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<br />CASE #2: <br /> <br />REQUEST FOR TAX INCREMENT FINANCING PARTICIPATION BY CITY; <br />CASE OF MR.. RICK FOSTER AND MR.. GEORGE CARLSON <br />By: Community Development Director Anne Norris <br /> <br />Background: <br /> <br />Mr. Rick Foster and Mr. George Carlson are requesting that the City <br />participate with tax increment funding in their proposed apartment project <br />to be located on Lot 2) Block 1) Oxbow Addition. The apartment project is <br />proposed to consist of 32 market rate rental units. Mr. Foster and Mr. <br />Carlson are asking that the City use tax increment financing for site <br />improvements for the project. This project is currently located within Tax <br />Increment Financing District No.1 in Development District No.1. <br /> <br />Enclosed for your information are the following: <br /> <br />a) Site location map <br />b) Proposed site plan <br /> <br />Mr. Carlson and Mr. Foster will be at the meeting to review their request <br />with the Commission. <br /> <br />Observations: <br /> <br />As you recall) the City's policy regarding tax increment financing includes <br />the Economic Development Commission review of all requests with respect to <br />the following: <br /> <br />a) Will the request lead to an increase in full-time permanent <br />employment opportunities in the City? <br />b) Will the request allow for the expansion or retention of an <br />existing local business? <br />c) Will the request lead to the development of certain public <br />improvements which will in turn attract additional future <br />private development? <br />d) Will the request encourage/assist future development in the area? <br />e) Will the request increase the tax base of the City? <br /> <br />Recommendation: <br /> <br />Commission Action: <br /> <br />Motion to: <br />Recommend approval/denial of the request by Mr. Rick Foster and Mr. <br />George Carlson for City participation in the proposed apartment <br />project. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director -K- <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br />~ <br />