06-23-2003 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 6 STAFF ORIGINATOR: Mary Alice Divine DATE: 06/23/03 TOPIC: Resolution No. 03-03 Authorizing Preparation of a Plan to Modify Development District No. 1 and to establish TIF District No. 1-10 BACKGROUND: The developers of the Lakes Business Park north of the Blue Heron Elementary School on 35W have proposed to plat the 30-acre park into sites for light industrial users. In conjunction with the plat, the developers are working with a potential light industrial user that is proposing to construct a 265,000 sq. ft. facility on approximately 13 acres in the park. It is anticipated that development of the business park may justify some public expenditure for infrastructure improvements to Lake Drive. In addition, the business park has not developed solely through private efforts and may require public participation to develop in a manner consistent with the city's goals for commercial and industrial development. The establishment of a new Tax Increment Financing (TIF) District that incorporates the business park is a part of the overall schedule that also includes an EAW, site plan reviews and a public improvements process. This resolution authorizes the preparation of the plan to remove three parcels from TIF District No. 1-9 and establish TIF District No. 1-10. The process includes sending Anoka County and Centennial School District a draft TIF plan, and review by the Planning and Zoning Board, as required by Minnesota statute. The date for consideration of the plan is scheduled for August 11. The City Council will also hold a public hearing that night. RECOMMENDATION: Adopt Resolution No. 03-03 authorizing preparation of a Plan to modify Development District No. 1 and establish TIF District No. 1-10