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Department Approval: <br />� �� <br />REQUEST FOR COUNCIL ACTION <br />Manager Reviewed <br />� <br />Date:10/23/00 <br />Item No. : �-9 <br />Agenda Section <br />Consent <br />Description: Setting a Public Hearing on the Proposed Adoption of A Modification of <br />Specified Tax Increment Districts <br />Background <br />The most recent budget amendment made to any of the City's tax increment districts was approved <br />in December of 1996. During the period since 1996, a number of events have occurred which require <br />a budget amendment of the City's tax increment districts 1-7 and 9-11. Those events include: <br />Parks and Recreation Expenditures <br />Calling of Tax Increment Debt <br />Implementation of new Developer Agreements in Centre Pointe <br />As a result, it is necessary to amend the budgets for the above districts. <br />Policy Implications <br />Setting this hearing is within the Council's policies with regard to Council actions and is further <br />required by Minnesota Statutes 469.124 through 469.134. <br />Financial Implications <br />There are no additional financial implications in setting this hearing. <br />Staff Recommendations <br />It is recommended by staff and the City's development counsel, that the Council approve the <br />establishment of this hearing. <br />Council Action <br />Motion to approve the attached resolution setting a hearing for the modification of certain <br />specified tax increment districts within the City's Development District No. 1. <br />