06/17/86 Special Meeting - Laserfiche WebLink

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CASE #8: MODIFICATIOB OF DEVELOPKEB'! PIlOGlWI ABD TAX IHCREKEllT FIBABCIHG PLAII By: Anne Horris, Community Development Director Background: As you know, the City Council is considering extending sanitary sewer and municipal water to a portion of the City's industrial area. In addition, the City Council is considering using tax increment financing for some portion of these costs. In order to use tax increment financing, the City's development program and tax increment financing plan for the existing districts needs to be modified to reflect this project. The modifications will include: 1) expanding the development district to make the boundaries of the existing district more contiguous; 2) expanding the tax increment financing district to capture the increment on those properties that would be served by utilities in the industrial area; and 3) the addition of site improvements in the district as eligible expenses. A copy of the draft modified development program and tax increment financing plan will be available at the meeting. Observations: According to State law, the Planning and Zoning Commission have to review the proposed modifications to the development program and tax increment financing plan to determine that the areas and projects are consistent with the City's land use policies. Ilec01llllendation: As the proposed modifications are consistent with the City's land use plans and policies, Staff recommends approval of the modifications to the development program and tax increment financing plan. C01IIIIission Action: Motion to: Adopt Resolution 186-__ approving the modification of the development program and tax increment financing plan for the existing districts. Review Checklist: Administrator Attorney Engineer Comm. Deve1. Director x Chief of Police Finance Officer Public Works Super. Bond Counsel --L..