HomeMy WebLinkAbout1995-10-25 TIF Commission MinutesCITY OF RIVERSIDE TAX INCREMENT FINANCING COMMISSION
MINUTES
OCTOBER 25, 1995
Members Present: Betty Burch, Jim Davis, Diza Eskridge, Jimmy
Karr, Ron Super, Al Tunis, Jim Wedua, Tim Weeks, and Ed Young.
Also Present: Don Witt, Richard King, Roxsen Koch, Dan Peak, Bill
Bright, Marty Zhirscky, and Ann Daniels.
Motion was made by Jimmy Karr, seconded by Diza Eskridge, that the
Minutes from the October 18, 1995, meeting be approved as printed.
Motion carried unanimously.
Don Witt, TIF Commission Attorney, brought the issue of the Funding
Agreement between Trillium Corporation and the Commission to the
table under Old Business. He informed the Commission members that
the Agreement adopted by the group at their last meeting, which
included a running balance of $15,000 deposited in the Commission's
bank account for expenses at all times, was not acceptable to
Trillium. He invited Mr. King to address his client's position and
concerns.
Richard Kinq, legal counsel for Trillium Corporation, stated his
client would prefer having a not-to-exceed cap on the expenditures
to be made by the Commission and its' representatives to insure
that excessive costs would not be incurred without Trillium being
given an opportunity to withdraw from the project based on the high
cost of development review. He proposed a change to Section 3 of
the Funding Agreement adopted October 18, which would limit the
reserve to $20,000 with an option for review by his client prior to
granting additional approved for further funds to be expended.
Discussion was held about customary costs for other TIF development
plans with an estimate being offered that the Perot plan in Kansas
City resulted in between $80,000 and $100,000 in development costs.
A motion was made by Ed Young, seconded by Diza Eskridge, that
$100,000 be placed in a reserve account for the development plan
costs. Mr. King expressed grave doubts that this amount would be
acceptable to his client. After much discussion, the motion and
second were withdrawn by Young and Eskridge.
A motion was made by Diza Eskridge, seconded by Jimmy Karr, that
the Commission not exceed a cap of $50,000 for expenses for the
development plan without renegotiating an agreement for additional
funds with the developer. The motion carried unanimously. Mr.
King with take the proposal to his client.
During New Business, Al Tunis stated that he and Tim Weeks had