Resolution #13-09-138  #13-09-168 Calling for a Public Hearing on the Proposed Adoption of a Modification to  the Development Program for Development District No.1 and the Proposed Adoption of the Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 2

Tax Increment Financing (TIF) District No. 2 (also known as the Gateway District) is a redevelopment district within Development District No. 1 that was created in 1986.  The district is scheduled to decertify December 31, 2013.  TIF District No. 2 was last modified in December of 2011 to increase the budgetary authority for the use of the TIF to be collected by the City.  Since that time, it is estimated that the district will generate additional increment above what was authorized in the modification of 2011.  In order for the City to capture these TIF funds for use on various infrastructure (Rail stop) and other improvements (Sunwood Drive Realignment), the City to needs to modify the budgets accordingly.

The purpose of these modifications are to increase the budget to reflect actual increment collected to date and expected through the term of the district, restate the use of funds and to bring it into conformance with Office of State Auditor (OSA) requirements.

The Anoka County Board of Commissioners and School District No. 11 will be notified of the hearing as required by the State of Minnesota, and will have time to comment prior to the hearing.  It is required by the State of Minnesota to hold a public hearing for comment whenever modifications are proposed to a Tax Increment Financing District.

Adopt Resolution #13-09-168 Calling for a Public Hearing related to Plan Modification for TIF District No. 2.

TIF District #2

Motion to adopt Resolution #13-09-168 Calling for a Public Hearing in Regards to the Modification of Tax Increment District No. 2.