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MODIFICATION AND EXPANSION OF DEVELOPMENT <br /> DISTRICT NO. 1 TO INCLUDE <br /> ANOKA ELECTRIC COOPERATIVE <br /> By: Ryan Schroeder, City Administrator <br /> an~ James Gromberg, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City has reviewed the possible creation or expansion of a current Tax Increment District to <br />include the new ,gnoka Electric Cooperative (AEC) facility. The City staff, with assistance from <br />the City's bond cc[unsel, has determined that it will be more economical to expand the development <br />district. With t~ expansion of the development district, the City will not incur any funding <br />penalties, but it ~ill not acquire any additional increment for the district. The City, county, and <br />school district all ~;hare in the increased taxes generated by this facility currently estimated in excess <br />of $300,000. ~he City will be able to expend Tax Increment Funds for infrastructure <br />improvements in ~e entire area of the development district. <br /> <br />Enclosed for yourcreview are the following documents: <br /> · Public Hearing notice <br /> <br /> · Mrbdified Development Plan for Development District No. 1 and Tax Increment <br /> DiStrict No. 1 <br /> <br />CASE # <br /> <br />M6dified Development Plan for Development District No. 1 and Tax Increment <br />Di~rtrict No. 2 <br /> <br />Mddified Development Plan for Development District No. 1 and Tax Increment <br />DiStrict No. 4 <br /> <br /> Re~olution approving modification of Development District No. 1 and Tax <br /> Inct'ement District No. 1 <br /> <br />· Re~olution approving modification of Development District No. 1 and Tax <br /> Inc~ement District No. 2 <br /> <br /> · ReS~olution approving modification of Development District No. 1 and Tax <br /> Incf~ment District No. 4 <br /> [ <br />Recommendatioh: <br /> <br />The staff recommends that the City Council approve the attached resolutions modifying and <br />expanding Develol~ment District No. 1. <br /> <br />Council Action: <br /> <br />Motion to adopt R~olution ~4-12-XX approving the expansion and m~ification of Development <br />DisMct No. 1 and Tax Increment Financing District No. 1. <br /> <br />- and - <br /> <br /> <br />