EDA 2010 09 13
CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
SPECIAL MEETING
SEPTEMBER 13, 2010
Chairman Furlong called the meeting to order at 7:08 p.m.
MEMBERS PRESENT:
Tom Furlong, Bryan Litsey, Vicki Ernst, Bethany Tjornhom, and
Jerry McDonald
STAFF PRESENT:
Todd Gerhardt, Laurie Hokkanen, Kate Aanenson, Paul Oehme, Todd
Hoffman, Greg Sticha and Roger Knutson
REQUEST THE CHANHASSEN CITY COUNCIL CALL FOR A PUBLIC HEARING
ON THE PROPOSED MODIFICATION TO THE TAX INCREMENT FINANCIAL
PLANS FOR TAX INCREMENT FINANCING DISTRICT NUMBERS 4 AND 5.
Hokkanen: This item, as the Mayor mentioned, is a request for the EDA to ask the City Council
to call for a public hearing to consider budget modifications to TIF 4 which is our entertainment
district located in the downtown and TIF 5 which is a housing district known as North Bay,
adjacent to Lake Riley. Essentially what this is is that there have been some statute
modifications in the years since these TIF districts were instituted in 1995 and 96, 97. Back then
you were not required to account for interest. Either interest that you would earn within the TIF
or interest that was being paid in any developer payments. That has since changed. You’re now
required to account for that and so we need to make budget modifications that reflect both of
those interest calculations. This item is on the City Council agenda should the EDA choose to
call for the public hearing, to ask the City Council to call for the public hearing then at your City
Council meeting the City Council will call for that public hearing.
Furlong: Thank you. Any questions for staff on this?
Gerhardt: Mayor, council.
Furlong: Yes.
Gerhardt: Just one thing to add. This will be on our work session to talk in detail. Show you the
numbers either at our next meeting or first meeting in October prior to the public hearing.
Furlong: So that will give us an opportunity to get into more of the details and as I understand it
not all the information’s currently available to have that discussion at this point but we need to
get it on the schedule.
Gerhardt: To stay on schedule we need to call for the public hearing this evening.
Furlong: Okay.
Chanhassen Economic Development Authority - September 13, 2010
Gerhardt: You can go ahead and order the public hearing. If for some reason you do not feel as
if you want to make those modifications, you don’t have to.
Furlong: Thank you. So the item before the EDA this evening is to request the City Council call
a public hearing. Is there any other discussion? If not, would somebody like to move the
recommended motion? Or resolution.
Litsey: Sure. I’ll make a motion that the EDA adopt the attached resolution in our packet here
requesting that the City Council call for a public hearing on the proposed modification to Tax
Increment Financing District Numbers 4 and 5.
McDonald: I’ll second.
EDA Resolution #2010-07: Litsey moved, McDonald seconded that the EDA adopt the
attached resolution requesting that the City Council call for a public hearing on the
proposed modification to Tax Increment Financing Plans for Tax Increment Financing
District Numbers 4 and 5. All voted in favor and the motion carried unanimously with a
vote of 5 to 0.
APPROVAL OF MINUTES: Tjornhom moved, McDonald seconded to approve the
Minutes of the Economic Development Authority meeting dated June 14, 2010 as
presented. All voted in favor and the motion carried unanimously with a vote of 5 to 0.
Litsey moved, McDonald seconded to adjourn the meeting. All voted in favor and the
motion carried unanimously with a vote of 5 to 0. The EDA meeting was adjourned at 7:13
p.m.
Submitted by Todd Gerhardt
City Manager
Prepared by Nann Opheim
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