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CC Work Session <br />Date: 12/14/2010 <br />By: Heidi Nelson <br />Administrative Services <br />Item #: 2. 1. <br />Information <br />Title: <br />Consider Fiscal Disparity Election for new TIF District 14 (COR) <br />Background: <br />As Council will recall, the draft TIF plan for the new district was presented to the City Council on October 26th <br />work session. There was significant discussion regarding the election of whether to pay fiscal disparities within or <br />outside the new district. Springsted presented information at a subsequent work session regarding fiscal disparities <br />on November 23rd. The new TIF District Plan is on the regular agenda this evening for adoption, with the <br />adoption, an election will need to be made regarding the payment of fiscal disparities. The preparation of the case <br />for establishing the new TIF District reflects the election to pay the fiscal disparities outside the district for the <br />purposes of representing the greatest impact for the public hearing with the option of the City Council to change <br />that election prior to formal adoption. <br />Notification: <br />Notice for the Public Hearing for establishing the new TIF District was published on December 3rd for the <br />December 14th hearing. <br />Observations: <br />Please refer to the powerpoint that was presented at the November 23, 2010 meeting. <br />Recommendation: <br />Discuss fiscal disparity election for new TIF District. <br />Funding Source: <br />The TIF district plan preparation was funded by the HRA. <br />Council Action: <br />Direct staff regarding the fiscal disparty election for the new TIF district. <br />Fiscal Impact <br />Budgeted Y /N: N <br />Budgeted Year: 2010 <br />Fund: HRA <br />Funding: <br />The TIF district plan preparation was funded by the HRA. <br />Attachments <br />Comparison Chart for FD in or out of district <br />