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CITY COUNCIL <br />AGENDA ITEM 6 -B <br />• <br />STAFF ORIGINATOR: Mary Alice Divine <br />MEETING DATE: December 10, 2012 <br />TOPIC: Consideration of Resolution No. 12 -131 Approving a Modification <br />of the Tax Increment Financing Plan for TIF District No. 1 -5 <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />The Lino Lakes Economic Development Authority (EDA) earlier this evening considered a <br />resolution which would amend the Tax Increment Plan for TIF District No. 1 -5 to allow <br />pooling of existing and future revenues of the District which can be used outside the District to <br />finance additional affordable housing projects. This is an administrative amendment that does <br />not require a public hearing. According to State statute, the City Council is also required to <br />consider approval of a modification of the TIF Plan. <br />BACKGROUND <br />TIF District No. 1 -5 was created in 1992 for the purpose of assisting in the development of the <br />Cottages of Willow Ponds senior housing. All obligations have been met for this project. State <br />statute allows pooling of increment from housing districts for the purpose of creating affordable <br />housing outside the district. This administrative amendment allows for the pooling of revenues <br />already budgeted within the TIF Plan for the purpose of assisting future affordable housing <br />within the City. <br />RECOMMENDATION <br />Approve Resolution No. 12 -131 approving the Modification of TIF District No. 1 -5 <br />ATTACHMENTS <br />1. Resolution No. 12 -131 <br />(Modified TIF Plan was included in your EDA packet) <br />• <br />