4D, Resolution Calling for Public Hearing - TIF - Presbyterian Homes

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DATE: October 25, 2010 2k.RZEN HILLS MEMORANDUM TO: Honorable Mayor and City Council Patrick Klaers, City Administrator FROM: Sue Iverson, Finance Director /Treasurer Background/Discussion: Staff Recommendation: V SUBJECT: Proposed TIF District Presbyterian Homes Redevelopment 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). Presbyterian Homes has completed the required applications and paid the required fees and escrow deposits. At the August 30, 2010 City Council meeting, the City Council called for a Public Hearing to be held on October 25, 2010. However, due to the timing required to complete all necessary steps to prepare the proposed Modification to the Development Program for Development District No. 1 and the proposed adoption of a Tax Increment Financing Plan for Tax Increment Financing District No. 4 the hearing date needs to be changed. Staff recommends adopting Resolution 2010 -056, a resolution calling for a public hearing by the City Council of Arden Hills on the proposed adoption of a Modification to the Development Program for Development District No. 1 and the proposed adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 4.