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Mounds View Planning Commission . <br /> Page 2 <br /> April 16, 1997 <br /> The action before the Planning Commission does not involve any changes to the 1994 Project <br /> Plan. The modification adds TIF District No. 4, and adds the anticipated costs and revenues, or <br /> financing plan, for District No. 4 to the Project Plan for the 1'ir districts. The financial <br /> information related to this modification is included in Exhibits 3 and 4. The specific wording of <br /> Modification No. 1 is included at the end of the attachments. <br /> According to Minnesota State Law, the Planning Commission must review the tax increment <br /> financing plan to determine its consistency with the City's Comprehensive Plan. Staff is <br /> recommending that the Planning Commission find this modification consistent with the <br /> Comprehensive Plan as follows: <br /> "The creation of TIF District No. 4 will allow the development of a private <br /> business, which will in turn produce revenues to assist in the installation of public <br /> improvements and renovation of a building intended as a community center for <br /> Mounds View. The Mounds View Comprehensive Plan has divided the City into <br /> 12 planning districts, and the proposed TIF District No. 4 is in District 1. The <br /> Comprehensive Plan envisions the creation of a"city center" where there will be a <br /> strong, vital, identifying community focal point in this district. This district is <br /> intended to be a mixture of commercial, public, low, medium and high density <br /> residential and open space uses. The proposed project is consistent with this idea." • <br /> The Planning Commission may want to add this statement to the attached resolution as an <br /> additional "Whereas" clause. <br /> N:\DATA\USERS\PAMS\SHARE\PLANCOMM\4-16-97.MM2 <br /> 4111 <br />