Laserfiche WebLink
CentervilleTIFDistrict1-8 <br />October4,2019 <br />Page 3 <br />DevelopmentProgramisawrittenplanthatcontainsthestatementofobjectivesforthe <br />DevelopmentDistrictandcontainstheinformationsetforthinMinnesotaStatutes.TheDevelopment <br />ProgrammaybeincludedinthesamedocumentthatcontainstheTIFPlan,butthetwoplansare <br />separateandmustcomplywithrespectivestatutoryrequirements. <br />AftertheTIFDistrictisestablished(TIFPlanadopted),theCitymayconsiderenteringintoa <br />development(TIF)agreementwiththeDeveloperfortaxincrementfinancingassistance.TheCity <br />plansforthistooccuratadatefollowingthepublichearingdate.Theproposedtermsofthe <br />agreementandprojectspecificsarestillunderdiscussionbetweentheCityandtheDeveloper. <br />NoticetoCountyandSchoolDistrict <br />BeforethepublichearingandtheestablishmentofaTIFdistrict,theCitymustprovidecertain <br />noticestothecountyandtheschooldistrict,includingprovidingacopyofadraftTIFplan.The <br />countyandschooldistrictmaycommentontheproposedTIFdistrictbutcannotpreventthecreation <br />oftheTIFdistrict.OnbehalfoftheCity,NorthlandsubmittedaletterandadraftcopyoftheTIF <br />PlanfortheTIFDistricttoAnokaCountyandCentennialSchoolDistrictonSeptember9,2019asking <br />toreceivewrittencomments.Asofthedateofthismemorandumnocommentswrittenororalhave <br />beenreceivedbyNorthland. <br />AdoptionofModifiedDevelopmentProgramandTIFPlan <br />Followingthepublichearing,theCityCouncilmayconsideraresolutionapprovingthemodification <br />totheDevelopmentProgramforDevelopmentDistrictNo.1andtheestablishmentoftheTIF <br />DistrictwithintheDevelopmentDistrictandtheadoptionoftheTIFPlanrelatingthereto(the <br />“Resolution”).TheCityCouncilmayconsideradoptionoftheResolutiononthesamedateofthe <br />publichearing(afterclosingthehearing)oradatefollowing. <br />TIFPlanSummary <br />Taxincrementfinancingplanscanbeconfusingandtechnical,astheplanstendtocontainlanguage <br />thatisstatutorilyrequiredpursuanttotheDevelopmentDistrictAct(whichmeansMinnesota <br />Statutes,Sections469.124through469.133)andtheTIFAct.Thesummarythatfollowsisprovidedto <br />highlightthekeyelementsoftheDevelopmentProgramandtheTIFPlan.Acompletecopyofthe <br />draftproposedDevelopmentProgramandTIFPlan(containedwithinonedocument)isincludedin <br />theCouncilpacket. <br />ItemPlanSectionComments <br />ProjectAreaArticleIITIFDistrict1-8willbelocatedwithintheboundariesof <br />DevelopmentDistrictNo.1.TheDevelopmentDistrictis <br />coterminouswiththeboundariesoftheCity.The <br />DevelopmentProgramisprovidedinArticleII.The <br />DevelopmentProgramisdifferentthantheTIFPlan.It <br />includesobjectivesandlanguagethatisspecifictothe <br />DevelopmentDistrict.Taxincrementfinancingdistricts, <br />whichtodatetheCityhaspreviouslyestablishedseven <br />4 <br /> <br />