10-09-1996 Council Agenda - Laserfiche WebLink

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From: Ehlers and Associates, Inc, To: Joel Hanson Date: 10/4/06 Time: 06:00:08 Page 2 of 3 Memo To: From: Subject: Date: City of tittle Canada Rusty Filicld TIF Plan Amendments October 4, 1996 At the workshop on September 25, we discussed options for using existing tax increment financing resources. The proposed uses require amendments W tax increment financing plans. This memo outlines the process for amending the plans. 'Me primary focus of our efforts will be on TIF District No. 1 -1 (Thunder 1lay) and No. 1 -2 (North Star Tur1). These districts were not reviewed as part of the: phmning process 1br Rice Street and Little Canada Road. Following the suggestion made at the workshop, we are also considering the ability and implications of adding property to TIF District No. 2 -1 (Kandle° Heights). Finally, we are reviewing the plans for No. 1 -3 (Rice at County Road C) and No. 5 (Presbyterian I tomes) to make sure that no additional plan modilioations will be needed. Plan amendments will be needed to twoommodate one or more of the following items: • Listing parcels W be included in the TIF District. • Identilyhzg parcels eligible for acquisition. • Expanding plan budgets. • Adjusting debt limitations. • Expanding the boundaries of the project area/development district. • Adjusting plains W facilitate new reporting requirements. The primary constraint in the amendment process is timing. The contemplated plan amendments will require a public hearing. As with the initial adoption of the plan, information on the fiscal and economic implications of the proposed amendments must be provided to the County and the School 1)istriot at least 30 days prior to the hearing. In addition, your County Commissioner must receive information on this action at least 30 days prior to the publication of the hearing notice. Under these timing constraints, the hearing on the plan amendments would occur at your regular meeting on November 27 or December 18. Ehlers and Associates, Inc. 2950 Norwest Center O 90 South Seventh Street Minneapolis, Minnesota 55402 (612) 339 -8291 O FAX (612) 339 -0854 rustyCereh tars - inc.co m Page 27