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12-20-2004 EDA Packet
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12-20-2004 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
12/20/2004
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AGENDA ITEM 4 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 12/20/04 <br />TOPIC: <br />Consideration of Resolution No. 04-05 Approving <br />modification of Tax Increment Financing Plan for Tax <br />Increment Financing District No. 1-'11 <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />The Economic Development Authority created TIF District No. 1-11 on <br />November 24, 2003. The establishment of this 25-year Redevelopment District <br />was intended to provide a source of revenue for development of the city's <br />downtown area, known as Woods Edge, and is comprised mainly of the Arctic <br />Sandblasting site and the Tagg home. <br />In working with the Hartford Group and the YMCA on site planning for Woods <br />Edge, a more functional redesign of the YMCA site was completed to better <br />serve the entire development. However, the Tagg home site (PIN 17-31-22-12- <br />0005) is now a part of the YMCA site and no longer a part of the Woods Edge <br />Planned Unit Development <br />TIF District 1-11will be certified with Anoka County before year-end. This <br />resolution removes the Tagg home parcel from the district before certification. <br />That way, no parcel will be developed that is partly inside and partly outside a <br />TIF District. <br />Elimination of the parcel and delay in certification do not materially change the <br />impacts and TIF estimates in the plan. <br />OPTIONS: <br />1. Approve Resolution No. 04-05 Modifying TIF District No. 1-11 <br />2. Do not modify the district. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />
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