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Item No. 0 6 <br /> Staff Report No. q7- /9$0 C.. <br /> III Meeting Date: February 24, 1997 <br /> Type of Business: CB <br /> WK: Work Session;PH:Public Hearing; <br /> CA:Consent Agenda;CB:Council Business <br /> City of Mounds View Staff Report <br /> To: Honorable Mayor and members of the City Council <br /> From: Bruce Kessel, Finance Director <br /> Item Title/Subject: Status of TIF plan for Bel Rae project <br /> Date of Report: February 20, 1997 <br /> Subsequent to last weeks work session, City Administrator Whiting and myself met with Dave <br /> Mahoney from Community Partners, Inc to discuss the procedures necessary to establish a Tax <br /> Increment District(TIF) for the Bel Rae project. Over the last several days, I have had further <br /> discussions with V.B. Diggs, Bob Long, and Dave Mahoney regarding this issue. In order to <br /> establish a TIF District, we would need to hold a public hearing on the proposed district; as part <br /> of this procedure, we are required to provide the County and School District 30 days advance <br /> notice of the proposed project. To prepare the TIF plan, we need to obtain information relating <br /> the proposed project from V.B. Diggs (the estimated cost of constructing their component of the <br /> project and then its estimated market value); V.B. Diggs has indicated that they will have this <br /> • information by February 24th. <br /> Originally, it was contemplated that the City would conduct its public hearing on the proposed <br /> TIF plan on March 24th, however, since we do not have the information necessary to complete <br /> the documentation necessary to prepare the plan, it has been proposed that we move this date <br /> back to April 14th. Based upon discussions with Bob Long who has been in contact with V. B. <br /> Diggs, this should not impair Diggs' ability to complete its project in its scheduled time frame. <br /> Moving the public hearing back to April 14th may also have some political advantages since it <br /> should be after an advisory election has been held. <br /> Staff will continue to work with the associated participants and consultants for the project in an <br /> effort to have complete and accurate of information available for the Council and the general <br /> public as it discusses and resolves the issues associated with the Bel Rae project. <br /> 111 <br />