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Department REQUEST FOR COUNCIL ACTION Manager Reviewed Description: Proposed Modification of T Districts Background Date: l l/27/00 Item No.: H — 3 Agenda Section Hearings Increment Financing Plans For Specified From time to time, the City has found that its' tax increment plans need modification. The most recent modification was approved in December of 1996. During the period since, a number of events ha�e occurred which require a modification to the budget of the City's tax increment districts 1-7 and 9-1 L Those events include: Parks and Recreation Expenditures Calling of Tax Increment Debt Implementation of new Developer Agreements in Centre Pointe The attached plan modification of specified tax increment districts, has been drafted by the City's bond and economic development counsel, Briggs & Morgan, and in their opinion meets the requirements as outlined in Minnesota State Statutes. Proper notification of the County and school districts have been completed and this hearing has been legally noticed. Policy Implications The plan modification is within the City's tax increment policies which provides for a Council evaluation of advance debt payment, district termination and funding of allowable projects. Financial Implications This modification will provide for the planned bond call scheduled for March 1,200 1 as well as provide for the completion of the permitted park expenditures in 2000 and future pay-as-you-go development agreements in Centre Pointe. There are no new City financial obligations created by this proposed action. In fact, the City's obligation will actually decrease through this modification. Staff Recommendations Staff is recommending that the City Council approve the attached resolution modifying the specified tax increment districts to insure a strong tax increment district management with the intent of early district termination. Council Action Motion to approve the attached resolution authorizing the Modification of the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1 through 7 and 9 through 11 for the City of Roseville.