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REQUEST FOR COUNCIL ACTION <br />COUNCIL MEETINQ <br />MAY 12 1997 <br />CriYOFORONO <br />DATE: May 8, 1997 <br />ITEM NO: J^ <br />Department Approval: <br />Name Ron Moorse <br />Title City Aclministrator <br />Administrator Reviewed:Agenda Section: <br />City Administrator ’s <br />Report <br />Item Description: <br />Scheduling a Meeting to Discuss Tax Increment Financing as a Tool to Assist Redevelopment <br />The Council received a memo on May 2 indicating conditions may be right for making <br />improvements to the Navarre commercial area witli the catalyst being the O'Sullivan's development <br />and the expansion of Rick's Super Valu. The memo indicated t first step in this process should <br />be to meet with the property owners and business owners to heai what their vision is for the area. <br />The memo also indicated one of the key issues will certainly be the question of how any type of <br />improvement effort would be funded. One potential source of funding is tax increment financing. <br />Tax increment financing has not been used in Orono -id uS such is a new concept. Staff had <br />suggested a consultant with expertise in the area of tax increment financing attend a council meeting <br />or work session to provide information regarding tax increment financing. <br />COUNCIL ACTION REQUESTED: <br />Motion to schedule a date and time to meet with a tax increment financing consultant.