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10 l~tnutes <br /> <br /> T~X I~I~E~ENT ~ DIST~ICTS~ <br /> <br />~ne Norris, __C~ _?aity Development Director <br /> <br />Backg£ound~ <br /> <br />Mr. l~bert ~nller is requesting that the City consider establishing a tax <br />increment district which wo~ld include his property located south of 167th <br />Avenue 1~, west of St. Francis Blvd. ~W. This property is located in the RB <br />Rural Business District° Mr~ Muller has stated that the City could capture the <br />increased taxes that would result frc~ his proposed develol~nent on that <br />property. Mr. F~ller is proposing to construct a strip commercial center on <br />the lxoperty (construction costs are estimated at $650,000). In addition, due <br />to soil corrections necessary on the site, Mr. Muller is requesting City <br />participation in the amount ~ $131,000 in the development of that property. <br /> <br />Mr. Fuller's request would i~m'olve establishing another development district <br />and develou~ent progr~ and tax increment financing district and financing <br />plan. Establishing these di~-tricts is a rather len~ process and would take <br />a ~ of 60 days. <br /> <br />Enclosed are the foll~.~g J te~s for your information: <br /> <br />a) Site location map <br />b) City's policy on t~x 5. ncrement financing requests <br />c) Letter requesting Cit~ participation <br />d) Propounded site_ plan <br /> <br />Observations: <br /> <br />The Plannin~ and ZonJ. ng and Economic Development Commissions reviewed Mr. <br />F~ller's request and r~nded that the City proceed with establishing the <br />districts. In addition, they recommended that all the commercial area <br />adjacent to Mr.~ Fnller's pr,,perty be included in the development district. <br /> <br />Mr. Muller's p£operty is l~ated outside cf the Urban Area where the existing <br />develolm~nt district and ta~: increment districts are located. As the City's <br />policy has bee~ to encourage commercial develol~nent in the Urban Area, the new <br />district should be limited in size to r~ain consistent with this policy. <br /> <br />Council. A~ion: <br /> <br />Motion to:: <br />Adopt Resolution 987~_ _ ~m~thorizing Staff to draft necessary documents to <br />create additional deve]ou.ent and tax increment financing districts and <br />setting a public hearirg to consider these districts for May 12, 1987. <br /> <br /> <br />