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I~ CASE <br /> MODIFY I~EVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT <br />I NO. 1; ~MODIFY TAX INCREMENT FINANCING PLAN FOR TIF <br /> : DISTRICT NO. 2 <br /> <br /> By: Ryan Schroeder, City Administrator and <br /> James Gromberg, Project Manager <br /> <br />Background: <br /> <br />As many of you are aware, the City has received a proposed subdivision for the property <br />located at the ~omer of County Road #116 (Industry Avenue N.W.) and County Road #57 <br />(Sunfish Lak~Boulevard N.W.). This proposed subdivision (Sunfish Square) will include <br />single family, ~nulfi-family and commercial property. Currently located on this property is <br />a commercial [acility that will need to be removed, including the removal of debris resulting <br />from previousicommercial uses of this site. <br /> <br />The City is p/~oposing to provide the developer with $52,040.00 in credit toward utility <br />trunk assessmpnt charges. These charges would then be paid from the Tax Increment <br />funds for District No. 2. The City is requesting the ability to also provide for the funding <br />of $1.3 milliot~ in utility system improvements for the entire development district. <br /> <br />The projecte~eash flow for this project is illuslxated on Exhibit B of the Modified Tax <br />Increment Finimeing Plan, Tax Increment District No. 2. This cash flow is intended to be <br />very conserva~ve in nature and makes the following assumptions: <br /> <br /> · : Vacant lot value - $26,000 <br /> · i Total home and lot value - $126,000 <br /> · i Total lots available - 68 <br /> · i No commercial or multi-family development <br /> · ~ 25 percent of the single family lots will never be developed <br /> · . No taxes generated from multi-family or commercial zoned property. <br /> <br />Based upon th~s criteria, it is estimated that approximately $1,688,183 in increment will be <br />generated duri~ g the duration of this district. <br /> <br />For your infon~, afion, the following information has been included: <br /> <br /> · iProposed Modified Development Program Development District No. I and <br /> !Modified Tax Increment Financing District No. 2. <br /> · iResponse from Anoka County Board of Commissioners <br /> · iPublic Hearing Notice <br /> <br />Recommendation: <br /> <br />Motion to ad°~t Resolution g94-03-. <br />Program Development District No. <br />Increment Fin ~ancing District No. 2. <br /> <br />Reviewed by: <br /> <br />approving modifications to Modified Development <br />1; Modified Tax Increment Financing Plan, Tax <br /> <br />City Administrator <br />Project Managg <br />Finance Office <br /> <br />CC: 03/08/94 <br /> <br /> <br />