7A, Tax Increment Financing for District #3

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TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 3 (COTTAGE LIFESTYLES) (AS MODIFIED MAY 27, 2997) Tntrnti -tinn The following text represents a modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3. 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 Financing Plan for Tax Increment Financing District No. 3. Generally, the substantive changes include the authority to spend additional tax increments generated from Tax Increment Financing District No. 3 for other housing and redevelopment related projects in Development District No. 1; to expand the budget for Tax Increment Financing District No. 3; 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. 3, is recommended. They are available from the City Administrator's office of the City of Arden Hills. Section 2.1. Statement of Objectives. See Article I, Section 1.4. Statement of Objectives. (AS MODIFIED DECEMBER 14, 2009) Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.124 to 469.134, inclusive, as amended, and M.S., Sections 469.174 to 469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to low and moderate income housing projects. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Development Program for Development District No. 1. The new major objective for this District is to assist in financing new low -to -moderate income developments within the City. There is one development currently under consideration by the City which is not located in the District, but is located within Development District No. 1. The project consists of the construction of 55 units of rental housing affordable to persons and families at or below 60% of the area median income. In addition, there are other redevelopment sites located within Development District No. 1 that may be suitable for the construction of low -to -moderate income housing in the future. It is the intent of the City to utilize available TIF funds generated from this District to assist those developments as appropriate. Section 2.2. Development Program. See Article I, Sections 1.2. through 1. 11. Section 2.3. Parcels to be Included. The parcels included within Tax Increment Financing District No. 3 are described on the attached Exhibit IV -A and the boundaries of Tax Increment Financing District No. 3 are illustrated on Exhibit IV-B. Section 2.4. Parcels in Acquisition. The City may publicly acquire and reconvey any or all of the parcels in Tax Increment Financing District No. 3 identified on the attached Exhibit IV -A. City of Arden Hills Modification of Tax Increment Financing District No. 3 2