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M E M U R A N D U M <br />to: Planning Cornmission Members <br />fram: Cathy Bennett, Director of Economic Development `,, a' �' <br />subject: Review of Modification No. 1 to the Project Plan for Mounds View Economic <br />Development Praject and Establishment of Tax Increment Financing District No. 4 <br />(Redevelopment) <br />date: April 10, 1997 <br />Attached is a copy of Moditication No. 1 to the Mounds View Economic Development Project, <br />Develo ment Districts Nos. 1 2 and 3 and Tax Increment Financin Plan for Redevelo ment <br />Tax Increment Financin� District No. 4. The City of Mounds View is in the process of <br />estabiishing a new Tax Increment Financing District (TIF District No. 4) and modifying the <br />existing Project Plan to reflect the addition of TTF District No. 4 in anticipatiQn ofthe <br />development of a private volleyball facility and redevelopment of the Be1Rae to the City <br />Community Center located on Edgewood Drive. The tax incre�nent from the new marlcet val�re <br />on the private development can be collected to pay bacic some of the public improvement costs <br />for the entire Bel-Rae redevelopment project. <br />Pursuant to Mirulesota Statues, Section 469.175, Subdivision 3(3), "the iax incremei�t financing <br />plan conforins to the generai plan for the developn�zent or redevelopment of the municipality as a <br />whole". In other words, the Planning Cornmission must review t11e Plan ta determine its <br />consistency with the City's Comprehensive Plan. <br />I have included a resolution for your review and approval. The City Council public hearing was <br />scheduled for April 14, 1997 but will be contin��ed until the Aprii 28, 1997 meeting to aliow for <br />comment from the Planning Commission and the general public. <br />;` <br />