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CITY COUNCIL <br />AGENDA ITEM 6E <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DA"I'b: June 27, 2016 <br />TOPIC: Consider Resolution No. 16-61, Calling Public Hearing on a Tax <br />Increment Plan with Respect to the Establishment of a Tax <br />Increment Financing District in the City <br />VO'11, REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting City Council consideration to call a public hearing for the purpose of <br />establishing a new economic development tax increment financing district. <br />BACKGROUND <br />United Properties is proposing to develop 56 Acre area parcel as the Clearwater Creek Business <br />Park. The developer is currently working with a warehouse/distribution company to construct a <br />402,000 square foot facility on approximately 30 acres of the park. The project will include a <br />2,100 -foot extension of 21' Avenue. <br />The developer has submitted an application for public assistance to offset infrastructure and <br />soil correction costs associated with the site development. The application is currently under <br />review by the City's financial consultants. <br />The establishment of a Tax Increment Financing (TIF) District requires the preparation of a TIF <br />plan and review by both the school district and county. A public hearing must be held prior to <br />City Council consideration to establish a district. <br />Springsted Inc., the City's financial consultant, will be providing a review of the proposed plan <br />and TIF request at the July 5, 2016 City Council work session. This resolution sets the public <br />hearing date for July 25, 2016. <br />RECOMMENDATION <br />Staff recommends approval of Resolution No. 16-61 <br />ATTACHMENTS <br />1. Resolution No. 16-61 <br />2. Map of Proposed District <br />