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<br /> ---- <br /> . '. <br /> Memorandum - Resolution #97-28, Modifying Development Program . <br /> Page Two .. <br /> May 21,1997 <br /> What is a Development District? <br /> A Development District is an area where specific properties are identified by a City for the . <br /> pupose of utilizing the various powers provided under Minnesota State Statutes, Chapter 469. <br /> Specifically, those powers include the use of tax increment financing. The establishment or <br /> modification of boundaries of a Development District do not obligate a City to use Tax . <br /> Increment Financing within those boundaries, it only provides a foundation for its possible use. <br /> Whv are changes proposed to Development District No.1? I <br /> The proposed modifications to the boundaries of Development District No, 1 would: <br /> . Eliminate two areas which were either recently developed or have limited <br /> development potential. . <br /> . Add development/redevelopment areas that have a potential need for the use of <br /> tax increment financing. (however, neither area will be within an existing TIF . <br /> District). <br /> Why are changes bein2 proposed to the bud2ets? I <br /> Changes are being made to the budgets of the tax increment financing plans for several reasons. <br /> 1. TIF District No. 1 " <br /> The change clarifies the actual cost of the pooling of these TIF proceeds to assist <br /> with the acquisition and demolition of the Kem Milling site within TIF District <br /> No.2. I <br /> 2. TIF District No.2 <br /> As a result of the recent activities related to the development of the Gateway I <br /> Business District (GBD), staff has been able to review the budget, and make <br /> revisions which are more appropriate to address the anticipated budgetary needs . <br /> within this District. This also includes the clarification that all adjacent roads, <br /> utilities and bridges are within the District. <br /> 3, TIF District No. 3 . <br /> The budget was clarified to itemize the specific public improvement costs related <br /> to the development of the Cottage Villas senior housing complex. . <br /> Other Items <br /> The Planning Commission has reviewed these proposed amendments and adopted Resolution I <br /> No, PC97-01, finding that the modification of Development District No.1, and the modifications <br /> to the Tax Increment Financing Plans for Tax Increment Financing Districts No's. 1,2 and 3 <br /> conform to the general plans for the development and redevelopment of the City (see Exhibit D). I <br /> .. <br /> I <br />