2003-155 Council Resolution - Laserfiche WebLink

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STAFF ORIGINATOR: DATE: TOPIC: AGENDA ITEM 7E Mary Alice Divine 9/22/03 Resolution No. 03-155 calling for a public hearing to Modify Development District No. 1 and Establish Redevelopment Tax Increment Financing District No. 1-11 BACKGROUND: Hartford Group, Inc., is proposing to act as master developers of Woods Edge (formerly known as the Village), a mixed-use town center project on the southeast quadrant of 35W and Lake Drive. The land is zoned Limited Business and is designated for mixed use in the Comprehensive Plan. It is anticipated that development of this project will justify some public expenditure. The project has not developed solely through private efforts and will require public participation to develop in a manner consistent with the city's goals. The project area consists of approximately 30 acres of privately owned land (the Tagg site) and approximately 11 acres of city -owned land. It is being proposed that the Tagg site and the bridge portion of Lake Drive be established as a 25 - year redevelopment TIF district (see attached map) to provide a source of revenue for the Woods Edge project as well as improvements that will be necessary to Lake Drive and the 35W bridge. Establishment of the district does not constitute any commitment by the city to provide TIF. Earlier tonight, the Lino Lakes Economic Development Authority (EDA) considered preparation of a modified Plan for Development District No. 1 and creation of Redevelopment Tax Increment Financing District No. 1-11. This resolution calls for a public hearing on the matter to be scheduled on November 24, 2003. Once the plan is prepared, Anoka County and Centennial School District will be sent a copy of the draft plan for review. The Planning & Zoning board will also review the draft plan for its consistency with the city's Comprehensive Plan. OPTION 1. Adopt Resolution No. 03-155 calling for the public hearing. 2. Return to staff for further consideration RECOMMENDATION: Option 1