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04-08-2019 Council Packet
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04-08-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
04/08/2019
Council Meeting Type
Regular
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<br />WS – Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br /> <br /> <br />Date: April 8, 2019 <br /> <br />To: City Council <br /> <br />From: Michael Grochala, Community Development Director <br /> <br />Re: 49 & J Redevelopment - Lyngblomsten <br /> <br />Background <br /> <br />The City Council discussed the potential establishment of a Tax Increment Financing <br />district for the Lyngblomsten project at the April 1, 2019 work session. The City Council <br />requested additional explanation on TIF and discussion on the potential duration of the <br />district. <br /> <br />Mikaela Huot of Baker Tilly (formerly Springsted), will provide updated information on <br />the mechanics of the TIF district. An updated memo, which includes projected tax <br />increment review based on the duration of the district, is enclosed for your review. <br /> <br />The next steps in the process will include completion of the financial analysis, <br />preparation of the TIF plan, and public hearing. <br /> <br />Requested Council Direction <br /> <br />Staff is requesting Council direction regarding the use of tax increment financing for the <br />proposed Lyngblomsten project. <br /> <br />Attachments <br /> <br />1. BakerTilly Memo, dated April 5, 2019
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