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<br />Request for Action <br /> <br /> <br />To Item Number <br /> <br />Economic Development Authority 3. <br />Agenda Section Meeting Date Prepared by <br /> <br />Workshop SessionDecember 21, 2015Amanda Othoudt, EDD <br />Item Description Reviewed by <br /> <br />TIF/Property Tax Abatement Presentation Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br /> <br />Hear presentation by Springsted and staff on Tax Increment Financing and Property Tax Abatement. <br /> <br />Background/Discussion <br /> <br />Staff is working on several projects that are proposed to start construction in 2016. Some, but not all the <br />sites proposing to be developed are encumbered by significant site challenges. <br /> <br />Our Financial Advisor, Mikaela Huot, from Springsted will present information and identify <br />developments in other cities that utilized TIF or Abatement for projects encumbered by significant site <br />challenges. We will then identify and discuss local developments such as the Joplin property where there <br />developer will encounter a substantial cost to relocate existing utilities and potential development sites <br />near Natures Edge Business Center Second addition that are encumbered by natural gas pipelines and <br />wetlands. <br /> <br />With the recent projects currently being developed in Natures Edge Business Center II, staff has getting a <br />lot of requests from developers to utilize these specific tools. Both Mikaela and staff will highlight the <br />“need” versus the “convenience” of applying for Property Tax Abatement or TIF. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> <br /> <br /> <br />Springsted Presentation <br /> <br /> <br />Joplin Property Exhibit A <br /> <br /> <br />Natures Edge Business Center Aerial <br /> <br /> <br />Property Tax Abatement Policy and Application <br /> <br /> <br />Tax Increment Financing Policy and Application <br /> <br />