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<br />Case #~ <br /> <br />PUBLIC HEARING: <br />Adoption ofTIF Plan Modifications for TIF Districts No.1, 2 and 4 <br /> <br />By: Sean M. Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />TIF Districts 1, 2 and 4 are redevelopment districts that were created prior to 1990. Significant development <br />and redevelopment activity has occurred within these districts and has resulted in an increase of approximately <br />$3,354,846 of tax capacity. More activity is planned within Development District No.1 and the budgets for the <br />aforementioned districts need to be modified to account for this. The Anoka County Board of Commissioners <br />and School District No. 11 has been notified of the hearing as required by the State of Minnesota, and has had <br />time to comment prior to the hearing. No comments have been received from either entity. It is required by the <br />State of Minnesota to hold a public hearing for comment whenever modifications are proposed to a Tax <br />Increment Financing District and it was properly noticed on November 27tl1, 2009. This is a time allowed for <br />the public to comment on the proposed amendments. <br /> <br />Funding Source: TIF Districts 1, 2 and 4 <br /> <br />Recommendation: <br /> <br />Adopt Resolution 09-12-_ to adopt TIF Plan Modifications for TIF District Nos. 1,2 and 4. <br /> <br />Action: <br /> <br />Motionto adopt Resolution 09-12-_ to TIF Plan Modifications for TIF District Nos. 1,2 and 4. <br /> <br />Reviewed By: <br />City Administrator <br />Deputy City Administrator / Director of Community Development <br /> <br />i6LD <br /> <br />Atttachments: <br />Resolution 09-12- <br />Modification to the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1,2 and 4 <br /> <br />CC: 12.08.09 <br />