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ITEM # 5.1. <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Planning Commission <br /> FROM: Catherine Mehelich, Director of Economic Development( <br /> DATE: August 24, 2004 <br /> SUBJECT: Consider Resolution Finding a Tax Increment Financing Plan for <br /> Downtown Phase I Tax Increment Financing District No. 22 Conforms <br /> to the General Plans for the Development and Redevelopment of <br /> the City <br /> Attachments <br /> • Resolution <br /> • Tax Increment Financing Plan for the establishment of Downtown Phase I <br /> Tax Increment Financing District No. 22 (a redevelopment district) <br /> Issue <br /> The Elk River Housing& Redevelopment Authority (HRA) and the City of Elk River are <br /> considering a proposal to modify the Development Program for Development District No. 1 and <br /> establish a Downtown Phase I Tax Increment Financing District No. 22 (the District). The District <br /> will be a redevelopment tax increment financing district. Tax increments collected from the District <br /> will enable the City of Elk River to facilitate the redevelopment of the area,which includes a four <br /> story building with approximately 10,000 square feet of commercial space and 52 for-sale residential <br /> units on the Bluff Block. The Jackson Block includes a three story building with approximately <br /> 10,000 square feet of commercial space and 32 rental housing units. The proposed location of the <br /> District is indicated on the map within the attached Tax Increment Financing Plan. <br /> The City Council has scheduled a public hearing on the Tax Increment Financing Plan for <br /> September 20, 2004, at approximately 6:30 P.M. The MN Tax Increment Financing Act requires <br /> that prior to the adoption of a tax increment financing plan the City or its Planning Commission <br /> must determine that the tax increment financing plan conforms to the general plan for the <br /> development or redevelopment of the city as a whole. <br /> Recommendation <br /> Staff recommends that the Planning Commission consider approval of the Resolution Finding a Tax <br /> Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 <br /> Conforms to the General Plans for the Development and Redevelopment of the City. <br /> H:\SHRDOC\Downtown Revitalization\TIF\planning commission.doc <br />