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Presentation <br /> <br />City Administrator Norman stated that staff has been working with Advance Resources for <br />Development, Inc. to create the TIF Plan for TIF District No. 10. The plan is being created to <br />correlate with the Star Exhibits and Environments development on proposed Azurite Street and <br />Industry Avenue. Tax Increment will be used to fund public improvements, site improvements <br />and land acquisition. Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City <br />present its estimate of fiscal and economic implications of the proposed Tax Increment Financing <br />Plan to the School District and County at least 30 days before the scheduling of a public hearing. <br />The statutory requirements were fulfilled. Staff recommended that the Council approve the <br />creation of TIF District No. 10 and its Tax Increment Financing Plan. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Hendriksen, seconded by Councilmember Zimmerman, to close the <br />public hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Hendriksen, Zimmerman, <br />Anderson, and Kurak. Voting No: None. <br /> <br />The public hearing closed at 7:24 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:24 p.m. <br /> <br />Mr. Mulrooney noted that the District will encompass more than Star Exhibits and that it will <br />have an 11-year life with nine years of increment collected. <br /> <br />Motion by Councilmember Kurak, seconded by Councilmember Hendriksen, to adopt Resolution <br />#01-10-392 establishing Tax Increment Financing District No. 10 and approving its Tax <br />Increment Financing Plan. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Hendriksen, Anderson, <br />and Zimmerman. Voting No: None. <br /> <br />City Council/October 23, 2001 <br /> Page 9 of 24 <br /> <br /> <br />