09-22-2003 EDA Packet - Laserfiche WebLink

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AGENDA ITEM 4 STAFF ORIGINATOR: Mary Alice Divine DATE: 9/22/03 TOPIC: BACKGROUND: Resolution No. 03-07 authorizing the preparation of a plan to Modify Development District No. 1 and Establish Redevelopment Tax Increment Financing District No. 1-11 Hartford Group, Inc., is proposing to act as master developers of Woods Edge (formerly known as the Village), a mixed -use town center project on the southeast quadrant of 35W and Lake Drive. The land is zoned Limited Business and is designated for mixed use in the Comprehensive Plan. It is anticipated that development of this project will justify some public expenditure. The project has not developed solely through private efforts and will require public participation to develop in a manner consistent with the city's goals. The project area consists of approximately 30 acres of privately owned land (the Tagg site) and approximately 11 acres of city -owned land. It is being proposed that the Tagg site and the bridge portion of Lake Drive be established as a 25- year redevelopment TIF district (see attached map) to provide a source of revenue for the Woods Edge project as well as improvements that will be necessary to Lake Drive and the 35W bridge. Establishment of the district does not constitute any commitment by the city to provide TIF. A Redevelopment District must meet certain qualifications. Last year the city authorized a study to ensure the Tagg site met the conditions for a redevelopment district. The city -owned land does not qualify, so any development that takes place on that portion will not be available for TIF. This resolution authorizes staff and consultants to prepare a modified Plan for Development District No. 1 and creation of Redevelopment Tax Increment Financing District No. 1-11. If the EDA authorizes preparation of the plan, later this evening the city council will call for a public hearing for November 24, 2003. Once the plan is prepared, Anoka County and Centennial School District will be sent a copy of the draft plan for review. The Planning & Zoning board will also review the draft plan for its consistency with the city's Comprehensive Plan.