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STAFF REPORT <br />TO: Mayor Keis and Members of City Council <br />FROM: Chris Heineman, City Administrator <br />Brenda Malinowski, Finance Director <br />DATE: December 16, 2020 <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 />ACTION TO BE CONSIDERED: <br />The City Council is asked to consider adoption of: <br />RESOLUTION 2020-12-169 APPROVING THE MODIFICATION TO THE REDEVELOPMENT <br />PLAN FOR REDEVELOPMENT PROJECT AREA NO. 1, APPROVING THE MODIFICATION TO <br />TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-3 <br />BACKGROUND: <br />According to a 2019 TIF Report for TIF District 3-3 from Ehlers, it was determined that there was a <br />need to increase the budget in the TIF Plan by the end of 2021 to allow for existing obligations to be <br />paid. After further review of current obligation and potential future needs, staff determined that a <br />modification to the project area for TIF 3-3 would provide additional opportunities for future eligible <br />project costs to be included in the overall spending plan for the TIF District. <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 />•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 />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.