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EHLERS 8 A68001ATE6 INC Ehlers & Associates, Inc. City of St. Anthony Modifications of Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 Overview The following summary contains an overview of the basic elements for the Planning Commission regarding the Modifications of Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5. More detailed information can be found in the complete TIF Plans. Proposed action: Review the Modifications to determine conformity with the general plans for the development and redevelopment of the City as described in the Comprehensive Plan for the City. Generally,the substantive changes include the enlarging the boundaries of Redevelopment Project Area No. 3 (Project Area) so they will be coterminous with the corporate boundaries of the City of St. Anthony. In addition, the budgets in both TIF districts are being modified to reflect actual project activity and to bring them into compliance with State Auditor budget requirements. Parcel Numbers: No changes to either TIF District boundaries are being made with this modification (TIF Districts are not being enlarged). Detail of Proposed The Project Area is the area of the City in which tax increment dollars can be Action: expended, whether the area is located within a TIF district or not. Over the years the City has had five different Project Areas that were comprised of different parcels/boundaries within the City (Kenzie Terrace, Chandler, Highway Eight, Project Area No. 2 and Project Area No. 3). In an effort to simplify the defined boundaries of the Project Area, this modification will combine all former Project Areas into one,which will be called Project Area No. 3. The new boundaries will be expanded to include the corporate boundaries of the City, meaning that the City can expend tax increment dollars for development/redevelopment purposes anywhere in the City for a qualified project. Again,the project does not need to be located within a TIF district, but must meet the qualified cost requirements of the type/age of district that is expending the funds. In addition, the TIF budgets for both TIF District 3-5 (Apache Plaza Redevelopment) and Chandler Tax Increment District are being modified to bring them into compliance with State Auditor budget requirements. Further, the budget for TIF 3-5 is being modified to reflect actual project activity/development to date. Since the City and HRA are modifying the project area boundaries and the TIF budgets, the modifications are required to go through the entire public hearing process as if the City and HRA were creating new TIF districts. The Planning Commission is required to find that the development plans for these two districts are in conformance with the City's general development/redevelopment plans of the City. Since these TIF plans were previously approved by the Planning Commission, and the developments have and are being constructed as approved, the Planning Commission should find that these modified plans are consistent with the City's general development/redevelopment plans.