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APAniiir <br />AGENDA ITEM 4A <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 2/12/96 <br />TOPIC: Calling for a public hearing on the modification of the Plans for Tax <br />Increment Financing District No. 1-4 <br />BACKGROUND: <br />Earlier this evening the Economic Development Authority authorized the <br />preparation of modified Plans for Tax Increment Financing District No. 1-4 to <br />drop all parcels from the district with the exception of Emtech and Blue Heron, <br />which are improved parcels. The purpose of this modification is to remove <br />parcels that no longer have capacity for providing financial assistance to <br />industrial businesses wishing to locate in the city. Industrial development is not <br />likely on some of the parcels in 1-4 and will no longer be within a TIF District. <br />Certain parcels, such as the G.M. Development property in the Apollo Business <br />Park, will be incorporated into TIF District 1-7 so that the city has capacity to <br />provide assistance. <br />Once the city council sets the hearing date, the modified plans will be sent to <br />School Districts 12 and 831, and Anoka County for review and comment. <br />OPTIONS: <br />1. Adopt Resolution No. 96-23 calling for a public hearing for March 25, 1996 at <br />6:30 p.m. in the council chambers <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />