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BACKGROUND MEMO FOR THE EDA MEETING OF <br /> Tuesday, January 16, 2007 <br /> 3. Approval of Minutes EDA meeting of December 18,2006 <br /> City staff recommends that the EDA approve the minutes for the December 18, 2006 <br /> EDA meeting as presented. <br /> 4. Update and Discussion on TIF District <br /> Staff has completed the necessary tests to determine if the proposed TIF District will <br /> qualify. The proposed TIF District will qualify and has met the coverage and building <br /> inspection tests as outlined in Minnesota State Statutes. Staff has attached a map of <br /> the proposed TIF District. <br /> Staff has been working with the TIF Subcommittee and Springsted to develop details <br /> for the policy and application for the entire TIF District. The policy includes <br /> requirements for a development to meet before it can qualify for TIF. Attached is the <br /> draft TIF policy that was revised by the subcommittee and Paul Steinman from <br /> Springsted. The EDA should review the policy and provide staff with comments. <br /> The TIF application is a process by which the City can evaluate a project to see if it <br /> will qualify for TIF. The applications will be graded by completing the application <br /> review worksheet. From the evaluations of the worksheet the city will determine if <br /> the project qualifies to receive TIF and the term the project will receive. The EDA <br /> should review the application and provide staff with comments. <br /> Staff has been working with the TIF Subcommittee to develop a plan for the <br /> downtown to include what the EDA would like to see in the area along Egg Lake. <br /> Staff has attached a map of the area across from City Hall and along Egg Lake to help <br /> demonstrate the area we have potential to work with. The EDA should discuss what <br /> kind of development they would like to see in the downtown area and proved staff <br /> with comments. <br /> The next step in the process is to schedule a public hearing at a City Council meeting <br /> within the next couple of months. This will provide the public a chance to present <br /> feedback to the City Council about the TIF District. The EDA should discuss the date <br /> for the public hearing. <br />