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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 3/25/96 <br />TOPIC: Resolution No. 96-03 adopting the modified Tax Increment Financing <br />Plan for TIF District No. 1-4 <br />BACKGROUND: <br />This modified plan will eliminate all but the improved parcels in the TIF District <br />that was established in 1990. The parcels to be eliminated are the shopping <br />center area on the northeast quadrant of I -35W, the G.M. Development property <br />in the Apollo Business Park, land owned by St. Joseph's Church, and the 49/23 <br />interchange. These properties did not develop as expected and there is not <br />enough capacity left in the district to be able to subsidize develops tent. The <br />parcels mining in TIF District 1-4 are the Blue Heron property and Emtech. <br />OPT <br />1. Adopt Resolution No. 96-03 for the modification of the Tax Increment <br />Financing Pat for TIF District No. 1-4 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />