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TO: <br />Business Development Services Inc. <br />MEMORANDUM <br />Little Canada City Council <br />Little Canada Economic Development Committee <br />Joel Hanson, City Administrator <br />FROM: Patrick Pelstring, President <br />Business Development Services, Inc. <br />DATE: February 20, 1990 <br />SUBJECT: COUNTRY DRIVE REDEVELOPMENT PROJECT /TIF ASSISTANCE <br />I have had an opportunity to meet with Mr. Hanson this past week <br />to discuss the status of the Tax Increment Financing for Country <br />Drive. Two issues have arisen, which leads us the recommendation <br />for an immediate modification of the existing Tax Increment <br />Financing plan. <br />First, based upon the discussion for public improvement <br />assistance, it would be appropriate to enlarge the existing Tax <br />Increment Financing districts to encompass both the Country Drive <br />road site itself, and the four homes adjacent to the St. Paul <br />Waterworks right -of -way. These homes were not included in the <br />original Tax Increment Financing district, as they were not <br />covered as a part of the overall concept plan by Mr. Brueggemann. <br />In addition, we are concerned with the current status of <br />legislation affecting Tax Increment Financing in the State of <br />Minnesota. Although it is difficult to determine the final <br />nature of TIF changes, it appears substantive changes in the TIF <br />law will be approved this session, which may affect your ability <br />for future modifications in this Tax Increment district. <br />For these reasons, we are recommending that a modification of the <br />existing Tax Increment i -ncing be completed, ready for <br />distribution on Merrda:7, _ _. - . h, leading to a public <br />hearing on Wednesday, - _ p'itthe modifications of the Tax <br />Increment plan would center in three areas: <br />1. Expansion of the development district. We recommend that <br />the development district be expanded to include four home <br />sites adjacent to the St. Paul Waterworks, and to include <br />potential for public improvement costs associated with <br />Country Drive. <br />Page 47 <br />8990 SPRINGBROOK DRIVE • SUITE 230 • MINNEAPOLIS, MN 55433 • PHONE: 612/786 -6151 <br />