1999-01-14 Eligible TIF Costs
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MEMORANDUM
TO: LINDA GOEB, ALBERTVILLE CITY COUNCIL MEMBERS, PETE
CARLSON, AL BRIXIUS
FROM: MIKE COURI, CITY ATTORNEY
SUBJECT: ELIGffiLE TIP COSTS; LAND OF LAKES STONE COMPANY
DATE: JANUARY 14,1999
I spoke with Steve Bubel of Kennedy & Graven regarding specific TIF eligible
costs. Steve confrrmed that the park dedication fees upon platting of the property would
be a TIP eligible cost. Steve also thought that we could include the portion of the road
abutting the property in the TIP district for financing purposes, if necessary. However, it
may be more advantageous to the City to special assess the property for the street and
water improvements, with the developer being reimbursed for the special assessments
from the TIF. Both options are feasible. Which option the City chooses may depend
upon how the project is financed (i.e. special assessment bond, developer financed, or
internally financed from City capital project funds), and can be determined as the scope
of the project becomes more defmed.
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