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• <br /> MEMORANDUM <br /> to: Planning Commission Members <br /> from: Cathy Bennett, Director of Economic Development Llf' <br /> subject: Review of Modification No. 1 to the Project Plan for Mounds View Economic <br /> Development Project and Establishment of Tax Increment Financing District No. 4 <br /> (Redevelopment) <br /> date: April 10, 1997 <br /> Attached is a copy of Modification No. 1 to the Mounds View Economic Development Project, <br /> Development Districts Nos. 1,2, and 3 and Tax Increment Financing Plan for Redevelopment <br /> Tax Increment Financing District No. 4. The City of Mounds View is in the process of <br /> establishing a new Tax Increment Financing District(TIF District No. 4) and modifying the <br /> existing Project Plan to reflect the addition of TIF District No. 4 in anticipation of the <br /> development of a private volleyball facility and redevelopment of the BelRae to the City <br /> Community Center located on Edgewood Drive. The tax increment from the new market value <br /> on the private development can be collected to pay back some of the public imp <br /> • for the entire Bel-Rae redevelopment project. <br /> Pursuant to Minnesota Statues, Section 469.175, Subdivision 3(3), "the tax increment financing <br /> plan conforms to the general plan for the development or redevelopment of the municipality as a <br /> whole". In other words, the Planning Commission must review the Plan to determine its <br /> consistency with the City's Comprehensive Plan. <br /> I have included a resolution for your review and approval. The City Council public hearing was <br /> scheduled for April 14, 1997 but will be continued until the April 28, 1997 meeting to allow for <br /> comment from the Planning Commission and the general public. <br /> • <br />