02-12-1996 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 4 STAFF ORIGINATOR: Brian Wessel DATE: 2/12/96 TOPIC: Consideration of Resolution No. 96-01 authorizing preparation of a modified Tax Increment Financing Plan for TIF District 1-4 (Apollo Business Center) to drop parcels from the District. BACKGROUND: Tax Increment Financing District No. 1-4 was established in 1990, and is comprised of four noncontiguous areas within the city. However, development within these areas did not come as quickly as anticipated. The aging district now has no capacity left to allow the city to provide financial incentives to light industrial prospects now interested in building within the Apollo Business Center. Recent changes in legislation appear to have eliminated the barriers to removing parcels from an aging district and combining them with another district, as long as all the land is contiguous. This plan modification will remove all the parcels in TIF District 1-4 except those already improved. Blue Heron and Emtech will be the only two parcels remaining. Once those parcels are removed from TIF District 1-4, the Apollo Business Center property can be incorporated into Tax Increment Financing District 1-7. This district was created in 1995 in the city -owned portion of the business park and has nine years of capacity available. Several prospects are interested in the Apollo Business Center, and this will allow the city to provide them with financial assistance.