6B, Public Hearing Proposed TIF District Resolution 2010-081, -082 & -083

Home Browse Search

� EN H�LLS MEMURANDUM DATE: 4ctober 25, 2010 TO: Honorable Mayor and Ci�r Council Patrick Klaers, City Administrator Jill Hutmacher, Cornrn�ty Developzx�.ent Director FROM: Sue Iverson, Director of Finance and Adminis�rative Se�rvices SUBJECT: Public Hearing Proposed TIF District — Presbyierian Homes Redeveloptnent Background/Discussion : Presbyterian Homes has approached the city ahout its proposed redeveIop:rnent of portions of their facili�ies on their existing site. As a part of this redevelopment, the possibiIity of relocating the Arden Hills library to this site is aiso being explored. Presbyterian Ho�nes is inquiring about the possibiIity of the City to offset some of t�e costs associated with this r�development by providing Tax Increment Financing (TIF}. Presbyterian Homes has completed �e required appIications and paid ihe required fees and escrow deposits. At the A�gust 30, 2010 City Council meeting, the City Council callad �or a�'ublic Hearing to be held on October 25, 201 D. However, due to the timing required to complete all necessary steps to prepare the proposed Modification to the DeveIopment Program for Developtr.�ent Distxict No. 1 and the proposed adoption of a T� Increznent Financing Plan %r T� Increment Financing District No. 4 the laearing date was changed to December 13, 2U10. Discussion: The City Council will hold a public hearing at the me�ting on December �3, 2010. Jill Hutmacher, Community D�velopment Director, and Stacie Kvilvang, Ehlers & Associates, will prese�nt t�is item and answer any q�zestions. A suraazr�ary overview of the Tax Financing District is attached. After that meeting, the City Cauncil will co�sider the request from Presbyterian Hornes. If that request is grantad, action wauld be requiced to modify the d�velopment program for Development District No. 1 and establish Taac Inerement Financing District No. 4 within Development District No.l and adopt the Tax Increment Financing Plan, As part of the process, the City Council will also approve the Development Contract between the City and Presbyterian Hornes. Finally, staff asks that the City Council approve an interfund �aan to advance money from the PIR Fund to finance quali�ed costs an.d be reitnbursed from the tax increments derived fram the T� Increment Disirict.