5.1. HRSR 09-07-2004 - Laserfiche WebLink

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ITEM # 5.1. • •/ City of Elk -�-� River MEMORANDUM TO: Housing & Redevelopment Authority FROM: Catherine Mehelich, Director of Economic Development DATE: September 7, 2004 SUBJECT: Consider Resolution Recommending to the City Council for the Establishment of a Downtown Phase I Tax Increment Financing District No. 22 and Adopting a Tax Increment Financing Plan Attachments • 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) • • HRA Resolution Issue In June and July 2004 the HRA and City Council authorized staff and fiscal consultants to prepare a Tax Increment Financing (TIF) Plan for the establishment of a TIF District for the proposed MetroPlains Downtown Revitalization Project. The District will be a redevelopment tax increment Project. P 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 10,000 square feet of commercial space and 32 rental housing units. The proposed location of the District is indicated on the map within the attached Tax Increment Financing Plan. The Planning Commission has recently reviewed and determined that the tax increment financing plan conforms to the general plan for the development or redevelopment of the city as a whole. The City Council has scheduled a public hearing on the Tax Increment Financing Plan and business subsidy for September 20,2004, at approximately 6:30 P.M. It should be noted that the City's goals for this project are primarily redevelopment and the construction of housing. Job creation is not a goal of this project consequently after the public hearing it is recommended that the City set the wage and job goals in the business subsidy agreement at zero. Sid Inman of Ehlers &Associates will be at the HRA meeting to present the TIF Plan and answer • any questions. Ron Seymour of S.E.H., the firm that completed the redevelopment assessment report,will present the analysis of redevelopment qualifications for the area.