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12-16-19-SR
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12-16-19-SR
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<br />City of Arden Hills <br />Tax Increment Financing District No. 5: TCAAP 4 <br />Tax Increment Financing Plan for TIF District No. <br />5: TCAAP <br />Foreword <br /> <br />The City of Arden Hills (the "City"), staff and consultants have prepared the following information <br />to expedite the establishment of Tax Increment Financing District No. 5: TCAAP (the "District"), a <br />redevelopment tax increment financing district, located in Development District No. 1. <br />Statutory Authority <br /> <br />Within the City, there exist areas where public involvement is necessary to cause development to <br />occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("M.S."), <br />Sections 469.124 - 469.133, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, <br />inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), and 2009 Minnesota <br />Session Laws, Chapter 88, Article 5, Section 16, Subdivision 2 to assist in financing public costs <br />related to this project. <br /> <br />This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other <br />relevant information is contained in the Modification to the Development Program for <br />Development District No. 1. <br />Statement of Objectives <br /> <br />The District currently consists of two parcels of land and adjacent and internal rights-of-way. The <br />District is being created to facilitate the the construction of a mixed-use development consisting <br />of approximately 1,460 residential units comprised of approximately 120 condos, 760 apartment <br />units, and 580 single-family homes; 291,500 square feet of retail and restaurant space; a 200-unit <br />hotel; a movie theater; 185,950 square feet of flex / office space and approximately 740,000 <br />square feet of corporate office space and related structured parking in the City. The City has not <br />entered into an agreement, but Alatus Arden Hills LLC. has been designated as the master <br />developer and development is likely to begin in 2021. This TIF Plan is expected to achieve many <br />of the objectives outlined in the Development Program for Development District No. 1. <br /> <br />The activities contemplated in the Modification to the Development Program and the TIF Plan do <br />not preclude the undertaking of other qualified development or redevelopment activities. These <br />activities are anticipated to occur over the life of Development District No. 1 and the District. <br />Development Program Overview <br /> <br />Pursuant to the Development Program and authorizing state statutes, the City is authorized to <br />undertake the following activities in the District: <br /> <br /> 1. Property to be Acquired - Selected property located within the District may be <br />acquired by the City and is further described in this TIF Plan. <br /> <br /> 2. Relocation - Relocation services, to the extent required by law, are available <br />pursuant to M.S., Chapter 117 and other relevant state and federal laws.
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