2024-06-12 CC Packet - Laserfiche WebLink

Home Browse Search

()- TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 removal of blighted and substandard buildings, construction of public infrastructure, construction of parking, and site improvements and preparations to allow for the Developer to proceed with construction of the Development within the TIF District. SECTION 3.03 TAX INCREMENT FINANCING DISTRICT 3.03.1 Designation This TIF District is designated Tax Increment Financing (Redevelopment) District No. 1-8. 3.03.2 Boundaries of TIF District (1-9). A new legal description of the property that will be within the TIF District will be created through the City’s subdivision process. 1. Portion of 1687 Westview Street; PID 23-31-22-22-0003; to be Lot 2, Block 1 LaLonde First Addition (as described on Preliminary Plat); No assigned PID for Lot 2, Block 1 LaLonde First Addition as of date of establishment of the TIF District. 2. 7124 Main Street; PID 23-31-22-22-0008 3. No Assigned Address; PID 23-31-22-22-0016 4. 7121 Centerville Road; PID 23-31-22-22-0015 5. 1695 Main Street; PID 23-31-22-22-0004 6. 1691 Main Street; PID 23-31-22-22-0005 7. No Assigned Address; PID 23-31-22-22-0011 8. No Assigned Address; PID 23-31-22-22-0010 9. No Assigned Address; PID 23-31-22-22-0009 The boundaries of the TIF District include the area of parcels listed above (1-9) and the adjacent roads and right-of-way. The area of the TIF District is depicted in the map in Exhibit V. 3.03.3 Type of District The TIF District is established as a “Redevelopment” district pursuant to Section 469.174, Subd. 10 of the TIF Act. The City has determined that the property in the TIF District meets the statutory criteria for a redevelopment district. The results of the building inspection and analysis performed by the City are contained in the LaLonde Property Redevelopment TIF District Proposal - Building & Site Analysis (the “Report”). The Report includes documentation to support district. Exhibit VI includes the Report. As summarized in the table that follows below, 79.6% of the area of the TIF District is occupied by improved parcels, and 66.7% of the buildings within the TIF District are found to be Number of Parcels.............................................................................................................9 Area Included (square feet) ..................................................................................109,150 Area of Improved Parcels (square feet) ................................................................86,935 Percent of Area Improved .......................................................................................79.6% Number of Buildings ........................................................................................................3 Number of Buildings found Substandard .....................................................................2 Percent of Buildings found Substandard ..............................................................66.7% DRAFT AS OF JUNE 5, 2024 6