12-16-19-SR - Laserfiche WebLink

Home Browse Search

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