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STAFF REPORT To: Planning Commission Report No.: VIII.1. From: Kim Moore-Sykes,Assistant City Manager Date: February 21,2006 Subject: Modifications of Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 Overview. Requested Action: Review the proposed modifications of Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 Overview. Background: The City has several areas of redevelopment that were originally organized as Tax Increment Financing (TIF) Districts in the mid 1980s. Over time and as allowed by state legislation, these TIF Districts have been modified in order to be utilized in the financing of various redevelopment projects throughout the City. On November 12, 1996 the City's Housing and Redevelopment Authority (HRA) approved amendments to the Redevelopment Plans,Financing Plans and Redevelop Projects designated as the Master Modification, which authorized tax increment revenue derived from any of the Districts to be utilized to remove,prevent and reduce blight, blighting factors and the causes of blight in any areas subject to the Redevelopment Plans. This 2006 Amendment to the Master Modification for Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5 proposes to do two things: 1.) The HRA identified certain property in the City that is not presently included in any of the areas subject to the Redevelopment Plans but believed by the HRA to either presently contain blight or blighting factors or because of age, obsolescence, market conditions and other factors is susceptible to blighting conditions;and 2.) To provide budgetary authority to utilize increased tax increment, to modify the budget to reflect actual project activity and to bring it into compliance with the State Auditor budget requirements. Attachments: • An Overview Summary of the Modifications of Redevelopment Project Area No. 3, the Chandler Place Tax Increment Financing District and Tax Increment Financing District No. 3-5. • Abbreviated Packet as prepared by Ehlers &Associates and LHB Architects for Ramsey County. • Memo from the City Attorney 022106 TIF Modification to Dist 3.doc