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REQUEST FOR COUNCIL ACTION DATE: 4�26�93 <br />ITEM N0 4f 0 r7 <br />Department Approval: Manager Reviewed: Agenda Section: <br />iTHearings <br />Item Description: creation of Tax Increment Financing District <br />#136 <br />Bagj� cund <br />1. The City has received a request from College properties Inc. <br />for tax increment financing assistance to help bring about <br />the proposed south campus project an the Paul's Place <br />Property and the adjacent Russell court subdivision. <br />2a The subject 'sits is within redevelopment area #1 but is not <br />currently in a tax increment financing district. In order to <br />use tax increment fInancing for this project, a tax increment <br />financing district must be created* <br />36 State statutes require that a tax increment financing plan <br />for each tax increment financing district be adopted. A copy <br />of such a plan for Tax Increment Financing District #13 is <br />atta coed <br />49 The proposed district meets all state statute tests for <br />creation of a tax increment financing district. <br />I <br />t ff , R@ .6 <br />10 It is ,-acommended that the City Council adopt, the attached <br />resclu��_on creating Tax Increment Financing District #13 with <br />the ccr J.ition that a development agreement between the City <br />and college properties -Inc. be developed and executed, that a <br />PUD be approved for the site, and that the comprehensive plan <br />designation of the site be amended. <br />Council Action Recruez.-_E. d <br />1. Motion to adopt resolution adopting, Tax Increment Financing <br />District #13 with the condition that a development agreement <br />between the City and College - properties Inc. be developed and <br />executed, that a FUD be approved for the site and that the <br />comprehensive plan designation of the site be amended. <br />