5. PCSC 10-26-2004 - Laserfiche WebLink

Home Browse Search

ITEM # 5. City of Elk -�-- River MEMORANDUM TO: Planning Commission FROM: Catherine Mehelich, Director of Economic Development( DATE: October 26, 2004 SUBJECT: Consider Resolution Finding a Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 Conforms to the General Plans for the Development and Redevelopment of the City Attachments • Resolution • Tax Increment Financing District Overview • Tax Increment Financing Plan for the establishment of Downtown Phase I Tax Increment Financing District No. 22 (a redevelopment district) Background In August the Planning Commission adopted a resolution fording a Tax Increment Financing Plan for Downtown Phase I Tax Increment Financing District No. 22 conforms to the general plans for the development and redevelopment of the City. Since the August Planning Commission meeting, an amendment to the TIF Plan was necessary to add four new parcels to the TIF District. As a result, the previously scheduled City Council public hearing was rescheduled for November 1, 2004, the TIF Plan was amended, and the County and School District were provided new notices. In addition it is necessary for the Planning Commission to consider if the revised TIF Plan conforms to the general plans for the development and redevelopment of the City. Issue The Elk River Housing&Redevelopment Authority (HRA) and the City of Elk River are considering a proposal to modify the Development Program for Development District No. 1 and establish a Downtown Phase I Tax Increment Financing District No. 22 (the District). The District will be a redevelopment tax increment financing district. Tax increments collected from the District will enable the City of Elk River to facilitate the redevelopment of the area,which includes a four story building with approximately 10,000 square feet of commercial space and 52 for-sale residential units on the Bluff Block. The Jackson Block includes a three story building with approximately