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<br />Multiple steps are required to allow for establishment of a tax increment financing district and granting <br />of a business subsidy, including notifications to the County and School District, publication of a public <br />hearing notice, and the holding of a public hearing. Notices have been sent to the County and School <br />Board (draft TIF Plan and fiscal and economic impacts) on September 27. <br /> <br />A public hearing notice for the TIF District creation was published in the Pioneer Press on Friday, <br />October 15. The public hearing is the time in which City Council would take any public comment. <br /> <br />RECOMMENDED ACTION: <br />Staff recommends that the City Council hold a public hearing on Wednesday, October 27 at 7:30 p.m. <br />relating to: <br />(i) Proposed establishment of Tax Increment Financing District No. 7-3 (economic development <br />district) within Development District No. 7, and the proposed adoption of a Tax Increment <br />Financing Plan therefor, all pursuant to and in accordance with Minnesota Statutes, Sections <br />469.124 through 469.133 and Sections 469.174 through 469.1794, inclusive, as amended, and <br />(ii) Providing a business subsidy pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 (the <br />“Business Subsidy Act”). <br /> <br />Following the public hearing, staff recommends that the City Council consider the adoption of a <br />resolution approving the TIF District and TIF Project Area and granting of the business subsidy. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />