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HomeMy WebLinkAbout03-28-89 v - • CITY OF LAKEVILLE ECONOMIC DEVELOPMENT COMMISSION MEETING MINUTES MARCH 28, 1989 The meeting was called to order by Chairman Emond at 7:00 p.m. in the City Hall conference room. Roll call of members was taken. Present: Berg, Matasosky, Meledandri, Emond, Erickson. Also present was Jim Robinette, Community Development Director and Walt Hartman, City consultant on tax increment. 89.06 Motion was made by Matasosky, seconded by Erickson to approve the minutes of the February 28, 1989 EDC meeting. Roll call was taken on the motion. Ayes: Unanimous. The first item of business was a review of the concept of the G1enEagles Golf Course proposal to be located northwest of the intersection of Highway 50 and Holyoke Avenue. Mr. Hartman gave the Commission a review of the tax increment laws, how the City had used tax increment in the past and how it could be applied to this project. He indicated that part of this site had previously • been in a tax increment district and is still in the district which was the former Arkel Development that had never come about. A review of the site indicated that some of it is zoned B-4, General Business District. Mr. Hartman indicated that in reviewing the G1enEagles plat and discussing it with the developer, he felt that the part of the plan that is applicable for low and moderate income would meet the requirement for that housing. He also indicated that with this type of tax increment financing, there would be no City bonding. It would be totally funded by the developer and that the increment could be available only after structures were built and on the tax rolls. If nothing got built, there would be no increment. The developer indicated that the park dedication was not in his figures but would be worked out. Mr. Hartman made it plain that an increment could be used for infrastructure but could not used for the direct purchase of a golf course. It was also pointed out that there has been a history of septic tank problems in the vicinity of 195th Street, east of Holyoke. The City has been unable to do anything about this over the years, ae it was not possible to get sewer there. This project would also make it possible to cure that problem. Mr. Boosalis, representing Sherman, Boosalis, the developers, indicated that time is of the essence and they would like very much to get the project under construction this year. They would • also like to keep processing on track, as they have options on the property that they do not want to expire. After lengthy discussion, it was brought out that the Committee strongly feels a development of this nature, if it can be worked out, would be a ECONOMIC DEVELOPMENT COMMISSION MEETING MINUTES • MARCH 28, 1989 very good development for the downtown area, bringing in both people and business. The Committee indicated that while they feel they do not have the expertise to recommend approval of a financial package as indicated in the proposal, it. could be worked out in the course of formal processing, using the abili- ties of the City's finance and business consultants. 89.07 Motion was made by Matasosky, seconded by Erickson, to recommend that the City support the concept plan for tax increment financ- ing only, for a pay as you go plan for the G1enEagles concept and proceed with formal applications so that it can be determined during the course of formal processing whether a financing package acceptable to the City and the developer can be worked out. The Committee feels that tax increment financing in some form would be warranted due to the potential value of the development to the community of Lakeville and supports considera- tion of tax increment financing for infrastructure in which no bonds would be sold. Roll call was taken on the motion. Ayes: Unanimous. 89.08 Motion was made by Emond, seconded by Erickson to adjourn the meeting. • Voice vote was taken on the motion. Time: 10:00 p.m. Respectfully submitted: s A. obi i tte Co unity Development Director ATTEST: Ji E ond, Chairman 2