07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

SECTION 11- TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2 -2 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. 2 -2 (the "District "), a renewal and renovation tax increment financing district, located in Development District No. 2 . 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 Tax Increment Financing District No. 2 -2. Other relevant information is contained in the Development Program for Development District No. 2. Subsection 2 -3. Statement of Objectives The District currently consists of one parcel of land and adjacent and internal rights -of -way, although the parcel is expected to be split as a part of this development. The District is being created to facilitate the construction ofa 57,000 s.f. office and training facility for the painting and glazing trades in the City of Little Canada and other future redevelopment on the former Knox Lumber site. Contracts for this development have not been entered into at the time of preparation of this TIF Plan, but development is likely to occur in by the end of 2003. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 2. 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. 2 and the District. Subsection 2 -4. Development Program Overview The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public streets work within the District. Subsection 2 -5. Description of Property in the District and Property To Be Acquired The District encompasses all property and adjacent rights -of -way identified by the parcel listed below. See the map in Appendix B for further information on the location of the District. Parcel Number 31- 30 -22 -34 -0005 (3203 Country Drive) The City does not expect to, but may acquire any parcel within the District including interior and adjacent street rights of way. Any properties identified for acquisition will be acquired by the City only in order to accomplish one or more of the following: storm sewer improvements; provide land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to accomplish the uses and objectives set forth in this TIP Plan. The City may acquire property by gift, City of Little Canada Tax Increment Financing Plan For Tax Increment Financing District No. 2 -2 2 -1