04-10-2013 Council Agenda - Laserfiche WebLink

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SECTION 11- TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 6 -1 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. 6 -1 (the "District "), a redevelopment tax increment financing district, located in Development District No. 6. 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 ("M..S.'), 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 the District. Other relevant information is contained in the Development Program for Development District No. 6, Subsection 2 -3. Statement of Objectives The District currently consists of one parcel of land and adjacent and internal rights -of -way. The District is being created to enable the City to aid in the acquisition and ultimate redevelopment of property at 2966 Arcade Street in the City. Please see Appendix A for further District information. The City has entered into an agreement with Masterpiece Homes, Inc. as the developer. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 6. 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. 6 and the District. (AS MODIFIED APRIL 10, 2013) The District is being modified to include an additional 2 parcels, adjacent easement and adjacent and internal rights -of -way in order to facilitate the construction of a total of 15 units of single family, owner- occupied housing starting in 2013. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 6. The activities contemplated in the Modification to 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. 6 and the District. Subsection 2-4. Development Program Overview 1. Property to be Acquired - Selected property located within the District may be acquired by the City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 64 24