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ity of <br /> <br />**ITEM 5.6.** <br /> <br />MEMORANDUM <br /> <br />iver <br /> FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />December 11, 1996 <br /> <br />Modifications to Tax Increment <br />Financing Plans for Districts No. 6 and <br />No. 8 <br /> <br />Background <br /> <br />The proposed modifications to Tax Increment Financing Districts No. 6 and 8 <br />can be completed administratively, that is without holding a public hearing, <br />due to the following factors: <br /> <br />the captured net tax capacity in either district will not increase. <br />the estimated tax increment expenditures in either district will not <br />increase. <br /> <br />Abiding by these two qualifications eliminates the need for formal plan <br />modifications which require a public hearing. <br /> <br />The council recently approved a resolution modifying Tax Increment <br />Financing Plans for Districts No. 2 and 3 in which circumstances were <br />similar to this proposed budget modification. The modifications for Districts <br />2 and 3 were also completed administratively and without the need for a <br />public hearing. <br /> <br />The purpose of the proposed modifications to Districts 6 and 8 assure that <br />these budgets will be in compliance with the 1996/97 state reporting <br />requirements. <br /> <br />Action Requested <br /> <br />Staff is recommending approval of the attached resolution which modifies <br />Tax Increment Financing Plans for Districts No. 6 and 8. <br /> <br />council\modtif68.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />