Laserfiche WebLink
6/5/84 Page -9- <br />Councilman Leary wished clarification from <br />Mr. Rogers that he was suggesting that the <br />merchants of the business community will <br />initiate and request the formation of the <br />Special District. <br />Mr. Rogers stated this was correct. He <br />anticipated this occuring. It requires <br />the approval of 510 of the property owners <br />in the downtown designated area. The in- <br />crease in the sales tax consideration would <br />not be requested if the downtown property <br />owners were not willing to fund 25% of <br />the total cost of the project themselves. <br />It was basically a 3 step process - the <br />City was being asked to commit money; the <br />downtown property owners are being asked <br />to commit money; and the general populace <br />are being asked to commit dollars to fund <br />the entire project. <br />Councilman Leary stated that there was some <br />discussions in the Steering Committee work- <br />shops about exempting or coming up with some <br />system of paying the assessments for resi- <br />dential property, was this still something <br />that is being considered? Mr. Rogers stated <br />they are working on this; however the single <br />family residential property owner would be <br />obligated to pay the $1100 in additional <br />assessments. The theory being that they <br />arse going to derive a benefit over a period <br />of time from the commercial developments <br />that occur. Administrator Wurl and he are <br />trying to work out a program through the <br />1st National Bank where they might be able <br />to provide some financing assistance to <br />those particular properties to soften the <br />annual tax burden that they are incurring. <br />Those issues have not be resolved. He <br />would hope these issues could be resolved. <br />Councilman Luce Referred to Section IV of the booklet - <br />Imlpact on Sales Tax Revenue and stated this <br />was a 10 year pay-back chart. Mr. Caldwell <br />stated that the term would be 15 years, this <br />was done for purposes of illustration. He <br />stated that once money is earmarked for the <br />capital improvement fund, those bonds would <br />be issued by the City and they would have <br />a first call on the revenues from the <br />Capital Improvement Fund. For example if <br />