7C, Resolution 2010-043, Set Proposed TIF District Public Hearing Date - Presbyterian Homes Redevelopment

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EN HILL S MEMORANDUM DATE: August 30, 2010 TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Finance Director/Treasurer SUBJECT: Proposed TIF District — Presbyterian Homes Redevelopment Background/Discussion: Presbyterian Homes has approached the city about its proposed redevelopment of portions of their facilities on their existing site. As a part of this redevelopment, the possibility of relocating the Arden Hills library to this site is also being explored. Presbyterian Homes is inquiring about the possibility of the City to offset some of the costs associated with this redevelopment by providing Tax Increment Financing (TIF) . The City has requested that Presbyterian Homes complete the required applications and pay the required fees and escrow deposits. Staff has been workin� with th� City's Fi�an�ial �onsultant �� btain estimates of the costs associated with this application and a timeline. Attached is a memo from Stacie Kvilvang, Ehlers & Associates, with her analysis of the proj ect, a proj ected timeline for creation of this �nancing district, and a resolution calling for a public hearing. Calling for the public hearing does not commit the City Council to provide TIF for the proj ect. The Council may stop the process at any time if it determines that it does not want to provide public assistance. This is a time sensitive project because of the proposed relocation of the Arden Hills library in order to obtain estimates and the feasibility of the proj ect to get information to the Ramsey County Board of Commissions. Since the Library Board is meeting on September 15th, the project will be part of the agenda for the Planning Commission on September 8th, the Financial Planning and Analysis Committee (FPAC) on September 9th, and staff hopes to update the City Council on the proj ect at either a worksession or the City Council meeting on September 13th. Staff Recommendation: Staff recommends adopting Resolution 2010-043, a resolution calling for a public hearing on the proposed adoption of a modi�cation to the development program for Development District No. 1 and the proposed adoption of the Tax Increment Financing Plan for Tax Increment Financing Dis�rict No. 4.