10-10-2007 Council Agenda - Laserfiche WebLink

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SECTION II - TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5 -1 Subsection 2 -1. Foreword The City of Little Canada (the "City "), staff and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 5 -1 (the "District "), a redevelopment tax increment financing district, located in Development District No. 5 (which is being established concurrently). Subsection 2 -2. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ( "MS.'), Sections 469.124 to 469.134, inclusive, as amended, and M.S., Sections 469.174 to 469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act "), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Development Program for Development District No. 5. Subsection 2 -3. Statement of Objectives The District currently consists of 10 parcels of land and adjacent and internal rights -of -way and abutting roadways. Three of the parcels will be replatted prior to certification of the district and a portion of those parcels will remain in the TIF District. The District is being created to facilitate the development of approximately 9.995 net acres located off of Rice Street and County Road B2 by St. Jude Medical and to facilitate the construction of various public improvements located at the corner of Highway 36 and Rice Street, in the City of Little Canada. Please see Appendix A for further project information. Contracts for this have not been entered into at the time of preparation of this TIF Plan, but development is likely to occur in 2007 with occupancy expected in 2009. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 5. The activities contemplated in the Development Program and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Development District No. 5 and the District. Subsection 2-4. Development Program Overview I. Property to be Acquired - Selected property located within the District may be acquired by the City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 5 -1 2 -1 -10-