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26 creation of a new TIF District to satisfy the financing gap identified by CPC (Attachment 27 B). 28 29 The Council is asked to take two actions. First, adopt a resolution that removes the parcel 30 from the existing TIF District. This action must be done so that a new redevelopment TIF 31 District can be created to support the project. Second, hold a public hearing to consider 32 creation of a new TIF District, to be known as District No. 21. 33 34 B UDGET I MPLICATIONS 35 The City and REDA have committed to providing a subsidy of approximately $3 million 36 to support the CPC headquarters redevelopment located at 2814 Cleveland AVE North. 37 S TAFF R ECOMMENDATION 38 Staff is recommending two resolutions be adopted by the City Council: 39 1. Adopt a Resolution removing 2814 Cleveland AVE N from TIF District No. 17 40 and 17A; and, 41 After a Public Hearing has been held: 42 2. Adopt a Resolution modifying the Development Program for Development 43 District 1 and establishing TIF No. 21 CPC Redevelopment. 44 45 R EQUESTED C OUNCIL A CTION 46 There are two resolutions to be adopted by the City Council. They are: 47 1. Adopt a Resolution removing 2814 Cleveland AVE N from TIF District No. 17 48 and 17A; and, 49 After a Public Hearing has been held: 50 51 2. Adopt a Resolution modifying the Development Program for Development 52 District 1 and establishing TIF No. 21 CPC Redevelopment. 53 54 Prepared by: Jeanne Kelsey, Housing and Economic Development Program Manager, 651-792-7086 55 Attachments: A: Map identifying TIF District No. 17 & 17A B: Map of new TIF No. 21 C: Resolution removing 2814 Cleveland Ave North from TIF Districts No. 17 and 17A D: Resolution Modifying the Development Program for the Development District and the Establishment of TIF District No. 21 CPC Redevelopment Page 2 of 2