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i <br /> it, <br /> -a_ REQUEST FOR COUNCIL CONSIDERATION Agenda Se�oa- 10, 7:05 <br /> ,,ti:.� Report Number: 94-1160C <br /> STAFF REPORT <br /> Rapor.Data: 5-5-94 <br /> :;irlir <br /> Councl Action: <br /> C Scec:al Order of B usines <br /> CITY COUNCIL.MEETING DATE May 9, 1994 B Public Hearings <br /> C Consent Agenda <br /> C Council Business <br /> Item Description: To Consider formal Approval for the Amendments to the Tax Increment Financing <br /> Plans for the Consolidation of the City's three development districts into the "Mounds View <br /> Economic Development Proiect, Resolution No. 4564 <br /> Administrator's ReviewiRecommendarion: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> ExpianarioniSummari (attach supplement sheets as necessary.) <br /> i?- ' RY': <br /> i he attached resolution gives formal approval for the Amendments to the Tax . <br /> increment Financing Plans for consolidation of the City's three Development <br /> Districts into the "Mounds View Economic Development Project" ; often <br /> referred 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 /> activities and expenditures for various Council identified development and <br /> redevelopment goals. <br /> In March of 1990, the Business Park Development District (No. 2) was <br /> -xpanded to include all properties within the City, : except for Development <br /> District Nos. 1 and 3 . Adoption of the amendments (through approval of the <br /> attached resolution) 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 /> he amendments provide for flexibility in anticipation of future <br /> .evelopment costs. The primary purpose for the consolidation of the three <br /> Development Districts into one "Project Area" is to utilize a degree of <br /> ' unding flexibility for projects which may take place anywhere within the <br /> i•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 /> iunding mechanisms. <br /> 4s required by law, the City has submitted the Amendments both to School <br /> District 621 and Ramsey County for their review. Their written comments are <br /> 4 ._-.fil. ht <br /> •amant 'a Ordun• City Admin - rator <br /> RECI .AA EN'JAM•N: <br /> otion to Waive the Reading and Adopt Resolution No. 4564 Approving Economic Development <br /> .roject and Tax Increment Financing Amendments <br />