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CC Regular Session <br />Meeting Date: 09/24/2013 <br />By: Diana Lund, Finance <br />Information <br />4. 13. <br />Title <br />Resolution #13-09-138 Calling for a Public Hearing on the Proposed Adoption of a Modification to the <br />Development Program for Development District No.1 and the Proposed Adoption of the Modification to the Tax <br />Increment Financing Plan for Tax Increment Financing District No. 2 <br />Background: <br />Tax Increment Financing (TIF) District No. 2 (also known as the Gateway District) is a redevelopment district <br />within Development District No. 1 that was created in 1986. The district is scheduled to decertify December 31, <br />2013. TIF District No. 2 was last modified in December of 2011 to increase the budgetary authority for the use of <br />the TIF to be collected by the City. Since that time, it is estimated that the district will generate additional increment <br />above what was authorized in the modification of 2011. In order for the City to capture these TIF funds for use on <br />various infrastructure (Rail stop) and other improvements (Sunwood Drive Realignment), the City to needs to <br />modify the budgets accordingly. <br />Observations: <br />The purpose of these modifications are to increase the budget to reflect actual increment collected to date and <br />expected through the term of the district, restate the use of funds and to bring it into conformance with Office of <br />State Auditor (OSA) requirements. <br />The Anoka County Board of Commissioners and School District No. 11 will be notified of the hearing as required <br />by the State of Minnesota, and will have time to comment prior to the hearing. It is required by the State of <br />Minnesota to hold a public hearing for comment whenever modifications are proposed to a Tax Increment <br />Financing District. <br />Recommendation: <br />Adopt Resolution #13-09-168 Calling for a Public Hearing related to Plan Modification for TIF District No. 2. <br />Funding Source: <br />TIF District #2 <br />Action: <br />Motion to adopt Resolution #13-09-168 Calling for a Public Hearing in Regards to the Modification of Tax <br />Increment District No. 2. <br />Attachments <br />Resolution Calling For Public Hearing For Modification of TIF #2 <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 09/19/2013 03:55 PM <br />Form Started By: Diana Lund Started On: 09/19/2013 10:55 AM <br />Final Approval Date: 09/19/2013 <br />