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ARDEN HILLS SPECIAL CITY COUNCIL – DECEMBER 16, 2019 3 <br /> <br />Ms. Kvilvang stated this was the total amount of TIF the City anticipates generating from the <br />TCAAP project over the next 30 years. Further discussion ensued regarding the base value of the <br />land on TCAAP. <br /> <br />Councilmember McClung inquired if the proposed TIF plan binds the Council to a present or <br />future amount of TIF. <br /> <br />Ms. Kvilvang reported the Council would not be bound to provide TIF to a private developer(s). <br /> <br />Councilmember Holmes questioned how staff came up with the $12 million figure for affordable <br />housing. <br /> <br />Ms. Kvilvang explained this number was roughly 10% of the overall tax increment. <br /> <br />Councilmember McClung stated he believed the comments made this evening make it very clear <br />that the City has not promised to spend $12 million on affordable housing, but rather that this was <br />a number plugged into the TIF plan and the number can be adjusted. <br /> <br />Councilmember Holden asked how much time the City had to place a project in this TIF District. <br /> <br />Ms. Kvilvang indicated the City would have up to six years per State law. <br /> <br />Councilmember Holden inquired why the Council was holding a special meeting to vote on this <br />matter tonight. <br /> <br />Ms. Kvilvang explained this was being done because the legislation to create a special <br />redevelopment TIF District ends on December 31, 2019. <br /> <br />Mayor Grant opened the public hearing at 7:30 p.m. <br /> <br />With no one coming forward to speak, Mayor Grant closed the public hearing at 7:31 p.m. <br /> <br />5. NEW BUSINESS <br /> <br />A. Resolution 2019-048, Approving the Modification to the Development <br />Program for Development District No. 1 and Establishing Tax Increment <br />Financing District No. 5; TCAAP Within Development District. No. 1 and <br />Approving the Tax Increment Financing Plan Therefor <br /> <br />Stacie Kvilvang, Ehlers & Associates, requested the Council adopt a Resolution that would <br />approve a modification to the Development Program for Development District No. 1 and <br />Establish TIF District No. 5 for TCAAP within Development District No. 1 and approving the TIF <br />plan. It was noted a Public Hearing was held for this item. <br /> <br />Mayor Grant recommended the use of funds be amended. <br />