12-02-2020 Council Packet - Laserfiche WebLink

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Little Canada Economic Development Authority Modification to the TIF Plan for Tax Increment Financing District No. 3-3 5 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the EDA or City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The EDA or City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. Description of Property in the District and Property to be Acquired The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the parcels listed below. Please also see the map in Appendix A for further information on the location of the District. The EDA or City may acquire any parcel within the District including interior and adjacent street rights of way. Any properties identified for acquisition will be acquired by the EDA or City only in order to accomplish one or more of the following: storm sewer improvements; provide land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to accomplish the uses and objectives set forth in this plan. The EDA or City may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition and related costs. Classification of the District The EDA and City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1794, as amended, inclusive, find that the District, to be established, is a housing district pursuant to M.S., Section 469.174, Subd. 11 and M.S., Section 469.1761. $ The District consists of six parcels. $ The development consists of 113 units of multi-family rental housing. $ 20% of the units will be occupied by person with incomes less than 50% of median income or 40% of the units will be occupied by person with incomes less than 60% of median income $ No more that 20 percent of the square footage of the building that is receiving assistance from tax increment consists of commercial, retail or other non-residential uses. Parcel number Address Owner 06.29.22.23.0030 2876 Market Place Dr Garden Terrace Commons Sr. Housing 06.29.22.31.0062 2880 Market Place Dr Garden Terrace Commons Sr. Housing 06.29.22.31.0063 2874 Market Place Dr CBC 202 Ltd. Partnership 06.29.22.32.0034 2800 Rice Street Lodge Apts. @ Little Canada 06.29.22.32.0069 0 Manitoba Ln The Villas @ Little Canada 06.29.22.32.0070 0 Manitoba Ln Lodge @ Little Canada