Laserfiche WebLink
• <br />• <br />• <br />that consists of the Tagg property and the Lake Drive interchange area (see <br />map). The city -owned land does not qualify for redevelopment and will not be <br />included in the district. This TIF district is being established because this project <br />has not developed solely through private efforts and will require public <br />participation to develop in a manner consistent with the city's goals. The TIF Plan <br />establishes a budget based on the amount of tax increment that could be <br />generated for the duration of the district, once full build -out occurs. A TIF District <br />provides a source of revenue that can also be used for improvements to Lake <br />Drive and the 35W bridge. Approval of the Plan by the city it is not an approval of <br />any amount of subsidy to the developer. The amount of subsidy will be <br />determined as the city and developer move through the approvals process. <br />The City Council has scheduled a public hearing for November 24, 2003. The <br />plan has been sent to Anoka County and Forest Lake School District for review. <br />According to statute, the city's planning review board must make a finding that <br />the establishment of a new TIF District is consistent with the city's <br />Comprehensive Plan. <br />RECOMMENDATION: <br />Adopt Resolution No. 03 -02 finding the modification of Development District No. <br />1 and establishment of Tax Increment Financing District No. 1 -11 to be <br />consistent with the city's Comprehensive Plan. <br />