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CASE #2 <br /> <br />PROPOSED MODIFICATION OF TAX INCREMENT FINANCING DISTRICT <br />NO. 2 FOR THE SUNFISH SQUARE DEVELOPMENT <br /> By: James Gromberg, Project Manager <br /> <br />Background: <br /> <br />The City has recei~/ed a proposal for development at the comer of Sunfish Lake Boulevard N.W. <br />and Industry Ave ~n~e N.W. The proposed subdivision will be called sunfish Square and would <br />include single family lots, multi-family lots and limited commercial development. <br /> <br />During the development of this site, the developer will be required to remove the existing building <br />and do site work including remediation of the current use. The developer is requesting TIF <br />assistance for the ~moval of the building and site clean-up. The City is proposing to modify the <br />current financing plan for this district to allow for expenditure of these funds. <br /> <br />The City Councill will be conducting a public hearing on March 3, 1994, on the proposed <br />modifications. E~closed for your review is a copy of the proposed modified plan. The areas of <br />special interest wo~ld be Sections Q, T, V, Z and Exhibit 2. <br /> <br />Commission Action: <br /> <br />Motion to recom,mend that the City Council approve the proposed modifications to the Tax <br />Increment Financing Plan for TIF District No. 2. <br /> <br />Reviewed by: <br /> <br />Project Manager <br /> <br />EDC:03/03/94 <br /> <br />3 <br /> <br /> <br />