7C, Tax Increment District #3 Plan Modification

Home Browse Search

��. EN HILLS MEMORANDUM DATE: October 12, 2009 TO: Honorable Mayor and City Council Members Ron Moorse, City Administrator FROM: Sue Iverson, Finance Director/Treasurer SUBJECT: Tax Increment District No. 3 Plan modification (Cottage Villa) Back�round The Cottage Villa TIF district is set to expire on December 31, 2009. State Statute allows the City to extend the district until December 31, 2019. There have been some discussions with the City Council about extending the district and possibly using the remaining funds for other housing proj ects in the City such as the Arden Village, the Old City Hall Property, or the B2 District. Discussion Staff has contacted our �nancial advisors and they have identified possible options as presented in the attached memo from Shelly Eldridge. We may extend the district with the intent of using these funds on future proj ects such as the Arden Village, the Old City Hall Property, or the B2 District. If none of these proj ects materialize, we may decertify the district at any time and return the increment to the County for redistribution to the taxing authorities. Extending the district allows the City the most flexibility for future proj ects that might require assistance. In order to extend the district, the attached Schedule of Events or timeline has been provided as steps needed to achieve this extension. Council Action Staff recommends a motion to adopt Resolution 2009-028, a resolution calling for a public hearing by the City Council on the proposed adoption of a modification to the development program for Development District No. 1 and the proposed adoption of a modi�cation to the Tax Increment Financing Plan for Tax Increment Financing District No . 3 . City Council Meeting \�1Vletro-inet\ardenhills�Admin\Council�.Agendas & Packet Information\2009\ 10-12-09 Regular�Packet Information\Cottage_Village_TIF_Dist Ext.doc Page 1 of 1