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ITEM # 5.1. <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Catherine Mehelich, Director of Economic Development <br /> DATE: October 4, 2004 <br /> SUBJECT: Consider Resolution Recommending to the City Council for the <br /> Establishment of a Downtown Phase I Tax Increment Financing <br /> District No. 22 and Adopting a Tax Increment Financing Plan <br /> Attachments <br /> • Schedule of Events,TIF District No. 22 <br /> • Tax Increment Financing District Overview <br /> • Tax Increment Financing Plan for the establishment of Downtown Phase I Tax Increment <br /> • Financing District No. 22 (a redevelopment district) <br /> • HRA Resolution <br /> Background <br /> This issue was postponed from the September 7 HRA meeting to the October HRA meeting due to <br /> the necessity to add four new parcels to the TIF District. As a result, the previously scheduled City <br /> Council public hearing was rescheduled for November 1, 2004, the TIF Plan was amended,and the <br /> County and School District were provided new notices. The attached TIF schedule is revised to <br /> indicate new dates in the process to establish the District. <br /> Issue <br /> In June and July 2004 the HRA and City Council authorized staff and fiscal consultants to prepare a <br /> Tax Increment Financing (TIF) Plan for the establishment of a TIF District for the proposed <br /> MetroPlains Downtown Revitalization Project. The District will be a redevelopment tax increment <br /> financing district. Tax increments collected from the District will enable the City of Elk River to <br /> facilitate the redevelopment of the area,which includes a four story building with approximately <br /> 10,000 square feet of commercial space and 52 for-sale residential units on the Bluff Block. The <br /> Jackson Block includes a three story building with approximately 10,000 square feet of commercial <br /> space and 32 rental housing units. The proposed location of the District is indicated on the map <br /> within the attached Tax Increment Financing Plan. <br /> The City Council has rescheduled a public hearing on the Tax Increment Financing Plan and <br /> • business subsidy for November 1,2004, at approximately 6:30 P.M. It should be noted that the <br /> City's goals for this project are primarily redevelopment and the construction of housing. Job <br />