5.0. 6.0. 7.0. EDSR 07-13-1998 - Laserfiche WebLink

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EDA Agenda Memo July 1, 1998 Paget 6. Consider Resolution 98- Approving TIF Plan for TIF District No. 19 Issue The issue before the EDA at this time is to consider a resolution supporting the establishment of Tax Increment Financing District No. 19 (Hohlen project). At its meeting following this EDA meeting, the City Council is scheduled to hold a public hearing on the proposed district as the final step prior to considering a resolution making findings of fact and approving TIF District No. 19. Overview TIF District No. 19 includes approximately 108 acres of privately ownedra ertY identified for commercial and business park mixed p p use development. The purpose of certification of TIF District No. 19 is p P � to make available a potential financial tool in order to stimulate private development on this site. It is important to note that the creation of TIF District No. 19 does not,in and of itself, provide any • level of tax increment assistance to the developer. Should the Council proceed with certification of TIF District No. 19, the EDA will proceed to negotiate a package with Associated Builders for the mixed use development project. The EDA has continually expressed its interest in stimulating this private development in order to accomplish the goal of having a 40 acre business park constructed at the south end of this project area. Associated Builders has partnered with AMCON, a local developer, to develop this business park. Attachments • Resolution 98- • TIF Modification and Plan for TIF District No. 19 Recommendation Staff recommends approval of Resolution 98- Modifying Development District No. 1 and Adopting the Development Program Therefor; and Establishing Within Development District No. 1, Tax Increment Financing District No. 19, and Adopting the Related Tax Increment Financing Plan Therefor. 110