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~C f~-)' <br />f' .` l`Rr ,~-'~ <br />~!~'°~c <br />~4' -~ COMMUNITY AND ECONOMIC DEVELOPMENT COMMITTEE <br />APRIL 26, 2010 <br />Chairperson Timothy Rouse called the Community and Economic Development <br />Committee meeting to order at 4:35 p.m. <br />Committee Members Present: Ann Puzzello, Henry Davis, Karen White <br />Other Councilmember's Present: Derek Dieter, Tom LaFountain, David Varner, Oliver <br />Davis, Al "Buddy" Kirsits <br />Other's Present: Mayor Luecke, Gary Gilot, Jeff Gibney, David Relos, Don Inks, Rita <br />Kopala, Kathleen Cekanski-Farrand, Gregg Zientara, Barbara Duncanson, Linda Wolfson <br />Agenda: Bill No. 19-10 - Establishing a New Fund #436 The Northeast <br />Neighborhood Residential TIF Fund <br />Bill No. 10-15 Amendment to the Airport Economic Development Area <br />BILL NO. 19-10 ESTABLISHING A NEW FUND #436 - A NEAR NORTHEAST <br />RESIDENTIAL TIF FUND <br />Chairperson Rouse opened the review hearing by allowing Gregg Zientara, City <br />Controller, to make the presentation. Gregg stated the residential TIF was created by <br />Council last July. Since then tax revenues have been collected from the TIF area. Good <br />accounting procedures suggest receipts and expenditures of tax dollars for a specific <br />purpose is segregated in a separate fund. In that these TIF district funds are to be used to <br />pay down long-term debt for infrastructure in the TIF district it is appropriate to request <br />Council approve the creation of a separate fund. Chairperson Rouse asked if the <br />residential/commercial makeup of the district had changed from the time the TIF district <br />was proposed. Don Inks assured Council nothing had changed except the TIF revenue <br />projection, this due to delayed construction of the hotel/condo development. Until these <br />are completed the revenue stream will be compromised. Councilmember Henry Davis <br />asking a question about the advisability of creating TIF districts in general wondered if <br />use of TIF funds are limited to paying infrastructure debt and are not available to provide <br />more money for basic services are they really a good thing? Inks replied the TIF creation <br />was a vital economic development tool allowed by state law. <br />After brief discussion, Councilmember Puzzello moved to recommend favorably. <br />Councilmember White seconded the motion which passed without dissent. <br />