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Minutes of the Regular Meeting of Council <br />Monday, September 19, 2016 <br />Page 12 <br />Council President Saponaro asked, any discussion? Ron, for the audience sake, if you could <br />explain quickly what we are doing here? <br />Mr. Wynne replied, sure. We have 5 in place. They were put in place when the construction <br />projects on these properties happened. What those agreements allow us to do is take the <br />increased tax value of those properties and the tax money that they pay on it comes to us to allow <br />us to pay down on the debt we had to incur to help make their projects happen. We get about $1 <br />million from these 5 TIFs. It all goes into our Debt Retirement Fund to help pay the principal <br />and interest on our debt. <br />Council President Saponaro stated, thank you Ron, appreciate that. Any other cormnents? <br />There were none. <br />Roll Call: AYES: All Motion Carried <br />NAYS: None TIF Extended for <br />Property Tax Year 2016 <br />• Motion to extend the TIF for Skoda Minotti properties for property tax year 2016. <br />Mrs. Mills, seconded by Mr. Jerome, made a motion to extend the TIF for Skoda Minotti <br />properties for property tax year 2016. <br />Council President Saponaro asked, any discussion? <br />There was none. <br />Roll Call: AYES: All Motion Carried <br />NAYS: None TIF Extended for <br />Property Tax Year 2016 <br />• Motion to extend the TIF for Heinen's for property tax year 2016. <br />Mrs. Mills, seconded by Mr. Marrie, made a motion to extend the TIF for Heinen's for property <br />tax year 2016. <br />Council President Saponaro asked, any discussion? <br />There was none. <br />Roll Call: AYES: All Motion Carried <br />NAYS: None TIF Extended for <br />Property Tax Year 2016 <br />