Agenda - Council - 11/13/2001 - Laserfiche WebLink

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I I I I I I I I I ! I I ! Presentation City Administrator Norman stated that staff has been working with Advance Resources for Development, Inc. to create the TIF Plan for TIF District No. 10. The plan is being created to correlate with the Star Exhibits and Environments development on proposed Azurite Street and Industry Avenue. Tax Increment will be used to fund public improvements, site improvements and land acquisition. Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and economic implications of the proposed Tax Increment Financing Plan to the School District and County at least 30 days before the scheduling of a public hearing. The statutory requirements were fulfilled. Staff recommended that the Council approve the creation of TIF District No. 10 and its Tax Increment Financing Plan. Citizen Input )i?i¥:4~; Motion to by Councilmm~fH~n~'i.:~econded by Councilmember Zimmerman, to close Motion came& Voting Yes: M~ygr:~;!G~imec, Counmlmembers Hendnksen, Z~mmerman, Anderson, and Kurak. Voting No: N~e. Mayor Gamec called the re~lar C~ty Council mee~ng baa~? ord.:at 7:24 p.m. Mr. Mulrooney noted that the District will encompass more than ~¢-E~bits and that it will have an 11-year hfe wxth rune years of ~ncrement collected. Motion by Councilmember Kurak, seconded by Councilme~er Henddksen, to adopt Resolution ~01-10- establishing Tax In~ement Financ~g Dis~ct No. 10 ~d approv~g its T~ Increment Financing Plan· Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Hendriksen, Anderson, and Zimmerman. Voting No: None. Case #5: Public Hearing to Consider Execution of Business Subsidy Agreement with Twinkle Twinkle, LLC. DBA Star Exhibits and Environments City Council/October 23, 2001 Page 9 of 24 -49-