Laserfiche WebLink
Revitalization Commission <br />Minutes <br />February 11, 2019 <br />Page 3 of 6 <br />First TIF request was Safeway, mostly for stormwater, sidewalk, and parking lot <br />improvements. <br />Fisher — we can make whole this commitment early? No penalty for early <br />repayment. <br />Schedule for construction? No schedule, per Dave. Project is marginal from a <br />financial perspective. Over next couple of years, need to flesh out rental rates. <br />7% return is difficult to attract investors. <br />Action <br />Commissioner Dalton moved to approve the Resolution. Commissioner <br />Gorsevski seconded. <br />Discussion <br />Mayor Pro Tem Lipton said he will abstain on vote stating here has not been <br />any foundational work by Council. Council will have policy questions. Policy <br />issues could be: have not been presented with TIF sharing issue before. If you <br />approve this one, will you approve others as use -by -right? What is the high <br />community benefit? Use -by -right, does it provide significant community benefit? <br />Mayor Pro Tem Lipton said the LRC has to deal with this in their role as will <br />Council. Council needs to think of other project that may pursue this <br />assistance. <br />Commissioner Dalton said City Council will have to deal with the parking issue. <br />There are policy issues City Council will have to address. He said Council may <br />say they have not been properly prepared. LRC sends items to council to think <br />about. <br />Commissioner Tofte said he is comfortable tying monies to be given for specific <br />items rather than money given for direct financial assistance. <br />DeJong said the assistance will go towards the construction of the building, <br />parking improvement fee, public walkway, underground electrical. <br />John Leary said he does not understand the parking. This project will create a <br />40 space deficit. DeJong said this building needs to provide 23 spaces, in <br />accordance with the Downtown Design Guidelines and Overlay. <br />Building and Planning Safety Director Rob Zuccaro said less parking is required <br />downtown; it is less desirable to have parking on a lot by lot basis. There is a <br />