Agenda - Council - 09/12/1995 - Laserfiche WebLink

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correction, landscaping, fencing, security lighting, site grading, streets, a well, a water storage facility, extension of water and sanitary sewer to an area designated for industrial use and to an area designated for residential use, street, sewer and water improvements along Front Street and within TIF District No. 2, and park improvements. The extension of public facilities and site improvements will include the area to be comprised of the Sunfish Square Addition and the area identified as the Anoka Electric Cooperative site. G. Proposed Reuse of Property. Acquisition of private property within Development District No. 1 is contemplated for right-of-way pm'poses in connection with Front Street improvements within TIF District No. 4, and in connection with street and utility improvements within TIF District No. 2. The City will aisc be extending City services and providing for the construction of roadways to serve the development in TIF District No. 6. Proposals for the use of property acquired by the City must be consistent with Development Program objectives and be financially feasible. Prior to acquisition of any property for reuse by a private developer, the City Council will require a development contract and other guarantees to ensure that sufficient .tax increment or other funds will be available to repay the cost associated with the proposed acquisition. It is the intent of the City to negotiate for the acquisition of property whenever possible, but the City will use its powers of eminent domain to acquire property if required. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporated into any development contract to which the City is a party. H. Development District Financing. Within Development District No. 1, the City has created TIF District No. 1, TIF District No. 2, TIF District No. 4, TIF District No. 5, and TIF District No. 6. The City may create additional TIF Districts to finance development activities within the Development District Water and sewer, water tower and well costs which have been, or will be, incurred in TIF District No. 2, as well as the cost of site improvements within TIF District No. 2, will be paid through the pledge of tax increment from TIF District Nos. 1 and 2. In addition, users will be charged for connecting to the system and will pay usual fees and. charges associated with usage. Site and park improvements in TI2F District No. 1 will be paid through tax increment and, in the case of Flintwood Hills, through special assessments. Commercial site improvements within TIF District No. 4 will be paid through tax increment. Front Street improvement costs will be paid through tax increment, special assessments, storm water district taxes, and grant monies. Utility costs within TIF District No. 5 will be paid through tax increment and special assessments. Commemial site improvements and street and utility construction within TIF District No. 2 wili be paid through tax increment. Utility and street construction costs within TIF District No. 2 will be paid by tax increment and special assessment funds. The utility extension costs for the Anoka Electric Cooperative site will be paid by increment :from any combination of TIF Districts No. 1, 2, 4, and 6, and by special assessments. In :addition, users will be charged for connecting to the system and will pay usual fees and charges Printed 8/11/95 Page 6 Draft I I [ I I I I I I I I ] I I I I