Adopt Resolution #15-09-224 Finding Compliance with the City's Comprehensive Plan Compliance for Proposed Tax Increment Finance District No. 15 Creation

The City has received a request from Life Fitness to create Tax Increment Financing (TIF) District No. 15 to facilitate the redevelopment of the former HealthQuest site located at 14100 Sunfish Lake Blvd. NW. As part of the creation of the district, the TIF Plan must be found to be in compliance with the City's land use plans (Comprehensive Plan). The District will be created to capture new increment created by future development within the District. The use of said funds is outlined in the attached TIF Plan.

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 City Council recently amended the Comprehensive Plan for this parcel to allow for industrial/warehouse users after recommendation of the same from the Planning Commission.

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 TIF District will allow new increment created by a Phase I expansion of Life Fitness in 2015 to be captured within the district and utilized for the future redevelopment of the former HealthQuest site.

Alternative #2 – Do not adopt the resolution. As the proposed redevelopment appears to be in compliance with the Comprehensive Plan, Staff does not recommend this alternative. Additionally, aside from the Planning Commission's role in advising on land use issue, the benefit to the City is the removal of a blighted building that has sat vacant for a number of years.

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 #15-09-224 finding that the creation of Tax Increment Finance District No. 15 and it's associated TIF Plan to conform to the general plans for the development and redevelopment of the City.

Motion to adopt Resolution #15-09-224 finding that the creation of Tax Increment Finance District No. 15 and it's associated TIF Plan to conform to the general plans for the development and redevelopment of the City.