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2.0Council Action Needed: <br />2.1The City Council is the legal entity with the authority to create TIF districts within the <br />City boundaries. Since the HRA is a fairly new group, there is a process that needs to be <br />followed, in conjunction with the City Council, to create a TIF district and subsequently <br />collect and use proceeds from that district. Attached is a memo from the HRA Attorney <br />explaining that process in detail. <br />3.0Recommended HRA Action <br />Approve a resolution <br />2.1determining that a certain parcel is occupied by a structurally <br />substandard building and is to be included in a tax increment financing district. <br />By motion, <br />2.2recommend that the City Council adopt a companion resolution with the <br />understanding that, as further analysis is completed, the HRA may come back for further <br />Council direction with a specific plan for reuse of 2012 Eldridge and a specific request <br />for a Tax Increment District if needed. <br />Prepared by: Cathy Bennett, 792-7072 Attachments: Draft Resolution, Attorney Memos <br />\\Victoria\CommDev\Housing\Housing_Files_(HF)\HF0020_2012 Eldridge\07.20.04 eldridge(TIF)report.doc <br /> 2012 Eldridge TIF action 07/20/04 - Page 2 of 2 <br /> <br />