11-22-1995 Council Agenda - Laserfiche WebLink

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NOV 16 '95 02 :58PM EHLERS & ASSOCIATES P.2 >6 MEMO To: Kathy Glanzer From: Rusty Fifield Subject Agenda Items for November 22 meetings City Council and EDA Date: November 16, 1995 On November 22, the City Council and the Economic Development Authority (EDA) will meet to conclude the tax increment financing actions discussed at the November 8th public hearing. The City Council agenda should include the following items (1) Approve Modifications to Development Districts Nos. 2, 4, and 5 and Tax Increment Financing Districts Nos. 2 -1, 3, and 5. The Council will be asked to adopt a resolution approving these modifications. These items were presented at the public hearing. A copy of the proposed resolution is attached. (2) Approve transfer of jurisdiction of Development Districts Nos. 2, 4, and 5 and Tax Increment Financing Districts Nos. 2 -1, 3, and 5 to the EDA and authorize execution of pledge agreement. As I explained at the hearing, the proposed strategy for the use of TIF is to shift adminis tration to the EDA. The Council will be asked to adopt a resolution transferring the jurisdiction for these development districts and TIE districts to the EDA The Council will also approve a pledge agreement whereby the EDA pledges TIE revenues from the TIT districts to pay existing tax increment bonds. A copy of the proposed resolution will be sent to you by Briggs and Morgan. The EDA agenda should include the following items: EHLERS AND ASSOCIATES, INC 2950 Notwest Center 690 South Seventh Street 4 Minneapolis, MN 55402 -4100 Telephone 612 - 3398291 a FM 612- 339.0854 Page 15