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AGENDA ITEM 3 STAFF ORIGINATOR: Mary Alice Divine DATE: December 10, 2012 TOPIC: Consideration of Resolution No. 12-01 Approving Amendment of Tax Increment Financing Plan for Tax Increment Financing District No. 1-5 VOTE REQUIRED: 3/5 BACKGROUND: The Economic Development Authority created TIF District No. 1-5 in 1992. The establishment of this Housing District was intended to provide a source of revenue for development of the Cottages of Willow Ponds affordable senior housing project. In January of 2012 the final payment was made to the Senior Cottages. The authorized budget of the district is $915,000 and after meeting all obligations it is estimated that there will be a fund balance of $100,000 by the end of this year. Assuming the collection of similar tax increment into the future of the District, approximately $330,000 would be available over the next five years before the budgetary limit is met. The City has the ability to "pool" tax increment from housing districts for the purpose of providing affordable housing within the City. The City has been working on development opportunities within Legacy at Woods Edge, and exploring additional revenue sources that could be available to assist with future projects that meet the goals of the City and not create any negative fiscal impacts. Staff is recommending the EDA consider the approval of the administrative amendment to TIF Plan for TIF District No. 1-5. ATTACHMENTS 1. Resolution No. 12-01 Amending the TIF Plan for TIF District No. 1-5 2. Amended TIF Plan for TIF District No. 1-5