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Human Resources and Economic Development Committee <br /> 1-8-90 <br /> Page 3 <br /> Mrs. Kolata noted that the Department would be working <br /> closely with the title company to make sure that proper <br /> deeds and legal authorities would be followed. She also <br /> noted that there would be a property management agreement <br /> involved. <br /> Council Member Zakrzewski questioned what the length of the <br /> lease would be. He was advised that it would be a twenty- <br /> two lease agreement. Mrs. Kolata noted that the source of <br /> the funding would be the tax increment which our taxes <br /> received on new developments since it became a tax <br /> incremental district. This began in approximately 1980. <br /> The taxes are required to first go to the three TIF revenue <br /> bonds with any extra proceeds to be used against other <br /> purposes such as the proposed Bill. Mrs. Kolata noted that <br /> this would be the fifth project involved. She also noted <br /> that the parking garage is being paid through the tax <br /> increment. She further noted that no taxes would be levied <br /> to pay for this bond, however the ability to levy taxes <br /> would be a part of it if there was a shortfall. <br /> Council Member Niezgodski questioned the current status of <br /> the parking garage. He was advised that it is approximately <br /> one-half leased. <br /> Council Member Luecke questioned whether there were any <br /> proposed public improvements for the developer who is <br /> building on the northern section of Michigan Street. Mrs. <br /> Kolata noted that at the present time there were no public <br /> improvements anticipated. She also noted that with regard <br /> to additional projects anticipated that more parking is <br /> needed in the downtown and that additional acquisition along <br /> the East Bank are contemplated. <br /> Council Member Luecke stated that he believes that the <br /> projects which are proposed are appropriate but that we <br /> should stop drawing on TIF in the near future. <br /> In response to a question raised by Council Member Coleman <br /> it was noted that the Monroe Park would focus upon various <br /> sections of the old Monroe Street and Fellows Street for <br /> market rate and multi-family apartments and various other <br /> scattered sites. <br /> Council Member Slavinskas questioned what the effect would <br /> be in light of the reassessment on the increment. Mrs. <br /> Kolata noted that it should be the same since it would be <br /> adjusted so that it would not go down. Council Member <br /> Slavinskas noted that there is a potential for a large <br /> windfall and voiced concern with regard to the term of the <br /> lease and why the park projects were not excluded since the <br /> park board has its own bonding authority. Mrs. Kolata noted <br />