PRESENT : Sonnentag, Ald. Brar, Ald. DiPiazza, Ald. Hilbert, Ald. Leo, Ald. Teal, Ald. West, Ald. Wexler, Ald. Hoeksema by phone, Barmore, Elskamp, Hubbard, Hungness, Zellers, Biendseil, Simon
ALSO PRESENT : Davis, Attoun, Opitz, Kelley, Studer, Stauske, Ellarson
Call to Order Special Meeting by Mayor
1. Purpose for the Meeting
City Administrator Mike Davis provided information on the purpose of the joint meeting. The primary question for the Common Council, the Plan Commission and Community Development Authority is: Should the City continue to build upon our successes in Tax Incremental Financing District #3 (TID #3) through the statutory timeline of 2020, or should we retire the District by 2014 as projected by City staff several years ago?
2. Brief History of TID #3
City Planning Director Eileen Kelley presented an historical summary of activity in TID #3 since it was created in 1993. The original budget of $15.8 million and projected increment of $44.9 million were far surpassed by expenditures of approximately $60 million to date, with new tax base of over $500 million.
3. Prospective TID #3 Projects Through 2015 (Statutory Expenditure Period)
Brian Vandewalle and Susan Hoeft, of Vandewalle and Associates, the City’s TIF consultants, presented information on potential TID #3 projects.
4. Questions and Answers
The Common Council, Plan Commission and Community Development Authority asked questions related to TID #3 and potential projects. No action was taken.
Eileen Kelley
Note: These minutes were prepared by Eileen Kelley, City Planning Director & Zoning Administrator. These minutes are based on the notes of the recorder and are subject to change at a subsequent meeting.