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**ITEM 3.6. ** <br /> <br />~ty of <br /> <br />E <br /> <br />River <br /> <br />TO: <br /> <br />FROM: <br /> <br />MEMORANDUM <br /> <br />Mayor & City Council <br /> <br />Lori Johnson, Asst. City Administrator/ <br />Finance Director <br /> <br />DATE: <br /> <br />November 18, 1996 <br /> <br />SUBJECT: Modifications to Tax Increment <br /> Financing Plans No. 2 and No. 3. <br /> <br />Background <br /> <br />At a previous meeting, the Council authorized the expenditure of certain Tax <br />Increment Financing funds for storm sewer improvements. In conjunction <br />with that action and in order to comply with the legal requirements for <br />reporting and modifying a tax increment financing plan, it was felt that the <br />City may be required to give notice and hold a public hearing to modify the <br />tax increment plans. After further research and discussions with the city <br />attorney, it has been determined that the proposed modifications to Tax <br />Increment Financing Plans 2 and 3 can be done administratively without <br />holding a public hearing. Because the amount of increment to be spent has <br />not increased and because this type of improvement expenditure was already <br />part of the amended budget, the modification can simply be approved by City <br />Council resolution. <br /> <br />Action Requested <br /> <br />The Council is asked to approve the attached resolution which modifies Tax <br />Increment Financing Plans No. 2 and No. 3. Finally, the Council is asked to <br />cancel the public hearing for December 16, 1996, which was scheduled for <br />this purpose. <br /> <br />council\tifmods.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />