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AGENDA ITEM 9B <br />STAFF ORIGINATOR Brian Wessel <br />DATE April 10, 1995 <br />TOPIC Resolution recommending the city council hold a public <br />hearing and adopt the Tax Increment Financing Plan for TIF <br />District 1-7 <br />The Economic Development Authority has authorized preparation of a Tax Increment <br />Financing Plan to establish Tax Increment Financing District 1-7 in the Apollo Business <br />Park (See attached map). This TIF district is to provide public assistance to NoI-Tec <br />Systems, Inc. The remainder of the unsold parcels in the ApoIIo Business Park are <br />included in TIF District 1-7 to allow the city to capture the low Economic Adjustment <br />Factor currently on the city -owned parcels. That factor is expected to rise significantly <br />in 1996. The public hearing is scheduled for the May 22, 1995 City Council meeting. <br />1. Adopt the resolution recommending the City Council hold a public hearing on the <br />establishment of Tax Increment Financing District 1-7 <br />2. Return to staff for further consideration <br />RECOMMENDATION <br />Option 1 <br />