09-10-1984 Council Packet - Laserfiche WebLink

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MINUTES OF THE REGULAR COUNCIL MEETING HELD ON AUGUST 27, 1984. PAGE 10 NAVARRE FORCE MAIN BID AWARD City Engineer Cook asked that the Council table this bid award until the September 10, 1984 Council meeting. Mayor Butler moved, Councilmember Frahm seconded, to table the bid award until the September 10, 1984 Council meeting. Motion, Ayes (5), Nays (0). CABLE TV REPORT Mayor Butler noted the Cable TV meeting to be held August 28, 1984 at 5:30 p.m. at Shorewood City Hall. TAX INCREMENT FINANCING NAVARRE Mayor Butler noted that the City is in the early stages of discussing an appearance change for Navarre through the use of tax increment financing. Steve Emerson, Leonard Kopp, and Arlin Waelti represented Miller & Schroeder. Dick Keaveny, Chic Remier, and Ned and Carol Petod were present from the audience. Steve Emerson of Miller & Schroeder explained the tax increment financing. Emerson stated that each community has pockets of areas where there has been obsolesce and things that wear out. Emerson asked what happens when this obsolence takes place and how can you cure this. Emerson stated that tax increment financing can cure those areas that need improvement. Emerson stated thet the definition for tax increment financing is the technique that takes advantage of new development, within any specified project area, and uses the taxes derived from that new development to pay municipal improvement costs within that area. Emerson stated that the law says that there are three main areas for tax increment financing: 1. Redevelopment of commercial blighted areas. 2. Low and moderate income housing. 3. Stimulation of economic growth. Arlin Waelti of Miller & Schroeder explained the legal aspects of tax increment financing. Arlin stated that Minneapolis used the tax inci -ment financing for the development of boring Park. Arlin stated that Minneapolis took a large amount of property, the state acquired the blighted property, and removed all buildings. Arlin stated that the developers walked away from the project and Minneapolis did not hay a any tax increments. Arlin stated that tax increment is that new taxable value that accrues from the new development that would not otherwise occur except for the public participation. Arlin stated that Loring Park rolled over onto the tax rolls.