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Mounds View Planning Commission April 16, 1997II Special Meeting Page 2 5. Consideration of Resolution No. 504-97 Regarding Modification to the Project Plan for the Mounds View Economic Development Project and Establishment of Tax Increment Financing District No. 4 (Redevelopment) tiY2k"'.k t}}.}:'fix Community Development Director Sheldon expla. thatflsvre west was before the Planning Commission because of a State » requirer9,< k >continued bya explaining that the City is proposing to form .a�*Attax in einem' h y dis called District No. 4 which would include the:,.; 1 •ertyytere the Be xl ted. She explained that the City has areas where m: :'{ 'om tax increme }icing can be spent and that the City has three distWet:P h tax increment finance district money is produced and this would be e Q tact. She indicated that the Planning Commission is being asked to' term ` het:00Kor not the formation of this district and the addition of the inco .'tream i vrall development plan for Mounds View is consistent wti! ° • rehensil:an. She added that ,�ks�w�z�,�Y.t.�• YYa Y i.kkkt the reason for forming this district. 061* increrneT it created by V.B. Diggs and use that increment to help I:2* race the om{��u}i ,rater project. She explained that part of theprojectwill in91.(t V.`' }� gs which is a private business and that this bus "'` III ids is ex-.acted to Buse the property to increase in property value. It will co . . . to b i�tax-payer entity but the rest of the project 4�k.w� will not be since it is a • .s: c projct She iljfined the Commission that improvements that o `• be elig �� %. >of the tax increment include: Ems:,,,.: :�YY`E"`k Yk co € ction of t pq:: g lot, irit.W. ;:: of utilities, and renovation of the building. sotetika.ted thatt `• .ping Commission may want to add a paragraph to the re`s u t they 1 t,µ.,odification consistent with the Comprehensive Plan as fol1 :}}:}},<;kx<>t<>}:` creatikkk; zkv is aglik O } `J' tact No. 4 would allow the development of a private.: tnewhich w ri q,in turn, produce revenues to assist in the installation of public ir'�l }`.. n s anitrenovation of a building intended for a community ;.D'i'ner for Mout :: The Mounds View Comprehensive Plan has divided the . 4City into 12 plaViltitfitricts and the proposed TIF District No. 4 is in District No. a*Z. 1. The Comprehensive Plan envisions the creation of a city center where there will <'+ tttt be a strong, vice identifying community focal point in this district. This district is ::::::::::%•:4% AW LttM1==k�:kk intended to ( :ka mixture of commercial; public; low, medium and high density . .tk } tkk•. siden `aild open space uses. The proposed project is consistent with this : e�` Sie added that it is Staffs recommendation to adopt Resolution No: 504-97. Motion/Second: Brasaemle/Brooks to approve Resolution No. 504-97 as amended. Commissioner Brasaemle added that he thought this was a good idea for Mounds View. Commissioner Johnston inquired if there were 12 development .