11/24/2003 Council Packet - Laserfiche WebLink

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• • • AGENDA ITEM 3 STAFF ORIGINATOR: Mary Alice Divine DATE: 11/24/03 TOPIC: Resolution No. 03 -11 adopting a Modified Program for Development District No. 1 and establishing Tax Increment Financing District No. 1 -11 Vote Required: Simple Majority BACKGROUND: On September 22 the EDA approved the preparation of a modified program for Development District No. 1 and the preparation of a plan for the establishment of a new TIF District No. 1 -11. This district is a 25 -year redevelopment district intended to provide a source of revenue for development of the city's downtown area, known as Woods Edge. This district is comprised of the Arctic Sandblasting site, two small parcels owned by Rehbein Companies, and the portion of Lake Drive that extends from Town Center Parkway to Lilac Street (see Plan map). Hartford Group, Inc. has submitted a proposal for development of this project in keeping with the city's Comprehensive Plan, which designates the area for high density, pedestrian oriented mixed -use. The Comprehensive Plan's objectives for development of this site is to establish a central gathering place, or "downtown" for residents that will be a source of community identity and pride. This development has not occurred solely through private efforts and may require public participation to develop in a manner consistent with the Comprehensive Plan goals for this site. In addition, it is anticipated that improvements to Lake Drive and the 35W bridge may justify some public expenditure. The TIF Plan outlines the specific type of development that is expected to occur within the TIF district, and demonstrates that the site has met the statutory requirements for redevelopment. It also what outlines the types of expenses that are eligible for reimbursement from tax increment and establishes a maximum budget based on the amount of increment that could be generated over 25 years if full build out of the project occurs. Approval of the TIF Plan does not constitute any commitment by the EDA to any form or amount of subsidy to any developer. It does not constitute approval of any project or a development agreement with any developer.