Agenda - Council - 03/29/1988 - Special

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March 29, 1988 TO: Mayor and City Council FROM: Anne Norris, Community Development Director RE: Additions to Agenda At the suggestion of Mr. Ron Batty, Bond Counsel, please consider the addition of the following cases to the agenda for the March 29, 1988 Council meeting. ADOPT RESOLUTION MDDIFYING DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 2 Background: In January 1987, the Council directed Staff to prepare modifications to the City's tax incr~nent financing documents. In February 1987, the Council conducted a public hearing on amending Development District No. 1 and establishing Tax Increment Financing District No. 2 to include the Altron property. However, the Council never adopted a resolution approving these modifications. Due to concerns regarding pending legislation, Ron Batty, Bond Counsel, has recommended that a resolution approving these modifications be adopted at this time. For your information, attached are the following items: a. Map showing modified boundaries of Development District No. 1 b. Map showing Tax Increment Financing District No. 2 c. Proposed resolution modifying Development District No. 1 and establishing Tax Increment Financing District No. 2 Recommendation: Motion to: Adopt Resolution #88-__ modifying Development District No. 1 and establishing Tax Increment Financing District No. 2. ADOPT RESOLUTIONMODIFYINGDEVELOPMENTDISTRICTNO. 1 AND ESTABLISHING TAX INCREMENT FINANCINGDISTRICT NO. 4 Background: In July 1987, the City Council directed Staff to prepare documents modifying Development District No. 1 and establishing Tax Increment Financing District No. 4. Tax Increment Financing District No. 4 includes that property abutting the proposed alignment for the Front Street improvement project. The Council held a public hearing on these modifications in August 1987.