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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 8.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business February 20, 2018 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Call for Public Hearing on Modification of the Cal Portner, City Administrator <br /> Development Program for Development District Reviewed by <br /> No. 1 and Creation of Tax Increment Financing <br /> District No. 25 <br /> Action Requested <br /> Adopt,by motion, a resolution calling for a public hearing on the modification of the development <br /> program for development district No. 1 and the creation of Tax Increment Financing District No. 25 and <br /> the adoption of a tax increment financing plan. <br /> Background/Discussion <br /> The city received a request to provide tax increment financing assistance for Jackson Hills Residential <br /> Suites, a 40-unit market rate and affordable housing project located at the intersection of 6th Street and <br /> Jackson Avenue. The developer applied for Tax Increment Financing (TIF) assistance through the <br /> establishment of a housing TIF district to finance the portion associated with affordable housing. <br /> The Council reviewed the application and supporting material along with the recommendations by the <br /> Joint Finance Committee and the HRA at their work session on February 5, 2018. The Council was <br /> supportive of a 15-year Housing TIF District for the Jackson Hills Residential Suites project. <br /> A public hearing on the modification of the development program for Development District No. 1, and <br /> the establishment of Tax Increment Financing District (Housing) No. 25 is required to establish the <br /> district. The public hearing is scheduled for Monday,April 16, 2018, at 6:00 p.m. <br /> Financial Impact <br /> The total estimated tax increment available from city, county, and school district taxes over 15 years for <br /> the Jackson Hills project is projected to be $696,225. <br /> Attachments <br /> ■ Resolution <br /> ■ Map of Development District No. 1 and the TIF District <br /> The Elk River Vision <br /> A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By <br /> service, and community engagement that encourages and inspires prosperity INAWRE1 <br />