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Minutes of the Regular Meeting of Council <br />Monday, September 25, 2017 <br />Page 19 <br />Motion to extend the TIF for 700 Beta Drive for property tax year 2017. (Finance <br />Departinent) <br />Mrs. Mills, seconded by Mr. Marrie, made a motion to extend the TIF for 700 Beta Drive for <br />property tax year 2017. (Finance Department) <br />Council President Saponaro asked, any discussion? <br />Mr. Wynne reported, collections on this TIF were approxiinately $83,000. <br />I also wanted to mention, all of the TIF monies when we receive them go into our Debt <br />Retirement Fund to pay principal and interest on the debt we had to incur when these projects <br />took place. <br />Council President Saponaro stated, thank you. Also, this particular one is for the Hilton Garden <br />Inn? <br />Mr. Wynne replied, correct. <br />Mr. Jerome stated, I had one question. Are any of these TIF's coming to an end soon? The <br />Heinen's one, there's not that much left. <br />Mr. Wynne replied, when you say there's not inuch left, it's about $4,000 every year. Each TIF <br />agreement is for 30 years. They will continue for a maximum of 30, but could end sooner if the <br />money we get in pays off the debt. <br />Mr. Jerome asked, so the Heinen's one could stay at that $4,000? It could go up or down? <br />Mr. Wynne replied, if the property value stays the same, the TIF money will stay the same. <br />Mr. Jerome stated, right, but you said this is no different than the other ones. Even though it is a <br />small amount, it still is 301ike the rest of them? <br />Mr. Wynne replied, correct. <br />Mr. Jerome stated, okay. Thank you. <br />Roll Call: AYES: All Motion Carried . <br />NAYS: None 700 Beta Drive TIF Extended for <br />Property Tax Year 2017 <br />