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Regular Planning Commission <br />Meeting Date: 05/01/2014 <br />By: Tim Gladhill, Community Development <br />Information <br />5. 5. <br />Title: <br />Adopt Resolution of Comprehensive Plan Compliance for Tax Increment Finance District No. 14 Modification <br />Purpose /Background: <br />The Tax Incrememnt Financing Plan for Tax Increment Financing District No. 14 is being modified to remove <br />parcels from the TIF District, update the budget to reflect current OSA TIF reporting and to update the TIF District <br />parcel list due to replatting of some parcels. Details and purpose of the TIF Modification are included in the <br />attached TIF Modification document. <br />When a TIF District is created or modified, the Planning Commission shall review the plan or modification to <br />determine if they are in compliance with the City's Comprehensive Plan. The proposed TIF Modification does not <br />change planned land use, and therefore appears to conform to the City's Comprehensive Plan. <br />A more detailed background of Tax Increment Financing can be found in the attached memo from the League of <br />Minnesota Cities. <br />Notification: <br />No notification is required. <br />Observations /Alternatives: <br />Alternative #1 — Adopt resolution as presented. The proposed TIF Modification appears to be in line with the City's <br />Comprehensive Plan as it relates to land use. This modification will allow the TIF District to be modified to reduce <br />the size of the district /remove parcels from the district. Funds collected from parcels being removed from the district <br />will now follow the standard property tax distribution to Anoka County, Anoka - Hennepin School District and the <br />City of Ramsey. <br />Alternative #2 — Do not adopt the resolution. Staff does not recommend this alternative. Based on the intended use <br />of TIF funds from the District, the parcels proposed for removal are not necessary to remain in the district. <br />Alternative #3 — Adopt the resolution with amendments. Staff does not see a need to amend the proposed resolution <br />as presented. <br />Funding Source: <br />Preparation of the resolution is being handled as part of normal Staff duties. <br />Recommendation: <br />Staff recommends that the Planning Commission adopt Resolution #14-05-078 finding that a modification to the <br />Development Program for Development District No. 1 and a modification to the Tax Increment Financing District <br />No. 14 conform to the general plans for the development and redevelopment of the City. <br />Action: <br />