07-09-2002 Council Agenda - Laserfiche WebLink

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SECTION III - TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3 -3 Subsection 3 -1. Foreword The Economic Development Authority of the City of Little Canada (the "EDA "), 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. 3 -3 ( "the District "), a housing tax increment financing district, located in Redevelopment Project Area No. 1. Subsection 3 -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 EDA and City have certain statutory powers pursuant to Minnesota Statutes ("MS."), Sections 469.090 to 469.1082, inclusive, as amended, and M.S., Sections 469.174 to 469.179, 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 'Fax Increment Financing District No. 3 -3. Other relevant information is contained in the Modification to the Redevelopment Plan for Redevelopment Project Area No. I. Subsection 3 -3. Statement of Objectives The District currently consists of four parcels of land and adjacent and internal rights -of -way. The District is being created to facilitate the construction of an approximately 35 -unit multi - family residential rental senior housing addition to the existing senior housing facility known as "Garden Terrace" designed for persons or families of low and moderate income and an approximately 78 -unit multi - family residential rental senior housing facility known here as "Village Square at Little Canada" designed for persons or families of low and moderate income over approximately 14,000 square feet of commercial /retail space. Contracts for this have not been entered into at the time of preparation of this Plan, but development is likely to occur in 2003. This TIF Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for Redevelopment Project Area No. 1. The activities contemplated in the Modification to the Redevelopment Plan 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 Redevelopment Project Area No. 1 and the District. Subsection 3 -4. Redevelopment Plan Overview 1. Property to be Acquired - Selected property located within the District may be acquired by the EDA or City and is further described in this Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to MS., 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 EDA or City may sell to a developer selected properties that it may acquire within the District or may lease and or facilities to a developer. Economic Development Authority of the City of Little C. 'g District No. 3 -3 3 -1