10-27-1999 Council Agenda - Laserfiche WebLink

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2 Tax Increment Financing Plan For Tax Increment Financing District No. 3 -2 2.1 Introduction Section 2 of this document contains the Tax Increment Financing Plan (the "TIF Plan" or "Plan ") for Tax Increment Financing District No. 3 -2 (the "District No. 3 -2" or "District "). The TIF Plan and the 1999 Modifications have been prepared by Ehlers and Associates in consultation with the City Staff. The TIF Plan contains the information needed to meet the statutory criteria necessary to establish the tax increment financing district and use tax increment financing pursuant to Minnesota Statutes, Sections 469.174 through 469.179 (the "TIF Act "). In 1995, the City conducted a major redevelopment planning process. This process resulted in a "Development Guide" for the Rice Street - Little Canada Road area. The creation of TIF District No. 3 -2 provides the powers and financial resources needed to implement the Development Guide? Through this TIF Plan, the City will be able to: • Acquire property. • Demolish buildings and prepare sites for development. • Assist developers with the construction of site improvements. • Provide public improvements needed to serve development. The 1999 Modifications expand the District and amend the TIF Plan to facilitate the redvelopment of in the Project Area along Rice Street and south of County Road C. District No. 3 -2 is expected to achieve many of the objectives set forth in the Development Program. Additional objectives include, but are not limited to: 1. Enhance the tax base of the City. 2. Provide maximum opportunity, consistent with the needs of the City, for the development by private enterprise. 3. Better utilize vacant or underdeveloped land. 4. Acquire blighted or deteriorated property for rehabilitation or clearance and redevelopment. 2.2 Summary The key characteristics of District No. 3 -2 are summarized in Table 2 -1. These characteristics are discussed in greater detail in the subsequent portions of this section. 2 District No. 3 -2 replaces Tax Increment Financing District No. 3 -1 in Development District No. 3. District No. 3 -1 was decertified on November 8, 1995. Page 143 2 -1