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EHLERS <br />&ASSOCIATES INC <br />To: <br />0 I From: <br />~I Date:LLJ <br />~I Subject: <br />Mike Moroson-City Manager <br />Stacie Kvilvang -Ehlers and Associates <br />January 3,2006 <br />Modification to Redevelopment Project No.3,Chandler Place TIP District and <br />TIP District 3-5 <br />The City and HRA have been working on a Master Financial Plan for future development and <br />redevelopment activities within the City.Tax increment from the two above referenced districts <br />have been ide~tified as potential funding sources to implement some of the City's and HRA's <br />development/redevelopmentobjectives... <br />In order to utilize tax increment from these two districts for various projects throughout the City, <br />the City Council will be required to hold a public hearing on the modification to the City's <br />Development District boundaries and modification to the existing TIP budgets for each district. <br />As you may recall,the Development District is the area in which the City/HRA can expend and/or <br />pool tax increments to.Currently,the Development District boundaries are limited to the parcels <br />comprised by both TIP districts.The modification to the development district will expand the <br />Development District boundaries to be coterminous with the City's boundaries.In addition,the <br />budgets will need to be modified to reflect updated tax increments that will be generated and <br />expended in accordance with each plan. <br />In order to begin the process of modifying the Development District and TIP Plan,the City Council <br />needs to call for a public hearing on March 14,2006,on the proposed adoption of a modification to <br />the redevelopment plan for Redevelopment Project No.3,the proposed modification to the <br />Chandler Place Tax Increment Financing District and the proposed modification to Tax Increment <br />Financing District No.3-5. <br />Please contact me at 651-697-8506 with any questions. <br />cc:Jerry Gilligan -Dorsey &Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive <br />Roseville,MN 55113-1105 <br />t <br />Phone:651-697-8506 Fax:651-697-8555 <br />skviIvang@ehlers-jnc.com <br />22 <br />flI