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into the new T.I.F. Commissions and that is what is going to happen. Mayor Welsch <br />asked City Manager Mr. Walker to call Mr. Paul Martin, the legal representative of <br />the old T.I.F. Commission, for farther explanation. Mr. Walker noted that Mr. Martin <br />was the Special Counsel the City has used on their T.I.F. commissions. <br /> <br />Mr. Martin, 9322 Manchester noted that the 2000 Legislation established a County- <br />wide T.I.F. Commission to projects that had not been approved but the Olive T.I.F. <br />Commission was already approved. It was his recommendation that the Olive T.I.F. <br />Commission concluded its business and wind down and get out of the business. Mr. <br />Martin stated that any new T.I.F. Commission project, as Kingsland Walkway, is <br />under the County-wide T.I.F. program. <br /> <br />Mr. Price asked where the funds go once it is dissolved. Mr. Martin said the funds <br />are still restricted and must be used in accordance with the redevelopment plan. He <br />said this T.I.F. Commission was set up by the City in 1988, established by the City, <br />and is not the usual T.I.F. Commission. Mr. Martin said that at the end of the <br />commission the remaining funds are to be distributed to the tax-paying jurisdictions. <br /> <br />Mr. Price asked if that jurisdiction could be anywhere in U City. Mr. Martin said that it <br />had to be distributed in relation to the jurisdictions that had been paying into it, in lieu <br />of taxes. An example he gave was the library would get a share as well as the City; <br />all of the taxing jurisdiction that apply real estate taxes would get a proportion of the <br />share of whatever funds that might be remaining as of November 2011. Mr. Martin <br />said the City has no discretion as to who gets what. <br /> <br />Mr. Price asked if the City controls what they do with their portion and Mr. Martin <br />agreed if there were any funds, which he did not know. <br /> <br />Mr. Sharpe said he had several residents that were concerned that if the money <br />were taken from Olive T.I.F. that it would be used by the City for other than Ward 3. <br />Mr. Martin stated the money that existed at the end of November 2011 would have to <br />be returned to the tax-paying jurisdictions and cannot be funneled back into a <br />particular district or ward. He said that the City could not use its discretion to shift <br />any of the funds to the Kingsland Walk T.I.F. <br /> <br />Mr. Crow asked what the exact dollar was, left in this T.I.F. Ms. Riganti stated that <br />the Olive Central T.I.F. had no money. She said the T.I.F. borrowed from the City to <br />purchase some properties on Olive. Mr. Crow asked if the T.I.F. borrowed from the <br />City as to how much it owes the City. Ms. Riganti stated the Olive T.I.F. owed the <br />City approximately one million dollars. Mr. Crow asked Mr. Martin how this impacted <br />the closeout of the T.I.F. Mr. Martin said all of the assets transfer the Real Property <br />to the City to continue the redevelopment of these properties. Mr. Crow asked if the <br />T.I.F. had the assets of the properties now. Mr. Martin said yes; there were <br />approximately nine properties involved. <br /> <br />Ms. Ricci asked what the value of the nine owned properties was. Ms. Riganti stated <br />the T.I.F. properties would be approximately $935,000 and the four L.C.R.A. owned <br />properties would put it in access of one million dollars. <br /> <br />Mr. Kraft asked Mr. Martin what would happen if it were voted down. Mr. Martin said <br />it would put the City in a difficult legal position as to the ownership of the properties, <br />as the titles of the properties are in the T.I.F.’s or the L.C.R.A’s name. If you don’t <br /> <br />