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<br /> <br /> <br /> <br /> <br /> <br />Tax Increment Financing District Overview <br /> <br /> City of Mounds View <br />Tax Increment Financing District No. 1-6 <br /> <br />The following summary contains an overview of the basic elements of the Tax Increment Financing Plan <br />for Tax Increment Financing District No. 1-6. More detailed information on each of these topics can be <br />found in the complete Tax Increment Financing Plan. <br /> <br />Proposed action: Establishment of Tax Increment Financing District No. 1-6 (the "District") and <br />the adoption of a Tax Increment Financing Plan (the "TIF Plan"). <br /> <br />Modification to the Redevelopment Plan for the Mounds View Economic <br />Development Project includes the establishment of Tax Increment Financing <br />District No. 1-6, which represents a continuation of the goals and objectives set <br />forth in the Redevelopment Plan for the Mounds View Economic Development <br />Project. <br />Type of TIF District: A housing district <br />Parcel Numbers: 0630-2331-0029 0630-2331-0030 <br />0630-2331-0031 0630-2331-0241 <br /> <br />Proposed <br />Development: <br />The District is being created to facilitate the construction of approximately 60 <br />affordable workforce housing apartment units in the City. Please see Appendix <br />A of the TIF Plan for a more detailed project description. <br />Maximum duration: The duration of the District will be 25 years from the date of receipt of the first <br />increment (26 years of increment). The City expects the date of first tax <br />increment to be 2020. It is estimated that the District, including any <br />modifications of the TIF Plan for subsequent phases or other changes, would <br />terminate after December 31, 2045, or when the TIF Plan is satisfied. <br />Estimated annual tax <br />increment: <br />Up to $133,461 <br />