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AGENDA ITEM 3 <br />STAFF ORIGINATOR Brian Wessel, Community Development Director <br />DATE May 8, 1995 <br />TOPIC Consideration of Resolution Authorizing Preparation of a <br />Modified Tax Increment Financing Plan for Tax Increment <br />Financing District No. 1-4, Apollo Business Park <br />BACKGROUND <br />Blue Heron Ltd. is purchasing 2.4 acres in the G.M. Development portion of the Apollo <br />Business Park to construct a 20,196 square foot facility with flexible leased space for <br />office/warehousing. The modification to the Tax Increment Financing Plan for TIF <br />District 1-4 will provide assistance to Blue Heron. The EDA must authorize preparation <br />of the plan before the city council can set the date for a public hearing. <br />OPTIONS <br />1. Adopt the resolution authorizing preparation of a modified tax increment financing <br />plan for TIF District No. 1-4 <br />2. Return to staff for further consideration <br />RECOMMENDATION. <br />Option 1 <br />