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Commission grants developer extension, approves Bakken Heights final plat amid TIF discussion
Summary
The commission approved a July 1, 2009 extension for developer George Gaukler to start a second building under TIF terms, and approved the final plat for Bakken Heights Subdivision as recommended by Planning and Zoning.
Developer George Gaukler told commissioners he expects financing to be in place to begin only one building this fall and requested an extension to start the second building as late as July 1, 2009. Gaukler said if the second building is not built the property would revert to the city at the same purchase price and he would remain financially liable for the TIF assessment. Commissioner John Kautzman summarized that incremental flows from a single building would be insufficient to repay the full TIF and that the city would assess the one structure the full $300,000 as part of the TIF arrangement.
Commissioner Rolfstad questioned Gaukler about his development track record; Gaukler said he has built about 5,000 rental units and that he has not defaulted on projects in his career. Commissioners voted to approve the requested extension with the existing financial guarantee conditions and potential resale to the City if the second building is not constructed.
The commission also approved the Planning and Zoning recommendation for the final plat of the Bakken Heights Subdivision, which includes rearrangements and a partial vacation of a portion of 22nd Avenue West; the motion carried 4-0.
