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Tax Increment Financing District O�erview <br />Cify of Arden Hills <br />Tax Increment Financing District No. 4 <br />The Following summary contains an overvi�w o� the basic elements of the Tax Increment Financing Plan <br />for Tax Incre�nent Financing District No. �. Mare detaiied information on each of these topics can be <br />faund in the cornplete TaaL Increment Financing Plan. <br />Proposed act�on: Establishment of Tax Increment Financing Distric� No. 4(the "District") and <br />the adoptian of a Tax Increment Financing Plan {the "Tg' Plan"). <br />Modification to the Development Program for Devetopment Dis�irict No. 1 <br />includes the establishment of Tax Increment Financing Distrzct No. 4 and the <br />modificatian of the baundaries of Deve�opment District No. 1, to include al1 <br />parceIs and adjac�nt rights-of-way Iocated south of Highway 10 and Highway <br />96 and t�e parcels and adjacent rights-�f way located within the corporate <br />boundaries on the east, west and south which represents a continuation of the <br />goals and abjectives set forth in th� Development Program for Development <br />District No. 1. <br />T e of TIF Dis�rict: A renewai and renovation district <br />Parcel Nunnbers: 33-30-23-43-0023 33-30-23-43-0003 <br />Proposed The Dis�rict is being created to Facilitate the redevelopment of the existing <br />Deveiop�nent: senior housing units owned by Presbyterian Hames, exclusive of the existing <br />nursing home units which wilI remain. Presbyierian Homes intends to replace <br />these units with approxirnately 202 new units, consisting of 166 senior <br />apartments and 36 brownstone units, in the City. Please see Appendix A of <br />_ the TIF Plan for a rnore detailed proj�ct description. <br />Maximum duration: The duration ai �he District will be 15 years from ""." .'_....,.._ <br />the date of receipt of the <br />first inerement (16 years o� increz�aent}. The City eIects to receive the first tax <br />incret�ent in 2014, which is no later than four years following the year of <br />approval of the District. It is estimated that the District, including any <br />modifications of the TIF Plan t'or subsequent phases or other changes, would <br />terminaie after December 31, 2029, or when the TIF PIan is satisfied. <br />Estimatec� annual tax Up to $321,779 <br />increment: <br />Fiscal Disparities <br />Electio� The Ci is calculatin fiscal dis arities b clause b(inside the District . <br />EHLERS <br />IEARERS IN Pll6LIG FtNANCE <br />