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Item No: 7C Meeting Date: October 8, 2012 Type of Business: PUBLIC HEARING City of Mounds View Staff Report To: Honorable Mayor and City Council From: James Ericson, City Administrator Item Title/Subject: Public Hearing to Consider Resolution 8002, Approving a Modification to the Project Plan for the Mounds View Economic Development Project and TIF Districts Nos. 1, 2 and 3 Background: The City Council has directed staff to update the list of properties previously identified in 2004 as parcels that could be acquired by the EDA utilizing unobligated Tax Increment Finance (TIF) dollars. According to MN Statutes, any property acquired by the Authority using TIF needs to first be identified within the adopted TIF Plans. Discussion: Staff has prepared a list of properties that would be eligible for acquisition using TIF funds. While some of the parcels on the proposed list were previously identified in the list adopted in 2004, many are new additions and represent a mix of residential and commercial land, some improved and some unimproved. To move ahead with the new list, the project plan and TIF plans need to be modified which requires review by the Planning Commission, a notice published in the official City newspaper, EDA resolution plus City Council public hearing and resolution. The resolutions state that the City and Authority are approving the modifications to the project plan and TIF plans in order to identify parcels that the City would like to acquire through the use of tax increment generated from these districts for redevelopment purposes. It should be noted that the City is not increasing the budgetary authority in the TIF plans nor expanding the boundaries of the TIF districts. Since many of the parcels identified for acquisition are located outside of the TIF districts, yet all within the development project, the City is required to go through the entire public hearing process as if it were creating a new TIF district. As part of that process, the Planning Commission needs to make the determination that the development plan (acquisition of these parcels for potential redevelopment) conforms to the general development and redevelopment of the City as described in the City’s Comprehensive Plan. The Planning Commission considered this action on Wednesday, October 3, 2012, and determined that the modification was in fact consistent with the Comp Plan. Recommendation: Staff and the Planning Commission recommend approval of the attached Resolution 8002. By approving the resolution, the Council is determining that the potential redevelopment of the various identified sites within the City as noted in the TIF Plans meets the objectives in the Comprehensive Plan. A map illustrating the identified parcels will be presented at the meeting. _____________________ James Ericson, City Administrator Attachments: 1. Modification to the Tax Increment Redevelopment Plans for Tax Increment District No. 1 (Included with the EDA Report only) 2. Modification to the Tax Increment Redevelopment Plans for Tax Increment District No. 2 (Included with the EDA Report only) 3. Modification to the Tax Increment Redevelopment Plans for Tax Increment District No. 3 (Included with the EDA Report only) 4. Resolution 8002 5. Mounds View Economic Development Project Map