Agenda - Council - 11/26/2013 - Laserfiche WebLink

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Our Assign: Ti work together to responsibly grow our conununity, and to provie quality, cost-effective, an efficient government services CC Regular Session Meeting Date: 11/26/2013 By: Diana Lund, Finance Information Title: Continuation of Public Hearing to Consider Tax Increment Financing (TIF) Plan Modifications to TIF District No. 2 6. 1. Purpose/Background: Purpose: The purpose of these modifications are to increase the budget to reflect actual increment collected to date and expected through the term of the district and restate the use of funds to bring it into conformance with Office of State Auditor (OSA) reporting requirements. The public hearing is continued from November 12, 2013. Tax Increment Financing (TIF) District No. 2 (Gateway District) in Development District No. 1 is a redevelopment district that was created in 1986. On December 31, 2013, this district will become decertified. As part of the decertification process, the final budget of the TIF plan needs to be amended to reflect actual tax increment received and offsetting expenditures. TIF District No. 2 was last modified in December of 2011. The modification is exclusive to the TIF District No. 2 budget only. Notification: 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 in the Anoka Union. When a TIF District is created or modified, the Planning Commission must review the plan or modification to determine if they are in compliance with the City's Comprehensive Plan. As there are no planned land use changes to the TIF district, only modifications to the budget, the Planning Commission adopted Resolution #13-11-186 at its meeting of November 7, 2013, finding that the modifications to TIF District No. 2 are in compliance with the City's Comprehensive Plan. Observations/Alternatives: Alternative #1 - Adopt Resolution #13-11-203 as presented. Alternative #2 - Do not adopt the resolution. Staff does not recommend this alternative. Under applicable Minnesota Statutes, TIF District No. 2 cannot be extended beyond December 31, 2013. The modifications to the Plan's budget are needed in order to accurately reflect the tax increment received and increment expended per statutory reporting requirements. Alternative #3 - Adopt Resolution #13-11-203 with amendments. Staff does not see a need to amend the proposed resolution as presented. Funding Source: TIF District No. 2 Recommendation: Adopt Resolution #13-11-203 adopt TIF Plan Modifications for TIF District No. 2. Action: Motion to Adopt Resolution #13-11-203 Adopting a Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 2. Attachments Modification Plan TIF No. 2 Res Adont Modification Plan TIF No 2