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SECTION Ill -TAX INCREMENT FINANCING PLAN <br />FOR TAX INCREMENT FINANCING DISTRICT NO. 3-3 <br />Subsection 3-1. Foreword <br />The Economic Development Authority of the City of Little Canada (the "EDA"), the City of Little Canada <br />(the "City"), staff and consultants have prepared the following information to expedite the establishment of <br />Tax Increment Financing DistrictNo. 33 ("the District"), a housing tax increment financing district, located <br />in Redevelopment Project Area No. I. <br />Subsection 3-2. Statutory Authority <br />Within the City, there exist areas where public involvement is necessary to cause development or <br />redevelopmentto occur. To this end, the EDA and City have certain statutory powers pursuant to Minnesota <br />Statutes ("MS'), Sections 469.090 to 469.1082, inclusive, as amended, and MS., Sections 469.174 to <br />469.179, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing <br />public costs related to this project. <br />This Section contains the Tax Increment Financing Plan (The "TIF Plan") for Tax fi3m•ement Financing <br />DistrictNo. 3-3. Other relevant information is contained in the Modification to the RedevelopmentPlan for <br />Redevelopment Project Area No. 1. <br />Subsection 3-3. Statement of Objectives <br />The District currently consists of four parcels of land and adjacent and internal rights-of--way. The District <br />is being created to facilitate the construction of an approximately 35-unit multi-family residential rental <br />senior housing addition to the existing senior housing facility lu3own as "Garden Terrace" designed for <br />persons or families of ]ow and moderate income and an approximately 78-unit multi-family residential rental <br />senior housing facility (mown here as "Village Square at Little Canada" designed for persons or families of <br />low and moderate income over approximately 14,000 square feet of commercial/retail space. Contracts for <br />this have not been entered into at the time of preparation of this Plan, but development is likely to occur in <br />2003. This TIF Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for <br />Redevelopment Project Area No. 1. <br />The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude <br />the undertaking ofother qualified development or redevelopment activities. 'T'hese activities are anticipated <br />to occur over the life of Redevelopment Project Area No. 1 and the District. <br />Subsection 3-4. Redevelopment Plan Overview <br />1. Property to be Acquired -Selected property located within the District may be acquired by <br />the EDA or Ciry and is further described in this Plan. <br />2. Relocation -Relocation services, to the extent required by law, are available pursuant to <br />MS., Chapter 117 and other relevant state and federal laws. <br />3. Upon approval of a developer's plan relating to the project and completion ofthe necessary <br />legal requirements, the EDA or City may sell to a developer selected properties that it may <br />acquire within the District or may ]ease land or facilities to a developer. <br />Lconoinic DevelopmentAmhority of tLe Ciry of Little Canada Taxlncremem PinancinS Plan for'rax Ltcrement Pinmwing District No.3-3 3-I <br />