4.4.2024 Plan Commisssion Meeting MInutes

PLAN COMMISSION MEETING MINUTES – 4/4/2024 Government Unit Conducting Meeting: Plan Commission Date: April 4, 2024 Time: 5:00 P.M. Place: 400 4th Ave S, Park Falls Members of the Board of Plan Commission Present – Mayor Tara Tervort, Michael Mader, Dixie Weidman, Victor Ambrose, Gary Wollerman, Lauri Hart Members of the Board of Plan Commission Absent – Michelle Scharp Staff: City of Park Falls- Brentt P. Michalek, Shannon Greenwood Also Present – Adam Ruechel Public: None Meeting was called to order by Mayor Tara Tervort at 5:00 pm. Public Comment – None. Resolution 24-003 – RESOLUTION APPROVING PROPOSED PROJECT PLAN ALLOCATION AMENDMENT FOR TAX INCREMENTAL DISTRICT NO. 3 OF THE CITY OF PARK FALLS Adam Ruechel discussed the project plan and the allocation amendment. At this time, a TID No. 3 allocation amendment is being created that will allow surplus positive tax increment allocation from TID no. 3 to TID no. 5 to pay for eligible project costs of TID No. 5, as both TIDs have the same taxing jurisdictions. Positive tax increments shall be allocated to the level of increment available from donor district TID No. 3, and the level of need demonstrated by the recipient district, TID No. 5. The available increment, projected to be up to $450,000.00, will be donated to TID No. 5. An amount of approximately $5,000.00 will be left in the account for the final audit. The proforma analyzes existing expenses and new projects costs against projected TID revenue, pursuant to this current TID No. 3 project plan amendment. The proforma shows the positive tax increment allocations from TID No. 3 to TID No. 5 pursuant to this amendment. Tax revenue is conservatively estimated based on existing or actual increment through January 1, 2023. In 2024, the final year of revenue collection for the TID, it is projected to have repaid all expenditures and is left with a positive surplus balance. There was a motion by Michael Mader and seconded by Victor Ambrose to approve Resolution 24-003. Motion carried, 5-0. Meeting adjourned at 5:11 p.m. Prepared by: Shannon Greenwood, City Clerk