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HANDED OUT AT THE 4/11/94 COUNCIL MEETING 77::: REQUEST FOR COUNCIL CONSIDEI��TION :agenda Sermon: .., wnior Report Number:� � REPORT Number: Date: �,� Councl Action: Q Special Order of Business CITY COUNCIL MEETING DATE APRIL 11, 1994 0 Public Hearings 0 Consent Agenda C Council Business Item DescripticF6t Public Hearing for May 9, 1994, 7:05 p.m. to Consider the Consolidation of the City's Three TIF Districts into One Project Area and Amend the Tax Increment 1.111d111.i116 Pi111 . Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation Summary (attach supplement sheets as necessary.) STTN1M 4 RY The FOCUS 2000 Report, presented in March, indicated a strong desire on the part of the Mounds View stakeholders to initiate a long term. economic development plan for the City. One of the first steps the City can take to accomplish this goal is to set the stage for a comprehensive development/redevelopment plan by consolidating the City's three tax increment districts into one Project Area. By consolidating the districts, the newly created Economic Development Authority is presented with additional funding opportunities with which to implement a City-wide program for economic development. ' The process begins with action to set a public hearing, followed by the amendment of the tax increment financing plans of the three districts into one project area financing plan. The project area plan is broad-based to allow for flexibility in specific future development/redevelopment projects. Although the EDA is the principle authority to administer the tax increment districts, State law requires that any public hearing to consider amending a financing plan must be conducted by the City Council. State law provides that both the school district and Ramsey County review the amended tax increment financing plan and comment prior to the public hearing. Staff will present the plan to both parties within the month so that comment can be made prior to the May 9th hearing. The recom = ded date for the hearing is May 9, 1994 at 7: 05 p.m. amantha O.duno, City Adm.nistrator RECOMMENDATION: Motion to set the public hearing for May 9, 1994 for 7 : 05 to consider the consolidation of the City's three TIF districts into one Project Area and amend the tax increment financing plans.