Agenda Packets - 1988/03/28 - Laserfiche WebLink

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MEMO TO: MAYOR AND CITY COUNCIL FROM: CITY PLANNER DATE: MARCH 17, 1988 SUBJECT: 8100 GPOVELAND ROAD I spoke with Walt Hartman about what actions would be necessary to finance the purchase of 8100 Groveland through tax increment financing. The steps to be taken would be: 1. To modify the Municipal Development District; this would allow the City to spend dollars within the newly designated boundary. 2. To modify the Tax Increment Financing Plan for the district: a. the parcel would have to be listed under "parcels in conditional acquisition" b. the budget would have to be chano,d tc reflect this expenditure. These modifications would trigger the process of review by :.-4A ,:. the Planning Commission, holding a public hearing, and Council review and approval. The question as to which Development District to expand is tis not as cut and dried. While Development District #1, Tax increment Financing Plan #2, is the closest to that site, time. This ; increment may not be generated for quite some the City's expenditure and would mean the lag time between its own reimbursement could be lengthy. The Mounds View Business Park on the other hand will be generating an for this increment sooner. I was informed tht the budget was conservative which means the district purposefully incrmer.t should generate more than what is required for debt ,,., tie ti,..,,:a. of course, further investigation 56r._,_ into the projects would need to be done to find the better funding source. How soon the Council would need to modify these plans is If = dependent upon when the purchase of the property occurs. for extended the City took out an option on the property an not have to be modified period of time, the plans would immediately. �+" KH/mjs