Agenda - Council - 12/13/2011 - Laserfiche WebLink

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CC Regular Session Meeting Date: 12/13/2011 By: Aaron Backman, Administrative Services Information Title: Public Hearing to Consider Tax Increment Financing Plan Modifications to TIF Districts 1 & 2 6.2. Background: Tax Increment Financing (TIF) Districts No. 1 (also known as Rivers Bend District) and No. 2 (Gateway District) are redevelopment districts that were created in 1985 and 1986 respectively. Both are nearing the end of their respective terms --one will be expiring on December 31, 2011 and the other will be expiring at the end of 2013. TIF Districts 1 and 2 were last modified in December of 2009 to increase the budgetary authority for the use of the TIF to be collected by the City. Since that time, it is estimated that the districts will generate additional increment above what was authorized in the modifications in 2009. In order for the City to capture these TIF funds for use on various infrastructure and other projects, the City needs to modify the budgets accordingly. Observations: The purpose of these modifications are to increase the budget to reflect actual increment collected to date and expected through the term of the districts, restate the use of funds and to bring it into conformance with Office of State Auditor (OSA) requirements. The City expects to achieve the objectives of providing assistance including, but not limited to: Acquisition of a right-of-way easements and construction of a rail stop, acquisition of land for a municipal parking ramp, acquisition, relocation, rehabilitation, demolition, construction, utilities, roadways, streets, sidewalks, public improvement costs, site improvement/preparation costs, and other qualifying improvements in order to continue development and redevelopment of blighted, foreclosed and underdeveloped property in the City and Development District No. 1. The Anoka County Board of Commissioners and School District No. 11 have been notified of the hearing as required by the State of Minnesota, and have had time to comment prior to the hearing. No comments have been received from either entity. It is required by the State of Minnesota to hold a public hearing for comment whenever modifications are proposed to a Tax Increment Financing District and it was properly noticed on December 2, 2011. This is the time allowed for the public to comment on the proposed amendments. Recommendation: Adopt Resolution 11-12- to adopt TIF Plan Modifications for TIF District Nos. 1 and 2. Funding Source: TIF Districts 1 & 2. Council Action: Motion to adopt Resolution 11-12- to modify Tax Increment Financing (TIF) Plans for TIF Districts 1 and 2. Attachments Revised Dev. Program for Development District 1 TIF Districts 1 & 2 Map TIF Plan Mod. for TIF District 1