EDSR MEMORANDUM 12-08-1997 - Laserfiche WebLink

Home Browse Search

EDA Agenda Memo December 3, 1997 Page 5 • Recommendation Staff recommends the following: • That 100 percent of the excess TIF funds from District No. 5 be used for a land purchase in West Business Park • That staff finalize negotiations and execute a Purchase Agreement with Tony Emmerich for purchase of approximately 4.48 acres at $1 per square foot for a lot which fronts on Joplin Street • That staff proceed with creation of a new.Tax Increment District on the Industrial Park lot at such a time when a formal request for assistance is received. 5. Approve Resolution Modifying Development District No. Land Establishing Tax Increment Financing District No. 17 Issue The issue before the EDA is to review and approve the Plan for Tax Increment Financing District No. 17 - Dave Decker project. Background As you can see on the attached schedule for establishment of this TIF District, the EDA is required by State Statute to approve the TIF Plan prior to the City Council holding a public hearing and taking final action on February 17, 1998. A number of activities need to take place after the EDA has approved this Plan such as: • Planning Commission reviews the TIF Plan for compliance with the Comprehensive Plan • TIF Plan is forwarded to the School District and County Boards prior to the public hearing on February 17, 1998 • A public hearing notice and map is published in the Star News prior to the public hearing by the City Council on February 17, 1998 • City Council takes final action-February 17, 1998 As is indicated in the attached Tax Increment Plan for Tax Increment District No. 17, staff is recommending that the City Council elect to take the local contribution rather than a reduction in state aids as a result of creation of this District. This local contribution will cost the