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City Council Minutes 10-30-1989 MINUTES SPECIAL MEETING - MONTICELLO CITY COUNCIL OCTOBER 30, 1989 5:00 P.M. Merribers Present: Ken Maus, Warren Srni th, 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 Counci 1 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 #I I Special Council Minutes - 10/30/89 Plan for Tax Increment Financing District No.1-I. This item to be tabled for a time period not to exceed 6 months. Motion carried unanimously. 4. Adjournment Respectfully submitted () i; (:."1 J /'../'),I{; \ '--i"'/ (/ .Al~ll.. ,1 j // .- I Jeff O'Neill Assistant Administrator 2 I