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MEMO TO: MAYOR AND CITY COUN <br /> iik <br /> FROM: CLERK-ADMINISTRAT)111°Ot <br /> � <br /> DATE: JANUARY 31, 1990 <br /> SUBJECT: PROPOSAL TO FUND REDEVELOPMENT WITH TAX INCREMENT <br /> MONIES _ <br /> As you may recall, you recently received a memorandum from me <br /> dated January 12, 1990 outlining a proposal that I requested <br /> Walt Hartman prepare for your consideration. Attached is a <br /> copy of Walt's proposed modification to Tax Increment <br /> Districts 1 and 2 to allow the suggested activities. <br /> The activities that would be allowed by these modifications <br /> are as follows: <br /> 1. Fund the public improvement costs related to Mounds <br /> View Business Park Phase III . <br /> 2 . Fund the construction of a community center or the <br /> acquisition of an existing structure and remodeling for <br /> a community center. <br /> 3. Redevelopment efforts along the Highway 10 corridor, <br /> 411 particularly the northwestern quadrant. <br /> Although Walt did not include it by oversight, the proposal <br /> would also be able to fund acquisition of abandoned or <br /> substandard single family homes for purposes of demolition or <br /> remodeling with resale. Walt has indicated that this <br /> provision could be added quite easily if the Council wanted to <br /> do so. As I indicated in an earlier memo, time is of the <br /> essence due to the fact that it is expected that the <br /> Legislature will implement modifications to the tax increment <br /> law that may prevent some or all of these types of activities <br /> from occuring in the future. The Legislature will be <br /> recommend that the Council hold the, a <br /> hearingonrthese� I woulded <br /> amendments on either the February 26th or arch 12th Council <br /> Meeting and take action no later than the March 26th Council <br /> Meeting. I will be happy to review this proposal with you in <br /> detail and provide any additional information you might <br /> request. Also, please remember that this is simply a <br /> proposal, if you do not like some or all of it, the issue can <br /> be dropped or the proposal can be modified to meet your <br /> desires . Finally, even though you may approve these <br /> activities as part of the modifications to these two tax <br /> increment districts, you are not obligated to perform any of <br /> those activities until, and when, you are ready to do so and <br />