Adopt Resolution of Comprehensive Plan Compliance for Tax Increment Finance District No. 14 Modification

The Tax Incrememnt Financing Plan for Tax Increment Financing District No. 14 is being modified to remove parcels from the TIF District, update the budget to reflect current OSA TIF reporting and to update the TIF District parcel list due to replatting of some parcels. Details and purpose of the TIF Modification are included in the attached TIF Modification document.

When a TIF District is created or modified, the Planning Commission shall review the plan or modification to determine if they are in compliance with the City’s Comprehensive Plan. The proposed TIF Modification does not change planned land use, and therefore appears to conform to the City's Comprehensive Plan.

A more detailed background of Tax Increment Financing can be found in the attached memo from the League of Minnesota Cities.

No notification is required.

Alternative #1 – Adopt resolution as presented. The proposed TIF Modification appears to be in line with the City’s Comprehensive Plan as it relates to land use. This modification will allow the TIF District to be modified to reduce the size of the district/remove parcels from the district. Funds collected from parcels being removed from the district will now follow the standard property tax distribution to Anoka County, Anoka-Hennepin School District and the City of Ramsey.

Alternative #2 – Do not adopt the resolution. Staff does not recommend this alternative. Based on the intended use of TIF funds from the District, the parcels proposed for removal are not necessary to remain in the district.

Alternative #3 – Adopt the resolution with amendments. Staff does not see a need to amend the proposed resolution as presented.

Preparation of the resolution is being handled as part of normal Staff duties.

Staff recommends that the Planning Commission adopt Resolution #14-05-078 finding that a modification to the Development Program for Development District No. 1 and a modification to the Tax Increment Financing District No. 14 conform to the general plans for the development and redevelopment of the City.

Motion to adopt Resolution #14-05-078 finding that a modification to the Development Program for Development District No. 1 and a modification to the Tax Increment Financing District No. 14 conform to the general plans for the development and redevelopment of the City.