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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 12/14/98 <br />TOPIC: Resolution No. 98-06 approving a modified Tax <br />Increment Financing Plan for TIF District 1-7 and the establishment <br />of a Plan for Tax Increment Financing District No. 1-9 <br />BACKGROUND: <br />On October 26 the EDA approved the preparation of a modified plan for Tax <br />Increment Financing District No. 1-7 and a plan for the establishment of a new <br />TIF District No. 1-9. The modification of District No. 1-7 is to remove parcels <br />from the district. Some of these parcels to be removed are not likely to be <br />developed in the foreseeable future with the help of tax increment financing <br />assistance. Other parcels are to be incorporated into the new district to enable <br />the city to provide tax increment financing to prospective businesses in the <br />privately owned portion of the Apollo Business Park and in the Lakes Business <br />Park. This modification has been sent to School District #12 and Anoka County <br />for review. Later tonight the City Council will hold a public hearing on the <br />modification and the establishment of a new TIF District. <br />OPTIONS: <br />1. Adopt Resolution No. 98-06 approving a modified tax increment financing plan <br />for TIF District No. 1-7 and establishment of TIF District No. 1-9 <br />2. Return to staff for further consideration. <br />RECOMMENDATION: <br />Option 1 <br />