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CC Work Session <br />Date: 11/23/2010 <br />By: Heidi Nelson <br />Administrative Services <br />Item #: 2. 1. <br />Information <br />Title: <br />Review Fiscal Disparties and Fiscal Disparity Election for New COR TIF District <br />Background: <br />At the October 26th City Council worksession, representatives from Springsted presented the draft Tax Increment <br />Financing (TIF) Plan for the new COR TIF District. The public hearing for the new district is scheduled to occur at <br />the regular meeting of December 14, 2010. During the presentation of the draft plan for the new district, there was <br />considerable discussion regarding fiscal disparities and the election of whether fiscal disparities will be paid from <br />within or outside the new district. Representatives of Springsted will be present for the worksession to discuss <br />fiscal disparities in general as well as the election of fiscal disparties to be paid within or outside the new district. <br />Staff has made our legislative representatives aware of this discussion and they have been invited to attend this <br />portion of the worksession as this may be a legislative issue to pursue in the 2011 session. <br />Staff has attached the materials reviewed at the October 26th worksession for Council reference. <br />Notification: <br />No notification is required for this action. <br />Recommendation: <br />Following review of fiscal disparities and the election for the new district, direct staff with regard to paying fiscal <br />disparities from within or outside the district for the new COR district in preparation for the December 14th public <br />hearing for the new district. <br />Council Action: <br />Following review of fiscal disparities and the election for the new district, direct staff with regard to paying fiscal <br />disparities from within or outside the district for the new COR district in preparation for the December 14th public <br />hearing for the new district. <br />Fiscal Impact <br />Budgeted Y /N: N <br />Budgeted Year: <br />Fund: <br />Funding: <br />Consideration of impacts to tax rates for other commercial properties of paying fiscal disparities within or outside <br />the district. <br />Attachments <br />