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AGENDA ITEM TA <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/25/96 <br />TOPIC: Consideration of Resolution No. 96-33 anorovino the Inodfication <br />of Tax Increment Financing Plan for TIF District No, 1-7 <br />BACKGROUND: <br />This resolution finds that the modification of TIF District 1-7 allowing the city to <br />provide tax increment financing assistance to Progressive Engineering and <br />Ballantine Trench -ALL, along with adding additional parcels to the district, has <br />been determined to be in the best interests of the city. While the city is in the <br />early stages of negotiations with Ballantine, its inclusion in the plan modification <br />will enable us to facilitate their plans without having to return to the city for an <br />additional modification. Inclusion in the plan does not obi' ate the city or the <br />company in any way. <br />OPTIONS: <br />1. Adopt Resolution No. 96-33 approving the modification of Tax Increment <br />Financing Plan for TIF District 1-7 <br />2. Return to staff for further consideration <br />M END/ TION: <br />Option 1 <br />