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FREERS & ASSOCIATES INC To: Mike Mornson -- HRA Executive Director 0 From: Stacie Kvilvang -- Ehlers and Associates Date: January 3, 2006 Ui Subject: Modification to Redevelopment Project No. 3, Chandler Place TIF District and TIF District 3-5 (Silver. Lake Village District) The City and HRA have been working on a Master Financial Plan for future development and redevelopment activities within the City. Tax increment from the two above referenced districts have been identified as potential funding sources to implement some of the City's and HRA's development/redevelopment objectives. In order to utilize tax increment from these two districts for various projects throughout the City, the City Council will be required to hold a public hearing on the modification to the City's Development District boundaries and modification to the existing TIF budgets for each district. As you may recall, the Development District is the area in -which the City/HRA can expend and/or pool' tax increments to. Currently, the Development District boundaries are limited to the parcels comprised by both TIF districts.. The modification to the development district will expand. the Development District boundaries to be coterminous with the City's boundaries. In addition, the budgets will need- to be modified to reflect updated tax increments that will be generated and expended in accordance with each plan. In order to- begin -the process of modifying the Development District and TIF Plan, the HRA needs to request that the* City Council call for a public hearing on March 14, 2006, on the proposed adoption of a modification to the redevelopment plan for Redevelopment Project No. 3, the proposed modification to the Chandler Place Tax Increment Financing District and the proposed modification to Tax Increment Financing District No. 3-5. Please contact me -at 651-697-8506 with any questions. cc: Jerry Gilligan — Dorsey & Whitney File LEADERS IN PUBLIC FINANCE 3060 Centre Pointe Drive Phone: 651-697-8506 Fax: 651-697-8555 Roseville, MN 55113-1105 skvilvang@ehlers-inc.com 7