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<br />Iten 6.1. <br /> <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br />FROM: Catherine Mehelich, Director of Economic Developmen~ <br />DATE: November 1, 2004 <br /> <br />SUBJECT: Consider Modification of the Development Program for <br />Development District No.1 and the Establishment of a Tax Increment <br />Financing Plan for Downtown Phase I Tax Increment Financing <br />District No. 22 (a redevelopment district), and the awarding of a <br />Business Subsidy - PUBLIC HEARING <br /> <br />Attachments <br />. Schedule of Events, TIF District No. 22 <br />. Public Hearing Notice <br />. Tax Increment Financing District Overview <br />. Tax Increment Financing Plan for the establishment of Downtown Phase I Tax Increment <br />Financing District No. 22 (a redevelopment district) <br />. Modification to the Development Program for Development District No.1 <br />. Resolution <br /> <br />Issue <br />The City Council should take comments from the public during the public hearing on the Tax <br />Increment Financing Plan and the business subsidy. Following the public hearing the Council is <br />requested to act on the TIF Plan. Sid Inman of Ehlers & Associates will be at the City Council <br />meeting to present the TIF Plan and answer any questions. Ron Seymour of S.E.H., the firm that <br />completed the redevelopment assessment report, will present the analysis of redevelopment <br />qualifications for the TIF District. <br /> <br />Background <br />This public hearing was rescheduled from the September 20 City Council meeting to the November <br />1 meeting due to the necessity to add four new parcels to the TIF District. As a result, the TIF Plan <br />was amended, the County and School District were provided new notices, and the new date of <br />public hearing and revised TIF District map were published in accordance with statntory <br />requirements. The attached TIF schedule is revised to indicate new dates in the process to establish <br />the District. <br />