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0 EHLERS 58 & ASSOCIATES IN ( ® To: Mike Mornson—City Manager C From: Stacie Kvilvang—Associate Financial Advisor G Sid Inman—Executive Vice President W Date: September 16,2003 Subject: Creation of Tax Increment District#3-5 and decertification of parcels from Apache Tax Increment District#3-3 by the City Council Overview: The City is considering establishing Tax .Increment Financing District 3-5 to facilitate the redevelopment of the Apache Plaza Shopping Center and surrounding area (commonly referred to as the Northwest Quadrant), in accordance with the Redevelopment Plan. TIF District 3-5 consists of 24 parcels of land and adjacent and internal rights-of-way and is approximately 65 acres in size (see attached map). The duration of District #3-5 will be 25 years from the date of receipt of the first increment, which will be approximately 2006. Thus, it is estimated that District #3-5, including any modifications of the Plan for subsequent phases or other changes, would terminate in 2031. Currently, four (4) parcels that are to be included in District #3-5, are located within Apache TIF District#3-3, a Redevelopment District created in 1993. These parcels are:IN � T 3 ,: 4 q ,3,S;.Y M A Y.: acr f� SID_w_ AE Pond by Cub 31-30-23-31-0028 Pond Behind Mini Mall 31-30-23-31-0033 Vacant Land—Between SAV II& Conoco 31-30-23-34-0014 Vacant Land -Next to Taco Bell 31-30-23-34-0015 The proposed action before you this evening requests approval of the tax increment financing plan for District 43-5 and approval of the decertification of the foregoing parcels from Apache TIF District#3-3. in order to include them in the newly created District#3-5. Primary issues/alternatives to consider: Why are the City and HRA creating TIF District#3-57 TIF District 3-5 (Northwest Quadrant) is located within the boundaries of Silver Lane on the North, 37`h Avenue NE on the south, Silver Lake Road on the east and Stinson Boulevard on the West. Currently the Northwest Quadrant is underutilized, with obsolete structures and physical arrangements, substantial vacant areas and high building vacancies, inconsistent legal restrictions on redevelopment and outdated and inadequate public infrastructure and circulation. Redevelopment has been impeded by fragmentation of ownership and the difficulty of redevelopment without a consistent overall plan ensuring compatible adjacent uses. Due to these issues, the redevelopment of the Northwest Quadrant has been a priority redevelopment goal for the City for the past ten (10) years and creation of TIF District#3-5 will assist in offsetting the high costs associated with the redevelopment.