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NOV 07 '96 11:09RM EWERS & ASSOCIRTES <br />Memo <br />To: City of Little Canada <br />From: Rusty Fifield <br />Subject: Amendments to TIF Plans <br />Date: November 7, 1996 <br />P.2/3 <br />Several weeks ago, we discussed the need to make amendments to several existing tax increment <br />financing plans and their related development districts. The TV districts involved in this process <br />are: <br />✓ #1 -1 Thunder Bay <br />✓ #1-2 North Star Turf <br />✓ #2 -1 Kandice Heights /Country Drive <br />The proposed amendments will modify authorized expenditures, parcels for acquisition, amount <br />of bonded indebtedness and boundaries of development districts. We have considered the need <br />to add parcels to the TIF districts, especially #2 -1. At this point, we do not propose adding <br />parcels to any district. Primary redevelopment sites are contained within the boundaries of <br />development districts, laying the foundation for the use of TIF. The use of tax increment <br />financing as a tool for redevelopment does not appear to be a target of legislative change. At this <br />time that a specific development proposal is presented, we would evaluate the merits of <br />expending an existing TIF district or creating a new one. <br />To continue the plan amendment process, the City Council is requested to adopt the attached <br />resolution. The resolution calls for a public heating on the proposed amendments. The hearing <br />is scheduled for your December 18th meeting. Prior to the hearing, we will distribute necessary <br />information to the County and the School District and review the amendments with the Planning <br />Conunission. <br />Ehlers and Associates, Inc. <br />2950 Norwest Center + 90 South Seventh Street <br />Minneapolis, Minnesota 55402 <br />(612) 339 -8291 • FAX (612) 339 -0854 <br />rusty@ehlers-inc.com <br />Page 67 <br />