Minutes of Common Council describe sequence of TIF#6 development; first commercial, then industrial

(Ed note. This is a section of the common council minutes of 3-13-2006)

Motion by Aikman, seconded by Roberts, to approve the Proposal for Creating Tax Incremental District No. 6 by Ehlers & Associates, Inc. Mr. Connors reported the proposal from Ehlers & Associates, Inc. is regarding their fees for creating Tax Incremental District (TID) No. 6. Mr. Connors reported territory of TID No. 6 would include the more than 96 acres of land owned by D&D Development, which was applied to be annexed, located at the southeast corner of CTH M and USH 14. To comply with state law, at least half of the territory of TID No. 6 must be zoned industrial. It appears the remainder will be zoned commercial, and the commercial zoning will be adjacent to USH 14. The city intends to use the tax increment generated by any commercial development within TID No. 6 to pay debt service on the cost of constructing streets, sanitary sewers, water mains, and other infrastructure for a new industrial park within TID No. 6. Using the tax increment from the commercial development to pay debt service on the industrial park infrastructure, rather than to subsidize construction of infrastructure for the new commercial lots along USH 14, would reduce the risk the city will undertake by issuing bonds to finance infrastructure construction in the new industrial park. Motion passed unanimously on a roll call vote.