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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Chris Heineman, City Administrator <br /> Brenda Malinowski, Finance Director <br /> <br />DATE: December 2, 2020 <br /> <br />RE: Modification of the Redevelopment Plan for Redevelopment Project Area No. 1 and the <br />Proposed Modification of Tax Increment Financing District No. 3-3. <br /> <br />ACTION TO BE CONSIDERED: <br />The City Council is asked to conduct a public hearing and receive comment related to the proposed <br />modification of Tax Increment Financing District No. 3-3 and the proposed modifications to the <br />Redevelopment Plan for Redevelopment Project Area No. 1. <br /> <br />BACKGROUND: <br />Based on the 2019 TIF Report for TIF District 3-3 from Ehlers, it was determined that there was a need <br />to increase the budget in the TIF Plan by the end of 2021 to allow for existing obligations to be paid. <br />After further review of current obligation and potential future needs, it was also determine that the <br />modification to TIF 3-3 could provide an opportunity for additional project costs to be included in the <br />overall spending plan for the TIF District. <br /> <br />Modification to the Redevelopment Plan for Redevelopment Project Area No. 1: <br />The modification includes enlarging the boundaries of Redevelopment Project Area No. 1 to include the <br />following potential project sites within the City of Little Canada, including parcels slated for acquisition <br />in the City’s Comprehensive Plan and Parks Plan. <br /> <br />• Parcel ID: 062922220037 Address: 3006 RICE ST <br />• Parcel ID: 06292222008 Address: 99 SOUTH OWASSO BLVD W <br />• Parcel ID: 062922310064 Address: 60 LITTLE CANADA RD E <br />• Parcel ID: 052922210032 Address: 3036 VANDERBIE ST <br />• Parcel ID: 062922140023 Address: 2884 CENTERVILLE <br /> <br />Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3-3: <br />• Authorizing the expenditure of tax increments from Tax Increment Financing District No. 3-3 to <br />be spent within Redevelopment Project Area No. 1, as enlarged for additional project costs. <br />• Increasing the budget of the TIF District. <br />• The modification does not enlarge the geographical area of the TIF District or extend the term of <br />the TIF District. <br /> <br />The result is that an additional $2.2M in estimated tax increment could be used for qualified housing <br />projects over next 9 years in Redevelopment Project Area No. 1, as presented in the attached materials.