04-16-1997 - Laserfiche WebLink

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Item #5 PLANNING COMMISSION MEMO To: Mounds View Planning Commission From: Pamela Sheldon, Community Development Director Subject: Item#5: Modification No. 1 to the Project Plan forth Mounds View Economic Development Project; Resolution No. 504-97 Date: April 16, 1997 Attached you will materials related to this item. They are summarized from a document prepared by Community Partners which details Modification No. 1 to the Mounds View Economic Development Project, Development Districts Nos. 1, 2 and 3, and the tax increment financing plan for redevelopment Tax Increment Financing District (TIF)No. 4. This document was received on Monday, so it was not available for your packet on Friday. In 1994, the City of Mounds View established the Mounds View Economic Development Project • and adopted its development program or"Project Plan". This plan pertained to three existing tax increment financing districts which were formed in 1985 and 1986. Minnesota State Law allows for the formation of tax increment financing districts. The TIF districts allow the City to capture the difference in property tax income from properties in the district, between when the property was in its original state at the time of district formation, and when it is developed or redeveloped. The tax increment financing plan sets the"base" level of property tax income, and projects the additional revenue stream expected for a specified period of time. The City is proposing to form Tax Increment District No. 4 for the property contained in Exhibit 2. This property is primarily the site of the proposed Mounds View Community Center, which will result from the renovation of the Bel Rae Ballroom. The Community Center project includes V.B. Diggs as one of the private partners in the development of this site. V.B. Diggs is proposing to build several volleyball courts in a private facility which would be attached to the community center. In exchange, they would lease land from the City and pay property taxes. The purpose of creating this district is to: ■ capture the increased property tax revenues expected to be generated by the development of a private volleyball club by V.B. Diggs • utilize these funds to pay for eligible costs under the TIF law, which could include construction of the parking lot and utilities associated with Community Center project, and renovation of the Bel Rae Ballroom as a community center. •