04-24-85 Development Comm MinutesCITY DEVELOPMENT/FINANCE
SEPTEMBER 24, 1985 4:20 PM.
Attending: Mayor McDowell, Councilmen Saverud, Ruiz, Schindler, Palmer,
Nystul, DPW Ken Hammer, Ross Plambeck, Ed Kennedy, Roger Hopkins.
TAX INCREMENT FUND BUDGET
DPW Hammer requested clarification of the budget for offsite improvements.
Resolution #3547, as passed, contained figures based on estimates from Ken on
costs of the various projects associated with the Mall. Mr. Hammer asked if
he had authority, within the limits of the approved budget of $628,006.00, to
perform off -site improvement projects that may vary from the amounts
detailed within the resolution.
It was the concensus of the committee that he could do this as long as it was
a valid project within the general criteria of resolution #3547 and he stays
within budget.
SECOND AVENUE WEST PROFESSIONAL BUILDING LOAN
They have requested a loan of $67,000.00 for purposes of puchasing and
providing a parking lot.
The Tax Increment Committee has recommended a loan rate based upon the length
of the payback.
Up to 5 years 1% under treasury bill yield
for 5-10 years treasury bill yield (at par)
up to 15 years (max) 1% over treasury bill yield
The rate would change annually on January 1st.
Councilman Ruiz moved the joint committee recommend approval of the loan of
$67,000 to the Second Avenue West Professional Building at the interest rate
set in the resolution. Councilman Schindler seconded and the motion carried.
HAARR BUILDING LOAN
The Tax Increment Committee requested they be given more time to consider
this loan request as conditions have changed.
Councilman Palmer suggested the committee develop contingencies for
conditions such as sale of the property or changes of its authorized use.
Don Halver