12-16-2020 Council Packet - Laserfiche WebLink

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The result of this modification is that up to an additional $2.2M in tax increment could captured and used for qualified housing projects over next 9 years in Redevelopment Project Area No. 1. A public hearing was conducted at the December 2 City Council meeting related to the proposed modifications to the budget and the Redevelopment Plan for Redevelopment Project Area No. 1 in TIF District No. 3-3. The City Council asked several questions about the proposed modifications, and provided general support for moving forward with this process. No further action was required at that time. The Planning Commission also reviewed the proposed modifications to TIF 3-3 at their meeting on Thursday, December 10. The Planning Commission was asked to review the proposed changes and provide a recommendation to the City Council that the proposed modifications conform to the City’s Comprehensive Plan for the development or redevelopment of the City of Little Canada. City Administrator Heineman and Community Development Director Wendell explained the proposed modification to TIF 3-3. The Planning Commission found that the proposal is in conformance with the Comprehensive Plan as these areas are guided for either the potential for development, redevelopment, or an increase in density. The Planning Commission adopted a Resolution recommending approval of the proposed modification of Tax Increment Financing District No. 3-3 and the proposed modifications to the Redevelopment Plan for Redevelopment Project Area No. 1 to the City Council (see attached). RECOMMENDED ACTION: Staff recommends adoption of: RESOLUTION 2020-12-169 APPROVING THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO. 1, APPROVING THE MODIFICATION TO TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-3