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ax Increment Financing District Overview City of Arden Hills Development District No. 1 and Tax Increment Financing District No. 3 - 2009 Modifications The following summary contains an overview of the basic elements of the Modification to the Development Program for Development District No. 1 and the Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3. More detailed information on each of these topics can be found in the complete Development Program Modification and Tax Increment Financing Plan. Proposed Action: Modification to the Development Program for Development District No. 1 • Update the Development Program's statement of objectives (introduction) and budget Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3: • Extend the term of the TIF District to its statutory maximum duration to enable the City to continue in its efforts to support low and moderate income housing opportunities • Increase the budget to reflect the extended term, actual development and associated obligations • Bring the TIF Plan into conformance with current Office of State Auditor requirements and legislative changes • This modification does not enlarge the geographical area of the TIF District Type of TIF Existing housing district District: Maximum Pursuant to M.S., Section 469.176, Subd. lb, the duration of the District will Duration: be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The date of receipt by the City of the first tax increment was July, 1994. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2019, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. ....... .............