6.2. SR 06-21-1993 - Laserfiche WebLink

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"ty of EI ITEM 6.2. TO: . I r FROM: MAYOR & CITY COUNCIL WILLIAM RUBIN, ED COORDINAT~~ JUNE 15, 1993 DATE: SUBJECT: PROPOSED AMENDMENT TO TIF PLANS NO. 1 AND NO. 3 INTRODUCTION At a recent Capital Improvement Program (elP) Work Session, the Elk River City Council considered financing options regarding the proposed expansion of the public library. A favored option to underwrite a portion of the expansion costs is that of amending Tax Increment Financing (TIF) Plans No. 1 and No.3. Staff was directed to develop a timeline and prepare a draft of the proposed amendment to TIF Plans No.1 and No.3. BACKGROUND If approved, the modification to TIF Plans No. 1 and No. 3 would allow the City to: a. Assist with the public library expansion by expending tax increments from Districts No. 1 and No. 3 to underwrite a portion of the expansion costs as permitted by Minnesota statutes. Minnesota Statutes require that the revenues derived from tax increment must be used in accordance with a TIF Plan. To the extent that this proposed expenditure is not reflected in the original Plan, an amendment is necessitated. The timeline to complete the amendment to TIF Plans No. 1 and No. 3 is outlined below: June 21 - The City Council sets a public hearing to consider an amendment to the TIF Plans. June 22 - The proposed Plan amendment is sent to Sherburne County and School District 728. July 7 - The hearing notice is published in the Elk River Star News. July 13 - Sherburne County Commissioners meeting. July 13 - School District Board meeting. July 27 - Planning Commission meeting. P.o. Box 490 @ 13065 Orono Parkway @ Elk River, MN 55330 @ (612) 441-7420e Fax: (612) 441-7425