12-08-10-PC - Laserfiche WebLink

Home Browse Search

Tax Increment Financing District Overview City of Arden Hills Tax Increment Financing District No. 4 The following summary contains an overview of the basic elements of the Tax Increment Financing Plan for Tax Increment Financing District No. 4. More detailed information on each of these topics can be found in the complete Tax Increment Financing Plan. Proposed action: Establishment of Tax Increment Financing District No. 4 (the "District and the adoption of a Tax Increment Financing Plan (the "TIF Plan :)e of TIF District: Parcel Numbers: Proposed Development: Maximum duration: Estimated annual tax increment: A renewal and renovation district 33- 30 -23 -43 -0023 33- 30 -23 -43 -0003 Up to $321,779 0 FREERS LEADERS IN PUBLIC FINANCE Modification to the Development Program for Development District No. 1 includes the establishment of Tax Increment Financing District No. 4 and the modification of the boundaries of Development District No. 1, to be coterminous with the city limits of the City of Arden Hills, which represents a continuation of the goals and objectives set forth in the Development Program for Development District No. 1. The District is being created to facilitate the redevelopment of the existing senior housing units owned by Presbyterian Homes, exclusive of the existing nursing home units which will remain. Presbyterian Homes intends to replace these units with approximately 202 new units, consisting of 166 senior apartments and 36 brownstone units, in the City. The duration of the District will be 15 years from the date of receipt of the first increment (16 years of increment), The City elects to receive the first tax increment in 2014, which is no later than four years following the year of approval of the District. It is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2029, or when the TIF Plan is satisfied.