Adopt Resolution #14-04-073 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. 14.

Purpose:  To Establish the Public Hearing Date for Reducing the Size of Tax Increment Financing (TIF)  District No. 14 - as outlined in the COR TIF analysis study.

Background:  TIF District No. 14 is a 26-year TIF district that was created in 2010 by Special Legislation and Certified on November 28, 2011.  The district's required decertification date will be 26 years after the date that the first tax increment is collected.  At this time, no increment has been collected, so the clock has not yet begun.

The district is currently comprised of 331 parcels whose base value is set at 2010 tax values.

The city hired Ehlers and Associates to perform a TIF analysis of the district with four goals in mind:
    1.  Repay the the HRA/City for its investment
    2.  Pay pay-as-you-go TIF obligation to F&C for the Residence at the COR Apartments.
    3.  Reduce size of TIF district as appropriate
    4.  Determine if the City/HRA should change the fiscal disparities calculation method.




 

The Ehler's analysis (attached) has been presented to the City Council at prior worksessions and will be discussed in further detail at a worksession scheduled for May 13, 2014.

The recommendation of Ehler's TIF No 14 analysis is that the size of the district should be reduced from 331 parcels to 92 parcels.  This factors to roughly 161 acres being removed from the TIF district  (approximately 38%).  This includes the removal of all existing townhomes, all land south of Highway 10 and large vacant parcel west of Armstrong Boulevard.

TIF District No. 14

Motion to adopt Resolution #14-04-073 Calling for a public hearing in regards to the Modification of Tax Increment Financing District No. 14.