5.1 PCSR 06-27-2017 - Laserfiche WebLink

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Springsted MEMORANDUM TO: Amanda Othoudt, Economic Development Director FROM: Mikaela Huot, Vice President /Consultant DATE: June 21, 2017 Springsted Incorporated 380 Jackson Street, Suite 300 Saint Paul. MN 55101 -2887 Tel: 651 - 223 -3000 Fax: 651 - 223 -3002 www.springsted.com SUBJECT Proposed Redevelopment TIF District No. 24 (The Truck Shop Project) Planning Commission resolution review of TIF Plan At the Tuesday, June 27, 2017 meeting, the Elk River Planning Commission is being asked to review the draft Modification to the Development Program for Development District No. 1 and the proposed Tax Increment Financing Plan for Tax Increment Financing (Redevelopment) District No. 24. The City is required pursuant to MN Statutes 469.126 to consult with its Planning Commission prior to creating or modifying a development district and pursuant to MN Statutes 469.175, Subd. 3, the City needs to make certain findings that include the following: (1) The TIF District qualifies as a redevelopment district; (2) The proposed redevelopment, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan; (3) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Project Area by private enterprise; and (4) The TIF Plan conforms to general plans for development of the City as a whole. Multiple steps need to be followed in order to establish a tax increment financing district, including notifications to the County and School District, publication of a public hearing notice, and the holding of a public hearing. The public hearing to consider this project has been scheduled for Monday, July 3, 2017. The public hearing date is the time in which City Council would take any public comment, and after the hearing, consider the adoption of a resolution approving the TIF District.