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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 11/24/03 <br />TOPIC: Resolution No. 03-11 adopting a Modified Program <br />for Development District No. 1 and establishing Tax <br />Increment Financing District No. 1-11 <br />Vote Required: Simple Majority <br />BACKGROUND: <br />On September 22 the EDA approved the preparation of a modified program for <br />Development District No. 1 and the preparation of a plan for the establishment of <br />a new TIF District No. 1-11. This district is a 25-year redevelopment district <br />intended to provide a source of revenue for development of the city's downtown <br />area, known as Woods Edge. This district is comprised of the Arctic <br />Sandblasting site, two small parcels owned by Rehbein Companies, and the <br />portion of Lake Drive that extends from Town Center Parkway to Lilac Street <br />(see Plan map). <br />Hartford Group, Inc. has submitted a proposal for development of this project in <br />keeping with the city's Comprehensive Plan, which designates the area for high <br />density, pedestrian oriented mixed -use. The Comprehensive Plan's objectives <br />for development of this site is to establish a central gathering place, or <br />"downtown" for residents that will be a source of community identity and pride. <br />This development has not occurred solely through private efforts and may <br />require public participation to develop in a manner consistent with the <br />Comprehensive Plan goals for this site. In addition, it is anticipated that <br />improvements to Lake Drive and the 35W bridge may justify some public <br />expenditure. <br />The TIF Plan outlines the specific type of development that is expected to occur <br />within the TIF district, and demonstrates that the site has met the statutory <br />requirements for redevelopment. It also what outlines the types of expenses that <br />are eligible for reimbursement from tax increment and establishes a maximum <br />budget based on the amount of increment that could be generated over 25 years <br />if full build out of the project occurs. Approval of the TIF Plan does not constitute <br />any commitment by the EDA to any form or amount of subsidy to any developer. <br />It does not constitute approval of any project or a development agreement with <br />any developer. <br />CJ <br />Gt / - 6!)a-e-.-1.c1-e 0- e...(` 0-4 � aJ o ,4 -c <br />