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2004-07-20_Agenda
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2004-07-20_Agenda
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Commission/Committee
Commission/Authority Name
Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
Commission/Committee - Meeting Date
7/20/2004
Commission/Committee - Meeting Type
Regular
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or more types of TIF Districts may be designated. At the present time the City <br />exercises its municipal and port authority powers within its Development District <br />No. 1, which includes the City’s existing TIF Districts, and is governed by a <br />Development Program. For the HRA to exercise its powers for development and <br />redevelopment, it must first identify and designate a geographic area, to be <br />identified as Redevelopment Project No. 1, and adopt a Redevelopment Plan <br />before it can proceed with creating its TIF Districts. The City’s activities within its <br />Development District No. 1 and the HRA’s activities within its Redevelopment <br />Project No. 1 are legally separate. <br />3. A TIF District is a more specific geographic area in which the economic <br />development, redevelopment, housing or pollution abatement activity is actually <br />undertaken. Similar to the adoption of the Redevelopment Plan when <br />Redevelopment Project No. 1 is established, a TIF Plan must be adopted when a <br />TIF District is created. A TIF District may also (i) be coterminous with the Project <br />Area; (ii) consist of a single parcel of land; or, (iii) consist of several contiguous or <br />non-contiguous parcels of land. The different types of TIF Districts that may be <br />established include: (i) housing; (ii) redevelopment; (iii) economic development; <br />(iv) renewal and renovation; (v) soils condition; and, (vi) hazardous substance <br />subdistrict. Although the notice requirements and TIF District qualifications and <br />findings for each type of district differ, we will focus on creating a redevelopment <br />TIF District. <br />The following is an itemization of proceedings required by Minnesota Statutes, <br />and assumes that the Project Area, the Redevelopment Plan, the TIF District and <br />the TIF Plan are established and approved at the same time. <br /> The HRA identifies the geographic area to be created as Redevelopment <br />Project No. 1. <br /> The HRA prepares a Redevelopment Plan for proposed Redevelopment <br />Project No. 1. Although the HRA has adopted a Housing Plan, a more <br />technical Redevelopment Plan as prescribed by Minnesota Statutes needs <br />to be prepared if the HRA wishes to use tax increment financing. <br /> The HRA identifies the geographic area to be created as the TIF District. <br /> The HRA qualifies the proposed TIF District as redevelopment, pursuant to <br />Minnesota Statutes, and documents its findings. <br /> The HRA prepares a TIF Plan for the proposed TIF District. <br /> The HRA submits the Redevelopment Plan to the City and the City’s <br />Planning Commission for review and comment. <br /> Page 2 <br /> <br />
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