City Council Minutes 10-30-1989 SpecialMINUTES
SPECIAL MEETING - MONTICELLO CITY COUNCIL
OCTOBER 30, 1989
5:00 P.M.
Members Present: Ken Maus, Warren Smith, Shirley Anderson, Dan Blonigen
Members Absent: Fran Fair
1. Call to order.
2. PUBLIC HEARING - Proposed adoption of the Development Program for
Development District No. 1 and the proposed adoption of the Tax
Increment Financing Plan for Tax Increment Financing District
No. 1.1, of the city of Monticello.
Mayor Ken Maus opened the public hearing.
Assistant Administrator O'Neill reviewed the proposed finance plan
and indicated to Council that the plan is based on the
recommendation made by Council at their September 25, 1989,
meeting. O'Neill noted that all taxing jurisdictions had received
notice of the public hearing and that all legal requirements have
been met prior to adoption of the finance plan. O'Neill went on to
note that development of the K -Mart addition to the mall is
presently on hold because The Lincoln Companies has been unable to
obtain necessary financing. It was O'Neill's understanding that The
Lincoln Companies is actively pursuing financing options, and
remains positive that the necessary financing will be obtained.
O'Neill went on to state that the problems in obtaining financing
are not due to any reluctance on the part of K -Mart to sign a lease
agreement. The Lincoln Companies request that the City adopt the
TIF plans contingent on acquisition of financing and subsequent
execution of a developer agreement.
Pat Pelstring of Business Development Services indicated that it is
in the best interest of the City at this time to table the matter
pending The Lincoln Companies acquisition of financing. At such
time that the financing is obtained, the TIF plan can be adopted.
Public hearing was closed.
3. Consideration of resolution approving the establishment of the
Development Program for Development District No. 1 and the Tax
Increment Financing Plan for Tax Increment Financing District
No. 1-1.
After discussion, motion made by Shirley Anderson and seconded by
Dan Blonigen to table approval of establishment of a development
program for Development District No. 1 and Tax Increment Financing
Special Council Minutes - 10/30/89
Plan for Tax Increment Financing District No. 1-1. This item to be tabled
for a time period not to exceed 6 months. Motion carried unanimously.
4. Adjournment
Respectfully submitted
Jeff O'Neill
Assistant Administrator
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