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<br />, "lIII <br />. CITY OF ARDEN HILLS <br /> MEMORANDUM <br /> DATE: November 19, 1997 <br /> TO: EDA Board of Commissioners !::\ <br /> FROM: Brian Fritsingcr, sccrctary/TreaSure~ <br /> SUBJECT: EDA Resolution #97-02, Ratitying Modification of Dcvelopment <br /> Program and Tax Increment Financing Plans <br /> Background <br /> On April 14, 1997, the City Council adopted Resolution #97-18, which transferred the control, <br /> authority and operation of the Development Districts and Tax Increment Financing (TIF) <br /> Districts to the Economic Development Authority (EDA). On May 27, 1997, the City Council <br /> also adopted Resolution #97-28, approving modifications to the Development Program for the <br /> Development District and the Tax Increment Financing Plans. <br /> At the time, the EDA did not finalize those actions taken by the City CounciL Prior to the <br /> issuance of the General Obligation Tax Increment Financing Bonds by the City, the EDA needs <br />. to ratify the actions taken in these two resolutions. This ratification simply acts as the final step <br /> of the transfer in the TIF Districts to the EDA. <br /> Recommendation <br /> The EDA is asked to adopt EDA Resolution #97-02, Ratifying Modifications of Development <br /> Program and Tax Increment Financing Plans. <br /> BF IsIs <br /> , <br />. <br />