12-10-2020 Planning Commission Packet

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STAFF REPORT TO: Planning Commission Members FROM: Corrin Wendell, Community Development Director Chris Heineman, City Administrator Brenda Malinowski, Finance Director DATE: December 10, 2020 RE: Modification of the Redevelopment Plan for Redevelopment Project Area No. 1 and the Proposed Modification of Tax Increment Financing District No. 3-3. ACTION TO BE CONSIDERED: The Planning Commission is asked to provide a recommendation for the approval of the resolution for a proposed modification of Tax Increment Financing District No. 3-3 and the proposed modifications to the Redevelopment Plan for Redevelopment Project Area No. 1. BACKGROUND: Based on the 2019 TIF Report for TIF District 3-3 from Ehlers, it was determined that there was a need to increase the budget in the TIF Plan by the end of 2021 to allow for existing obligations to be paid. After further review of current obligation and potential future needs, it was also determine that the modification to TIF 3-3 could provide an opportunity for additional project costs to be included in the overall spending plan for the TIF District. Modification to the Redevelopment Plan for Redevelopment Project Area No. 1: The modification includes enlarging the boundaries of Redevelopment Project Area No. 1 to include the following potential project sites within the City of Little Canada, including parcels slated for acquisition in the City’s Comprehensive Plan and Parks Plan. • Parcel ID: 062922220037 Address: 3006 RICE ST • Parcel ID: 06292222008 Address: 99 SOUTH OWASSO BLVD W • Parcel ID: 062922310064 Address: 60 LITTLE CANADA RD E • Parcel ID: 052922210032 Address: 3036 VANDERBIE ST • Parcel ID: 062922140023 Address: 2884 CENTERVILLE Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3-3: • Authorizing the expenditure of tax increments from Tax Increment Financing District No. 3-3 to be spent within Redevelopment Project Area No. 1, as enlarged for additional project costs. • Increasing the budget of the TIF District. • The modification does not enlarge the geographical area of the TIF District or extend the term of the TIF District.