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Downtown TIF Minutes 2006 07-31-06 Page 1 of 1 APPROVED 2/13/07 DOWNTOWN TIF MEETING Monday, July 31,2006 7:00 P.M. Historic Courthouse Present Mayor Art Prochaska Ron Morris Alderwoman Rose Spears Carol Morris Alderman Joe Besco Terry Groesch Alderman Jim Bock Bruce Sperling City Administrator John Crois Jeff Muellner, Muellner Construction Bart Olson Sue Sperling Travis Miller Jeff Schmelzle Kathleen Orr Heather Gillers, Beacon Tony Graff Kathy Farren, Record Lynn Dubajic Diane Scott Greg Roate Wesley Scott Wayne Larson Betty Larson also see attached The meeting was called to order at 7:00 pm by Mayor Prochaska. Kathleen Field Orr explained that there had been a TIF study done by an outside firm and the downtown area does qualify for a TIF district. The assessed valuation is deemed the initial valuation. There will be a designated account for the specific purpose of improving the specified area. The money for the account will come out of the additional taxes created by the redevelopment. The plan for the area must comply with the zoning and comprehensive plans. Prior to an individual creating the pl;ans, they must meet with the municipality to negotiate. The city will look at the total cost and reimburse 25%of the eligible costs if the business is an asset wanted or needed in the city. Kathleen Field Orr went over a handout she brought with her. She discussed things such as: Factors to be considered in connection with the award of TIF assistance, the general policy of limiting assistance to a percentage of new investment, the application for TIF assistance, and eligible redevelopment project costs. There was also a question and answer session. Some of the answers included: Dollars from the TIF that are not used within 3 years will be redistributed to the other taxing bodies. New construction is not an eligible cost, rehabilitation of old buildings is an eligible cost. Only the owner of the land will be reimbursed. The redevelopment agreement must be discussed in open session and voted on by the City Council. The meeting was adjourned at 7:56 pm. Minutes submitted by Laura Leppert.