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CASE # <br /> <br /> CONSIDER AUTHORIZATION TO APPROVE <br />HOUSING TAX INCREMENT FINANCING SPECIAL LEGISLATION FOR <br />CRESTVIEW COMMUNITY SENIOR HOUSING <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />Crestview Community Senior Housing was successful in receiving special legislation during a <br />special session of the Minnesota State Legislature 2005 legislative session. The legislation <br />pertains to the property within the Town Center that Crestview Community Senior Housing has <br />under its control and is planning to build a senior housing campus on the site. The Crestview <br />Community Senior Housing project will require Tax Increment Financing (TIF) to go forward <br />with the project and the Town Center acreage is currently designated as a "Greenfield" under <br />Minnesota Tax Code. Greenfield designation means that the property is not eligible for TIF until <br />five years foliowifig the initiation of development of the subject property. The special legislation <br />that Crestview Community Senior Housing is able to receive allows the TIF to go forward. <br /> <br />A resolution has been prepared for consideration that would authorize the City to create a <br />Housing TIF District on the subject property. <br /> <br />Council Action: <br /> <br />Motion to adopt Resolution #06-02-XXX that would accept special legislation to create a <br />Housing Tax Increment Financing District. <br /> <br />Reviewed by: <br /> <br />City Administrator <br /> <br />CC: 02/14/06 <br /> <br />-267- <br /> <br /> <br />