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