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<br />TIF District # 5 <br />Modification Report <br />February 1, 2006 <br />Page 2 <br /> <br />The modification to the Project Plan for TIF District No. 5 adjusts the budget and cash flow <br />estimates consistent with assistance for the second phase of the Medtronic expansion. The <br />proposed expansion is consistent with the approved PUD, the zoning of the property, and <br />consistent with the terms of the executed development agreement. The proposed expansion <br />is also consistent with the Alternative Urban Areawide Review (AUAR) which was approved <br />for this site. And finally, the development is consistent with the Comprehensive plan which <br />was amended last year specifically in response to this project. <br /> <br />Recommendation: <br /> <br />Review the attached material and discuss the plans to modify the project plan for TlF <br />District No. 5. Resolution 824-06 is attached for the Commission's consideration if you <br />agree that the proposed modification to the project plan is not inconsistent with the City’s <br />Comprehensive Plan. Aaron Backman, the City’s Economic Development Coordinator, <br />and a representative from Ehlers and Associates will be present to answer any specific <br />questions regarding the proposed modification. <br /> <br /> <br /> <br />_____________________________________ <br />James Ericson <br />Community Development Director <br /> <br /> <br />Attachments: <br />1. Ehlers and Associates Project Plan Modification report dated January 25, 2006 <br />2. Resolution 824-06