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. . . Planning Commission Minutes October 26, 2004 Page 2 parcels would extend the District from Nadeau's to the City park land, in addition to Jackson Square. As a result of this change, the City Council public hearing has been rescheduled to November 1, 2004, the TIP Plan was amended, and new notices were provided to the County and School District. The Planning Commission is asked to consider a resolution which states that the revised TIP Plan conforms to the general plans for the development and redevelopment of the City. Ms. Mehelich reviewed the scope of the redevelopment project which includes a four-story building with approximately 10,000 square feet of commercial space and 60 for-sale residential units on the Bluff Block; and, a building with 10,000 square feet of commercial space and 32 rental housing units Gackson Block). Staff recommends approval of the resolution as presented. Ms. Mehelich then explained what TIP is, why cities use it, how it works, eligible uses, and the findings that must be met in order for qualification to use TIF. Commissioner Anderson asked if the TIP area can be even further expanded in the future. Ms. Mehelich explained that there is a time limit for expansion of the TIP District, depending upon the type of activity, and that for this type of project the City would have five years, or they would need to create a new district. She explained the test that was completed in order to meet the criteria for a redevelopment project, noting that this test has been completed for the entire downtown study area. Commissioner Offerman asked what the time frame was for the property to revert back to standard taxation. Ms. Mehelich sated that the time period was 25 years. At that time, it would be decertified and any new taxes would be distributed normally between the City, County, and School District. Commissioner Offerman asked if the tax rate would increase. Ms. Mehelich explained that the tax rate is frozen but if tax rates increase, the benefits go to the jurisdictions. Ms. Mehelich then explained that City would capture funds to recover costs for redevelopment of the area including the donation of the Jackson block property, SAC and WAC reduction, attorney and consultant fees, converting the King Avenue and the Municipal Utilities site to parking, etc. MOTION BY COMMISSIONER ANDERSON AND SECONDED BY COMMISSIONER STEVENS TO APPROVE RESOLUTION NO. 04-04, A RESOLUTION OF THE CITY OF ELK RIVER PLANNING COMMISSION FINDING THAT MODIFICATION THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO.1 AND A TAX INCREMENT FINANCING PlAN FOR DOWNTOWN PHASE I TAX INCREMENT FINANCING DISTRICT NO. 22 CONFORMS TO THE GENERAL PlANS FOR THE DEVELOPMENT AND REDEVELPMENT OF THE CITY. MOTION CARRIED 7-0. 6.1. Request by Fischer Sand & Aggregate, LLC/ Associates Investors of Elk River, Inc. for Land Use Amendment to Change the Land Use of Certain Property from LI (Light Industrial) to HB (Highway Business), Public Hearing - Case No. LU 04-04 6.2. Request by Fischer Sand & Aggregate, LLC/ Associated Investors of Elk River, Inc. to Rezone Certain Property from BP (Business Park) to PUD (planned Unit Development), Public Hearing - Case No. ZC 04-09