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EDA Agenda Memo <br /> April 9, 1998 <br /> Page 5 <br /> 8. Consider a Request to the City Council to Reschedule the <br /> Public Hearing for Tax Increment Financing District No. 19 <br /> (Hohlen Project <br /> Due to the complexity of this tax increment financing district, staff is <br /> recommending the EDA ask the Council to reschedule the public <br /> hearing for establishment of Tax Increment Financing District No. 19 <br /> from June 1 to July 13, 1998. <br /> Staff, Springsted, the city engineer, and building official are moving <br /> forward on various aspects of the qualification of this TIF District at <br /> this time: <br /> • City Engineer - Measurements of the parcels within the <br /> proposed District for percentage of parcels containing <br /> improvements versus non-improved portions <br /> • Building Official - Interior inspections of all of the structures, <br /> in the proposed boundaries to determine their"substandard" <br /> qualification <br /> • • Springsted - Financial analysis of the commercial portion of <br /> the project using minimal information provided by the <br /> developer at this time. <br /> The Business Park portion of this mixed use development is also <br /> proceeding with a partnership being formed between Amcon and <br /> Associated Builders. Amcon is currently completing a pro forma <br /> analysis of the site based upon the net development of approximately <br /> 30 acres. At a future meeting or worksession of the EDA we should be <br /> able to see a conceptual plan including projected market values and <br /> expenses involved with the Business Park development. <br /> Recommendation <br /> Staff recommends the EDA ask the City Council to reschedule the <br /> public hearing for TIF District No. 19 from June 1 to July 13, 1998, at <br /> approximately 6 p.m. in the City Hall Council Chambers. <br /> • <br />