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b Planning Commission Meeting Minutes August 15, 2006 Page 2 1 8.1 _Review Modifications to the Redevelopment plan for Redevelopment Project area No.3 2 and Modifications to Tax Increment Financing District No. 3 for Confirmation to the 3 General Plans and the Development and Redevelopment of the City. 4 5 Assistant City Manager Moore-Sykes summarized the Staff report received from Stacie 6 Kvilvang, Ehlers and Associates, on the modification to Redevelopment Project No. 3 and TIF 7 District No.3 (Cub Foods). Assistant City Manager Moore-Sykes stated that as part of the 8 modifications reviewed in February 2006,this is another piece of the process the Planning 9 Commission needs to be completed. Assistant City Manager Moore-Sykes explained this goes 10 back to legislation changed in 2005 for Tax Increment Financing laws in that municipalities are 11 required to return or spend any excess increments within nine months of the end of the year, 12 which is September 1, 2006 13 14 Assistant City Manager Moore-Sykes reported the Planning Commission needs to make a 15 recommendation on the modifications and adopt/or not adopt the Findings of Facts which are: 16 17 1. The legislative change to Tax Increment Financing laws in 2005 requiring municipalities 18 to return or spend any excess increments within nine month after the end of the year, 19 September 1, 2006. 20 21 2. TIF District No. 3 (Cub Foods) was created in 1993 and it is determined to be typical of 22 assumptions made by districts created over 10 years ago change significantly over time. 23 24 3. After completing the TIF reporting for the City in response to legislation passed in 2005 25 and due by September 1, 2006, it was noted the budget for the above referenced district 26 was not in compliance and was therefore producing excess increment. 27 28 4. In February the Planning Commission reviewed the Modifications to Redevelopment 29 Project Area No. 3,the Chandler Place Tax Increment Financing District and Tax 30 Increment Financing District 3.5 overview and recommended the City Council adopt the 31 modifications as presented. 32 33 5. At the August 15, 2006 meeting,the Planning Commission continued the process for 34 adopting Modifications to Redevelopment Project No. 3 and TIF District No. 3 (Cub 35 Foods)by reviewing the modifications to determine if they conform to the general plans 36 for the development and redevelopment of the City as described in the Comprehensive 37 Plan. 38 39 6. The Planning Commission does find modifications conform to the general plans for the 40 development and redevelopment of the City as described in the current City 41 Comprehensive Plan. 42 43 Commissioner Jensen asked if finding number two is saying that districts created over ten years 44 ago made financial assumptions that can change significantly over time. 45