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• <br />• <br />• <br />AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 08/11/03 <br />TOPIC: Resolution No. 03 -04 adopting a Modified Program <br />for Development District No. 1 and establishing Tax <br />Increment Financing District No. 1 -10 <br />Vote Required: Simple Majority <br />BACKGROUND: <br />On June 23 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 -10. The developers of Marshan Lake Industrial Park on <br />35W have proposed to plat the 30 -acre park into sites for light industrial users. In <br />conjunction with the plat, the developers are working with a potential light <br />industrial user that is proposing to construct a 265,000 sq. ft. facility on <br />approximately 13 acres in the park. <br />It is anticipated that development of the business park, along with other <br />development that may occur, may justify some public expenditure for <br />infrastructure improvements to Lake Drive and the interchange. In addition, the <br />business park has not developed solely through private efforts and may require <br />public participation to develop in a manner consistent with the city's goals for <br />commercial and industrial development. <br />The draft plan was sent to Centennial School District and Anoka County for <br />review and comment. The Planning and Zoning Board found the plan consistent <br />with the Comprehensive Plan at its meeting on July 9, 2003. <br />The City Council will hold a public hearing tonight before consideration of <br />approval of this new District. <br />RECOMMENDATION: <br />Adopt Resolution No. 03 -04 adopting a modified program for Development <br />District No. 1 and establishing TIF District No. 1 -10 <br />