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196 <br /> • MEMORANDUM <br /> TO: Mayor and Members of the City Council <br /> Michael Morrison, City Manager <br /> FROM: Jerry Gilligan <br /> DATE: August 15, 2000 <br /> RE: Establishment of TIF District No. 5 and Redevelopment Agreement <br /> with Hillcrest Development <br /> At its meeting on July 25`h the City Council held a public hearing on the elimination by <br /> the HRA of certain parcels from the existing Apache Plaza tax increment financing district and the <br /> establishment of a new tax increment financing district containing these parcels. At their meetings on <br /> August 22°d the HRA and City Council will be considering resolutions approving such actions. <br /> The new tax increment financing district is proposed to include the tax parcels which <br /> contain.Apache Plaza Shopping Center, and the adjacent property consisting of the site of the former <br /> • New Market store and the Taco Bell. Since a portion of these parcels are presently included in a tax <br /> increment financing district established by the HRA in 1992 it will be necessary to remove these parcels <br /> from the existing tax increment financing district prior to including them in the new tax increment <br /> financing district. <br /> The tax increment financing plan for the new tax increment financing district authorizes <br /> the expenditure of tax increment revenue to be derived from the district to pay costs related to the <br /> redevelopment of the property in the district. Such tax increment may be used to pay such costs <br /> directly, to pay debt service on bonds issued to finance such expenditures or to reimburse the <br /> redeveloper of the property for payment of such redevelopment costs. <br /> The tax increment financing plan to be considered by the HRA and City Council . <br /> provides the new tax increment financing district is a"redevelopment district" under the TIF Act. The <br /> basis for this.determination is the report as to the condition of buildings in the district prepared by an <br /> outside consultant. This report is attached as an exhibit to the financing plan. <br /> The financing plan also includes estimates of costs,bonded indebtedness to be incurred, <br /> increment to be produced and duration of the district. This information is required to be contained in <br /> the financing plan by the TIF Act. <br /> DORS EY & WHITNEY L L P <br />