Laserfiche WebLink
<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 7.4 <br />Agenda Section Meeting Date Prepared by <br />Public Hearing September 21, 2020 Amanda Othoudt, EDD <br />Item Description Reviewed by <br />Modification of Tax Increment Financing Plan Lori Ziemer, Finance Director <br />for TIF District #24 <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br />1. Open public hearing to consider comment on the modification to Tax Increment Financing Plan for TIF <br />District #24. <br />2. Following the public hearing, the Council is asked to consider approval of the attached Resolution approving <br />the modification to the tax increment financing plan. <br /> <br />Background/Discussion <br />At their July 3, 2017, meeting, the Council established TIF District #24 to facilitate the demolition of existing <br />blighted buildings, facilitate the construction of an approximately 7,216 square foot facility to operate a light <br />maintenance facility for the Beaudry Oil existing fleet, provide necessary public infrastructure and facilitate future <br />development in the TIF District. <br /> <br />The project is complete, which caused staff to review the qualified expenditures to be reimbursed with future <br />increment. Staff proposes to modify the TIF District budget to increase the amount budgeted for the public costs <br />of land/building acquisition and public improvements and to decrease the amount budgeted for interest. <br /> <br />The city has performed all actions required by law to be performed prior to the modification and approval of the <br />Program Modification and the TIF Plan. Baker Tilly prepared the Modification to Tax Increment Financing Plan. <br /> <br />Financial Impact <br />The city will retain all the captured tax capacity to finance the cost of the TIF District and the Development <br />District over 26 years, consistent with the findings made when the TIF District was originally established. <br /> <br />Mission/Policy/Goal <br />Council Long-term Goal: C/I Development <br /> <br />Attachments <br /> TIF Plan Modification for TIF District #24 <br /> Summary Report by Baker Tilly <br /> Resolution <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />