12-14-09-R - Laserfiche WebLink

Home Browse Search

AR-DEN HILLS CITY COUNCIL—December 14, 2009 12 6B. Public Hearing for the Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3 Within Development District No. 1 (continued) Mayor Harpstead clarified that the TIF money could only be used for affordable housing and if it was not used it would be returned to the taxing districts. He also clarified that extending the district did not guarantee that the money would be used. Ms. Kvilvang stated that this was correct. Any proposal for assistance would need to come before the City with a "but/for" analysis and the terms and conditions of the assistance would be outlined in the development agreement that the City would have to approve. Mayor Harpstead asked what the cost savings were between extending the current district and creating a new one. Ms. Kvilvang stated there was no cost savings, but extending the district would keep it open for an additional ten years rather than a potential twenty five years on a new district. Councilmember Grant clarified that the area of District No. 1 included County Road F, the north side of County Road E and a part of TCAAP. Mayor Harpstead pointed out that District No. 1 does not include the former City Hall property. Mayor Harpstead opened the Public Hearing at 7:34 p.m. Manor Harpstead closed the Public Hearing at 7:35 p.m. 7. NEW BUSINESS A. Adopt Resolution 2009-042; A Resolution Adopting a Modification to the Development Program for Development District No. 1; and a Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 3 Finance Director Iverson stated that Item 7A was the motion for approving the modification to the tax increment financing plan for tax increment District No.3 and the Council had just completed the public hearing for this item. She asked Ms. Kvilvang if the boundaries for the district could be modified to include the Old City Hall property and the B-2 District.