CCP 05-27-1997 - Laserfiche WebLink

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----------- - - ------ I I Article III -. City of Arden Hills, Minnesota Modification to the . Tax Increment Financing Plan for Tax Increment Financing District No.2 I May 27,1997 I Introduction The following text represents a modification to the Tax Increment Financing Plan for Tax Increment Financing I District NO.2. The modified Tax Increment Financing Plan represents a continuation of the goals and objectives set forth in the Development Program for Development District No. 1 and the Tax Increment I Financing Plan for Tax Increment Financing District No.2. Generally, the substantive changes include the authority to spend additional tax increments generated from Tax Increment Financing District No.2 for redevelopment efforts in Development District No. I; to expand the budget for Tax Increment Financing . District No.2; and to clarify budgets for previous expenditures. For further information, a review of the Development Program for Development District No. 1 and the Tax Increment Financing Plan for Tax Increment Financing District No.2, is recommended. They are available eI from the City Administrator's office of the City of Arden Hills. Section 3.3 Parcels to be Included. I (As Modified May 27, 1997) I This section is modified to confirm that the Tax Increment Financing District includes internal and adjacent streets and rights-of-way including roads, utilities, and bridges. I Section 3.6 Specific Development Expected to Occur. At this time it is anticipated that the project will I include the construction of a mixed business campus including office, office/showroom, office/warehouse and miscellaneous business space, with total construction costs of approximately $30,500,000 and will be phased in with 100% construction completion in 2000. I (As Modified May 27,1997) The original intent of uses within Tax Increment Financing District No. 2 remains office and I office/warehouse. The first phase of office/warehouse is under construction. The total market value of improvements could increase to $54,742,000 which is over $24,000,000 higher than the original estimate due to inOation on the real estate values of commercial property. I Section 3.9 Estimated Public Improvement Costs. The following is an estimate of public costs including -. Modification to the Tax Increment Financing Plan for Tax Increment Financing District No.2 111.1 .