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5ection 2- iax lncrement Financing Plan <br />for T1F Disfricf No. 4 <br />Subsection 2»1. Foreword <br />The City of Arden Hills (the °City"), staff and consultants have prepared #he following information to <br />expedite the establishtnent of TIF District No. 4(the "Disirict"), a renewal and renovation tax increment <br />financing district, located in De�elogment District No. 1. <br />Suhsection 2-2. Statutory Authority <br />Within the City, there exist areas where puhlic invol�ement is necessary to eause development or <br />redevelopment to occur. To this end, the City has certain statutory powers pursuant to Mannesota Statutes <br />("M.S.'), Sections 4b9124 to 4b9.134, inclusive, as amended, and M.S., Sections 469.174 to 469.1799, <br />inclusi�e, as amended (ti�e "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs <br />related to this project. <br />This section contains the Tax Increment Financing Plan (the "TIF Plan"} for the District. Other relevant <br />information is contained in the Modification to tk�e De�elopment Program for Developrnent District No. 1. <br />Subsection 2»3. Statement of Objectives <br />The District currently consists oftwo (2) paxcels of land and adj acent and internal rights-of-way. The District <br />is being created, in the City, to facilitate the rede�elopment of the existing senior housing uni�s owned 6y <br />Presby#erian Homes, exclusive of the existing nursing hozx�e units whicl� will remain. Presbyterian Homes <br />int�nds to replace these units with approximately 202 new units consisting of 166 senior apartments and 36 <br />brownstone units. Please see Appendix A far further District information. The City will be entering inta an <br />agreement with Presbyterian Homes for the redevelopzxzent of the site. This TIF Plan is expected to achieve <br />many oithe objectives outlined in trie De�elopment Program far De�elopment District No. 1. <br />The activities conternplated in the Modification to the DeveIopment Progra� and the TIF Pian do not <br />preclude the undertaking of other qualifed development or redevelopment activities. These act�vities are <br />anticipated ta occur over the life of Development District Na. 1 and the District. <br />Suhsection 2-4. Development Program Ouerview <br />1. Property #o be Acquired - Selected property located within the Dis�rfct may be acquired by <br />the City and is further descril�ed in this TIF Pl�. <br />2. Relocation - Relocation services, to the extent required by law, are available pursuant to <br />M.�'., Chapter 117 and other relevant state and federal laws. <br />3. Upon approvai of a develaper's plan relating to the project and campletion of the necessary <br />legal requirements, the Czty may sell to a developer selected properties that it may acquire <br />wiihin the District or may lease [and or facilities to a developer. <br />A. The City may perform or pro�ide for some or ail necessary acquisition, consiruction, <br />zelocation, demolition, and required utilities and public street work wztk�zn the District. <br />City of Arden Mills Tax Incremenl Financing Plan forT�F �istrict No. 4 2-7 <br />