7.1. SR 07-03-2017 - Laserfiche WebLink

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EGty1� ,.,�� Request for Action River To Item Number Mayor and City Council 7.1 Agenda Section Meeting Date Prepared by Public Hearings July 3, 2017 Amanda Othoudt,Economic Development Director Item Description Reviewed by Creation of Redevelopment TIF District No. 24 Cal Portner, City Administrator Reviewed by Action Requested 1. Open public hearing to consider comment on the proposed Tax Increment Financing District #24. 2. Following the public hearing, Council is asked to adopt the attached resolution approving the modification of the development program for a development district No. 1, establishing a tax increment financing district, and approving the tax increment financing plan Background/Discussion Staff has been working with Beaudry Oil Company in the development of a new truck shop facility along Proctor Avenue. A TIF District is being established to facilitate the demolition of existing blighted buildings, facilitate the construction of an approximately 7,216 square foot facility to operate a light maintenance facility for the Beaudry Oil existing fleet,provide necessary public infrastructure and facilitate future development in the TIF District. The city has performed all actions required by law to be performed prior to the modification and approval of the Program Modification and the TIF Plan. The proposed TIF District No. 24 meets Minnesota Statutes, Section 469.174, Subdivision 10, a "redevelopment district" because it consists of a project or portions of a project within which the following conditions,reasonably distributed throughout the District, exist: (1) parcels consisting of at least 70% of the area of the TIF District are occupied by buildings, streets, utilities,paved or gravel parking lots, or other similar structures and (2) more than 50% of the buildings located within the TIF District are deemed "structurally substandard" The TIF District consists of 12 parcels, and the parcels are "occupied" as defined in Minnesota Statutes, Section 469.174, Subd. 10(e),in that at least 15% of the area of the parcels are occupied by buildings, streets,utilities,paved or gravel parking lots, or other similar structures. In addition, 8 of 12 buildings in the TIF District (which is more than 50% of the buildings) are structurally substandard to a degree requiring substantial renovation or clearance. In addition, the costs of bringing the structurally substandard buildings into compliance with building codes applicable to new buildings would exceed 15% of the cost of constructing new structures of the same size and type on the site. POWERED 6T Template Updoted 4/14 INAWRE1