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REQUEST FOR CITY COUNCIL ACTION <br />DATE: 12/08/03 <br />ITEM: V1. A. <br />Department Approval: Manager Ap rnva : Agenda Section <br />B V PUBLIC HEARING <br />Description: PUBLIC HEARING AND CONSIDERATION of THE MODIFICATION OF <br />THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT No. I <br />AND THE MODIFICATION OF THE TAX INCREMENT FINANCING <br />PLAT FOR TAX INCREMENT FINANCING DISTRICT NO, 12 <br />1.0 Summary of Re -quest: <br />1.1 Open the public hearing regarding the modification to the 'TIF District No. 1 2 financing plan <br />(Arona site) and Development Program for Development District No. 1 (entire city boundary) <br />and take any public comment regarding T1F District No 12 proposed plan modification. <br />1.2 Consider the adoption of a resolution modifying the development program and the tax <br />increment financing plan for Development District No. 1 and Tax Increment Financing <br />District No. 12. <br />1.3 Development Attorney Jim Casserly and City Staff will be available to answer questions <br />from the Council and public. <br />2.0 Summary of Amendment <br />2.1 The TIF District No, 12 Finance Flan modification will assist the City in paying for the <br />public improvements made to the Arona -Apple ood Point project including the pond, park, <br />trail, and the extension of Tdrrace Drive. The new taxes created by the Applewood Project <br />could be nearly $200,000 per year through the year 2015. on October 13th, the Council <br />provided the direction to allocate these future finds to project auras to reimburse the costs <br />incurred and to provide an opportunity to invest in other projects throughout the community <br />in compliance with the applicable regulations. A new TIF Finance Plan is required to <br />reflect these modifications. <br />RCA TIF District No. 12 Modification (1 0803) - Page I of 2 <br />