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10-09-1996 Council Agenda
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10-09-1996 Council Agenda
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From: Ehlers and Associates, Inc, To: Joel Hanson Date: 10/4/06 Time: 06:00:08 Page 2 of 3 <br />Memo <br />To: <br />From: <br />Subject: <br />Date: <br />City of tittle Canada <br />Rusty Filicld <br />TIF Plan Amendments <br />October 4, 1996 <br />At the workshop on September 25, we discussed options for using existing tax increment financing <br />resources. The proposed uses require amendments W tax increment financing plans. This memo <br />outlines the process for amending the plans. <br />'Me primary focus of our efforts will be on TIF District No. 1 -1 (Thunder 1lay) and No. 1 -2 (North <br />Star Tur1). These districts were not reviewed as part of the: phmning process 1br Rice Street and Little <br />Canada Road. Following the suggestion made at the workshop, we are also considering the ability and <br />implications of adding property to TIF District No. 2 -1 (Kandle° Heights). Finally, we are reviewing <br />the plans for No. 1 -3 (Rice at County Road C) and No. 5 (Presbyterian I tomes) to make sure that no <br />additional plan modilioations will be needed. <br />Plan amendments will be needed to twoommodate one or more of the following items: <br />• Listing parcels W be included in the TIF District. <br />• Identilyhzg parcels eligible for acquisition. <br />• Expanding plan budgets. <br />• Adjusting debt limitations. <br />• Expanding the boundaries of the project area/development district. <br />• Adjusting plains W facilitate new reporting requirements. <br />The primary constraint in the amendment process is timing. The contemplated plan amendments will <br />require a public hearing. As with the initial adoption of the plan, information on the fiscal and <br />economic implications of the proposed amendments must be provided to the County and the School <br />1)istriot at least 30 days prior to the hearing. In addition, your County Commissioner must receive <br />information on this action at least 30 days prior to the publication of the hearing notice. Under these <br />timing constraints, the hearing on the plan amendments would occur at your regular meeting on <br />November 27 or December 18. <br />Ehlers and Associates, Inc. <br />2950 Norwest Center O 90 South Seventh Street <br />Minneapolis, Minnesota 55402 <br />(612) 339 -8291 O FAX (612) 339 -0854 <br />rustyCereh tars - inc.co m <br />Page 27 <br />
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