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Section 1 - Tax Increment Financing Plan <br />-for Tax Increment Financing District No. 7-1 <br />Subsection 1-1. Foreword <br />The City of Little Canada (the "City"), staff and consultants have prepared the following information to <br />expedite the establishment of Tax Increment Financing District No. 7-1 (the "District"), a scattered-site <br />redevelopment tax increment financing district, located in Development District No. 7. <br />Subsection 1-2. Statutory Authority <br />Within the City, there exist areas where public involvement is necessary to cause development or <br />redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes <br />("M.S."), Sections 469.124 to 469.133, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, <br />inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs <br />related to this project. <br />This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant <br />information is contained in the Modification to the Development Program for Development District No. 7. <br />Subsection 1-3. Statement of Objectives <br />The District currently consists of nine parcels of land and adjacent and internal rights-of-way. The District <br />is being created to facilitate the construction of 32 units of senior assisted-living apartments with additional <br />development in the City. Please see Appendix A for further District information. The City has assigned its <br />rights ina purchase agreement with the developer of the senior assisted-living apartment complex as <br />development is likely to occur in 2018. This TIF Plan is expected to achieve many of the objectives outlined <br />in the Development Program for Development District No. 7. <br />The activities contemplated in the Modification to the Development Program and the TIF Plan do not <br />preclude the undertaking of other qualified development or redevelopment activities. These activities are <br />anticipated to occur over the life of Development District No. 7 and the District. <br />Subsection 1-4. Development Program Overview <br />1. Property to be Acquired - Selected property located within the District may be acquired by <br />the City and is further described in this TIF Plan. <br />2. Relocation - Relocation services, to the extent required by law, are available pursuant to <br />M.S., Chapter 117 and other relevant state and federal laws. <br />3. Upon approval of a developer's plan relating to the project and completion of the necessary <br />legal requirements, the City may sell to a developer selected properties that it may acquire <br />within the District or may lease land or facilities to a developer. <br />4. The City may perform or provide for some or all necessary acquisition, construction, <br />relocation, demolition, and required utilities and public street work within the District. <br />City of Little Canada <br />Tax Increment Financing Plan for Tax Increment Financing District No. 7-1 1-1