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7C, Tax Increment District #3 Plan Modification
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7C, Tax Increment District #3 Plan Modification
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10/24/2024 9:48:58 AM
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10/13/2009 8:57:32 AM
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Tax Increment District #3 Plan Modificat
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Tax Increment District #3 Plan Modificat
Date
10/12/2009
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�€� � Sue Iverson, Finance Director <br />City of Arden Hills <br />��� � Shelly Eldridge, Financial Advisor <br />���� <br />� ���°�� <br />October 6, 2009 <br />Tax Increment District No. 3 Plan modification <br />B ackground : <br />The City created Tax Increment Financing District No 3 as a housing district to reimburse Cottage <br />Villas of Arden Hills Limited Partnership for certain costs associated with the Cottage Villas <br />development. The development agreement provided a payment schedule through February 1, 2010 <br />for payment of increment received through December 2009. The current Tax Increment Plan is <br />consistent with the Developer Agreement schedule requiring the district to be decerti�ed on <br />December 31, 2009. <br />The tax increment law allows a maximum duration of 26 years of increment for housing districts. <br />The law allows tax increments from housing districts to be spent anywhere in the City as long as the <br />expenditures are used for a proj ect, or a portion of a proj ect, intended for occupancy, by persons or <br />fami lies of low and moderate income. <br />Options: <br />1) <br />2) <br />3) <br />4) <br />Identify potential housing proj ects that may require assistance and extend the District to <br />the statutory maximum duration of December 31, 2019. <br />If the district is extended and there are no imminent proj ects, the city may determine that <br />is appropriate to return some, or all, increment to the County for redistribution to the <br />taxing authorities at any time. <br />If the district is extended, and no projects materialize, the city may decertify the district at <br />a late date. <br />Leave the plan as is and allow district to be decertified on December 31, 2009. <br />Options 1, 2 and 3 allow the City the most flexibility for future assistance to projects. <br />Council Action: <br />If the Council determines that extending the District is the best course of action, the attached resolution, <br />calling for a public hearing to be held on December 14, 2009, would need to be passed. This would <br />start the modi�cation process according to the schedule. The modi�cation to the TIF Plan would <br />include the duration extension and a budget change. In addition, a modi�cation to the Development <br />Distrlct would be made to update the Development Plan to include the changes being made for TIF <br />District 3. The modi�cations would need to be completed before December 31, 2009. If no action is <br />taken by the Council, the County will decertify District No. 3 as of December 31, 2009. <br />.:...: <br />. .. z : _ <br />���� ������� ������ ����� <br />� <br />� <br />� � <br />. �����il��, �� ��� � �W � '� �� <br />�.a . . ... .. <br />��.�������� ��:�c,�� :�������:: �����: ��� M���m���� <br />���� ��� m��`�m�� � � <br />����ri��������1����w�r��.����� <br />
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