PL PACKET 02212006 - Laserfiche WebLink

Home Browse Search

SECTION II- TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3-5 Subsection 2-1. Foreword The Housing And Redevelopment Authority of St.Anthony(the"HRA"),the Cityof St Anthony(the"City"), staff and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 3-5 (the "District"), a redevelopment tax increment financing district, located in Redevelopment Project Area No. 3. Subsection 2-2. Statutory Authority Within the City, there exists areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the HRA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S.'), Sections 469.001 to 469.047, inclusive, as amended, and M.S., Sections 469.174 to 469.1799,inclusive,as amended(the"Tax Increment Financing Act"or"TIF Act"),to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan(the"TIF Plan")for Tax Increment Financing District No. 3-5. Other relevant information is contained in the Modification to the Redevelopment Plan for Redevelopment Project Area No. 3. Subsection 2-3. Statement of Objectives The District currently consists of 24 parcels of land and adjacent and internal rights-of-way. The District is being created to facilitate a mixed-use redevelopment,which includes rental and owner occupied housing along with retail and office space in the City of St.Anthony. Contracts for this have not been entered into at the time of preparation of this TIF Plan,but development is likely to occur in Spring 2004. This TIF Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for Redevelopment Project Area No. 3. The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Redevelopment Project Area No. 3 and the District. Subsection 2-4. Redevelopment Plan Overview 1. Property to be Acquired-Selected property located within the District may be acquired by the HRA or City and is further described in this TIF Plan. 2. Relocation-Relocation services,to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements,the HRA or City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The HRA or City may perform or provide for some or all necessary acquisition,construction, Housing and Redevelopment Authority of St. Anthony Tax Increment Financing Plan for Tax Increment Financing District No.a-b