res_11134 - Laserfiche WebLink

Home

INTRODUCTION The City, on July 7, 1988 created Tax Increment Financing District No. 10, within Development District No. 1 (the "Development District"), and adopted a Tax Increment Financing Plan (the "Plan") in connection therewith. The boundaries of Tax Increment Financing District No. 10 are not being modified due to this amendment. The City intends to administratively amend the Plan for Tax Increment Financing District No. 10 on March 3, 2014 (this amendment) to provide for the financing of certain eligible capital and administration costs within the Development District of the City of Roseville. Specifically the City intends to use available tax increments from the Tax Increment Financing District No. 10 for financing of eligible capital and administration costs in conjunction with the redevelopment of the former Dale Street Fire Station into 26 detached and attached townhomes. The purpose of the administrative amendment to the Plan is to adjust the existing authorized tax increment revenues and public costs to authorize for the use of tax increments to pay for eligible capital and administration costs related to the new anticipated redevelopment project. This amendment does not make any of the changes specified in Minnesota Statutes, Section 469.175,subd. 4, clauses(1)to (6),and therefore may be approved without the hearings and notices required for approval of the initial Plan. The section of the Plan for Tax Increment Financing District No. 10 specifically being modified includes Section G: Estimate of Project Costs. There is not expected to be any additional changes to other sections of the TIF Plan as a result of this administrative amendment.