CCP 03-08-1993 - Laserfiche WebLink

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CITY OF ARDEN HILLS MEH:IlANDUM . DATE: ~ 8, 1993 TO: MAYCR AND ~ Fll(H: IXIlOl'HY A. PERsctl, CITY AIXDlISTRATClR SlJIlJB::T: TIP DIS'mIcr PllOCmtlRE The Council has a two part request bef=e them. The first request is to set a date to hold a Public Hearing on April 26, 1993 to =eate the area (the current request f= '!be Cottages), as a Tax In=ement Financing District and secondly, to authorize staff to prepare a Tax Increment Financing Plan for the district with the School District and County notified. The procedure normally goes as follows: h creatino a TIF District 1. This process sets aside land which is not otherwise expected to develop. 2. The Council sets a date for the Public Hearing and describes the land. Legal: Parts of Lots 11, 12, 28, 29 and all of Lots 30 and 31, Rohleder's Harne and Garden a=es. 3. The hearing is held providing f= public comment, with the . Council approving or disapproving the district to be established. II. Tax In=ement Plan APProval 1. Tonight, the Council would authorize a Tax In=ement Plan preparation for the identified TIF District. lJegal: Parts of Lots 11, 12, 28, 29 and all of Lots 30 and 31, Rohleder's Harne and Garden a=es. 2. staff prepares the Tax In=ement Plan f= this District, including the use, size, answer the "But for" test, refers to other TIF Districts to provide continuity. 3. The Plan is forwarded to the County and School District no less than 30 days from the hearing, with Council reviewing The Cottages Tax Increment Plan on March 29, 1993. 4. The heaL'ing is held on (April 26, 1993) with public input. 5. '!be Council can approve or disapprove the Tax In=ement Plan on (April 26, 1993). III. The Cottaqes Update 1. staff, in particular City Accountant Terry Post, have been continuing to work with this possible development and Tax Increment Financing for The Cottages project. 2. '!be development received Planning & Council concept approval in 1992. It is continuing to be discussed and reviewed f= . possible Tax In=ement funding. This review for Tax In=ement funding and any relevant, additional details, will be a part of the Developers Agreement to be prepared by staff and reviewed by Council on March 29, 1993. It is the intent f= this agreement to be finalized for the April 26, 1993 hearing and Council decision.