8.1. SR 10-21-2013 - Laserfiche WebLink

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City of Elk=' Request for Action River To Item Number Mayor and City Council 8.1 Agenda Section Meeting Date Prepared by General Business October 21, 2013 Brian Beeman,Director of Economic Development Item Description Reviewed by Set Public Hearing for Black Hawk Woods Housing Jeremy Barnhart, CODD Deputy Director Tax Increment Financing (TIF) Reviewed by Cal Portner, City Administrator Action Requested Authorize by motion,to set a Public Hearing for December 16, 2013, for a proposed Black Hawk Woods Housing TIF district. Background/Discussion The Housing and Redevelopment Authority reviewed the Black Hawk Woods Housing TIF project at their October 7, 2013, meeting. Typically, the Council establishes a public hearing following a recommendation by the HRA or FDA. The HRA discussed the project and had some concerns with the length of the TIF,whether TIF should be used for affordable housing projects, and how the HRA TIF is scored. The existing TIF application and scoring is designed for commercial/industrial projects and should be amended to include housing projects. Based on the current scoring sheet,this project scored as Moderate on the eligibility scale. After discussion,the HRA passed a resolution recommending the City Council set a public hearing. On October 7, 2013, the City Council tabled setting the public hearing to the October 21 City Council meeting to further discuss the project. Once the public hearing date is set,the school district and county will also be notified of the project. A description of the Black Hawk Woods project is outlined in the attached October 7,2013, regular HRA meeting staff report. Staff recommends the Council set the public hearing date for this project. Setting a public hearing does not obligate the Council to a commitment of the project. After the public hearing is held in December, the Council will vote whether or not to use TIF to finance the project. Financial Impact N/A Attachments • Resolution Calling for TIF Hearing • HRA Black Hawk Woods Housing TIF Packet Dated October 7, 2013 • Springsted TIF Financial Report P a w E A E U s r NaA f RE]