03-24-1997 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 8 STAFF ORIGINATOR: Brian Wessel DATE: 3/24/97 TOPIC: BACKGROUND: Resolution No. 97-06 authorizing preparation of a modified program for Development District No. 1 to expand the boundaries of the district and to establish Tax Increment Financing District No. 1-8 To be prepared for redevelopment proposals that are pending in three different areas of the city, this resolution authorizes the city's bond consultant to prepare a plan that expands the city's Development District within which TIF Districts are allowed. It also authorizes preparation of a plan to establish a new TIF Redevelopment District. The purpose of this Redevelopment District is to enable the city to offer assistance if appropriate to projects that meet the criteria for redevelopment. At this time potential sites include: 1) the old church site in the Village where Fairview Hospitals is proposing to build a clinic; 2) The 49 Club site for rebuilding a portion of the restaurant that has structural damage; and 3) the Kaiser property which the city intends to sell for commercial redevelopment. Once the EDA authorizes preparation of this plan it will be prepared and sent to School District #12 and Anoka County for review. Later tonight the City Council will be asked to set a date for a public hearing. OPTIONS: 1. Adopt Resolution No. 97-06 authorizing preparation of a modified program for Development District No. 1 to expand the boundaries of the district and to establish Tax Increment Financing District No. 1-8 2. Return to staff for further consideration.