forty-four (44) units respectively; and the third phase consisting of ninety-three (93) assisted living units. Ms. Huot reviewed their firm's findings, noting that it did qualify as an Economic Development District, in that the project will create and/or retain jobs in this state, including construction jobs; and that construction would not be commenced be- fore July 1, 2011, with construction to begin no later than July 1, 2011, with the developer's request for certification received no late than June 30, 2011. Ms. Huot reviewed the "BUT FOR" tests in making findings on this proposed District; rti.viewed the budget estimates for public costs, including soils corrections; land acquisition; installation of public utilities; streets and sidewalks; loan interest payments; administrative costs; and other pooled City expenses for total estimated public costs of $2,450,551 for all three phases of the project. Ms. Huot noted that the developer was only seeking TIF financing for a portion of the costs for Phases I and II of the project, but that Springsted was recommending that all phases and parcels be included in the proposed TIF District to allow future flexibility without amending the District itself should additional funds be requested for Phases II and III. Ms. Huot noted that the term of the District could be reduced before the nine year projection, allowing the use of TIF for other phases; but further noted that the four-year rule applied, and if there was no activity on a parcel after four years, it would be removed from the District.