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REQUEST FOR CITY COUNCIL ACTION DATE: 10/13/03 ITEM: . F. Department Approval: Man age d -oval: Agenda motion MDw CONSENT Description: CONSIDERATION OF A RESOLUTION CALLING FOR A PUBLIC NEARING ON THE MODIFICATION of TAE IIEVEL F TENT PROGRAM FOR DEVELOPMENT DISTRICT loo,1 AND T MODIFICATION of THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMEENT FINANCING DISTRICT NO, 12 (ARONA) 110 Summary of Request: 1.1 As part of the process to modify the arona site tax increment district TIF" District No. 12), the City Council must hold a public hearing which will outline the modification to the TIF District No 12 financing plan (Arona site) and Development Program for Development District No 1 (entire city boundary). The attached resolution sets the date for the public hearing for Monday, December , 2003. 2.0 Summary. of Process 2.1 Several steps are required to occur prior to the public hearing and subsequent approval of a modification of both the Development Program for Development District No. 1 and Financing Flan for TIF District No. 12. The process requires notification to mosey County and Founds view School District No. 621 and the publication of the notice of public hearing not less than 10 days nor more than 30 days pn*or to the public hearing. 3.0 u bested Council Action 3.1 Adopt resolution calling for a public hearing on the modification of the Development Program for Development District No. 1 and the modification of the Tax Increment Financing plan for Tax Increment Financing District No. 12 to adequately direct revenues generated from the Applewood Pointe Project to TIF eligible costs. llvictcria\Com tzDev\Economic Development \TER Distriet Plan1DIST # 12110 13_03 TIF district 12 public hearing noti .doc Wictcria\CommDevTlanning Files\3500- 354913536 TIF Di st. 12\ 10— 1303 TIF district 12 public hearing notice. doc RCA TIF District No. 12 Modification (to 1 303) - Page 1 of 1