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<br />. <br /> <br />. <br /> <br />. <br /> <br />"]{....---. <br />-J:i,.~...,z <br /> <br /> <br />.-.... <br />~~'~ <br /> <br />~,ec9.. 'Vl ~ <br />bb*-~ .~ <br /> <br />REQ"G-:EST FOR CO"G~CIL CONSIDERATION r:c:a ~~n: 10. 7: <br />- - .... .I.. Ra';Xlt": ~m--er: 94-116 <br />?..a';Xlr:: Data: 5- 5-94 <br />CoJu::c::l AC'::~n: <br />C Speo.:::::u Or::er of3usi <br />~ ?-.:biic ~es.r:~"'S <br />C C.Jr.ser.:..;.gend:t <br />C CoJund 3 usiness <br /> <br /> <br />ST~~ EEPOR1: <br /> <br />CITY COlJNCIL MEETING DATE May 9, 1994 <br /> <br />rtem Oes~ption: To Consider formal Approval for the Amendments to the Tax Increment Financil <br /> <br />Plans ;or the Consolidaqon of the City's three development districts into the "Mounds Vii <br />Eco om1C Develo ment Pro ect Resolution No. 4564 <br /> <br />Aa::lir..ist::"::lCor' 3 aaview,Recommenci::1tion: <br /> <br />. :;fa com::::enc :0 3u-;Jpiement :ms report <br /> <br />. CoJrn::::enc 3.t""...::.l.c::ea. <br /> <br />E;cpl::1n::1tiorJSu'r""....::1r"! (at::1Q mppie:::ent :sheet:! as :1ece::sllI'"/.~~, I '" nJ...... At "cQO ~ t1Y ~ <br /> <br />~n~"PBY; F~.r ~ <br /> <br />he attached resolution gives formal approval for the Amendments to, the Tax <br />ncrement Financing Plans for consolidation of the City's three Development <br />istricts into the "Mounds View Economic Development Project",' often <br />eferred to as the "Project Area". The Plans consolidate and amend the <br />hree Development Programs for those Development Districts and redesignate <br />hat unified program as the "Project Plan". These Plans also amend the <br />roject Plan and the three tax increment plans to reflect additional goals, <br />ctivities and expenditures for various Council identified development and <br />edevelopment goals. <br /> <br /> <br />n March of 1990, the Business Park Development District (No.2) was <br />xpanded to include all properties within the City,:except for Development <br />istrict Nos. 1 and 3. Adoption of the amendments (through approval of the <br />ttachedresolution) will result in an identified Project Area" for a tax <br />. ncrement development .and redevelopment program that will include all <br />roperties within the city. <br /> <br />amendments provide for flexibility in anticipation of future <br />evelopment costs. The primary purpose for the consolidation of the three <br />evelopment Districts into one "Project Area" is to utilize a degree of <br />~Unding flexibility for projects which may take place anywhere within the <br />.roject Area. without consolidation, increment from. a Development District <br />ould only be used in the specific District. The consolidation will <br />ccommodate development and redevelopment activities which can be. funded <br />rom increment generated within the expanded "Project Area". Consolidation <br />ill provide development and redevelopment opportunities that, heretofore, <br />ad not been possible and also allow the EDA and City to accomplish <br />evelopment and redevelopment priorities in areaS 'that heretofore lacked <br />unding mechanisms. <br /> <br /> <br />s required by law, the City has submitted the Amendments both to School <br />istrict 621 and Ramsey County for their review. Their written comments are <br /> <br />rator <br /> <br />otion to Waive the Reading and Adopt Resolution No. 4564 Approving Economic Development <br />reject and Tax Increment Financing Amendments <br />I <br />