Administration - Erik Thorvig, Community Development Director
Title
Title
Calling for Public Hearing for Establishment of TIF Plan and District of Project Plan for Development District I-24
end
Executive Summary
Adopt a resolution calling for a public hearing on December 5, 2022 for consideration of establishing a tax increment financing district.
Background
Blaine/Atlantic Funding LLC and Roer’s Companies is pursuing tax increment financing for the Blaine Lakes apartment project at 551 87th Lane. This is a 200-unit project on the site of the former Rainbow grocery store. The project is currently going through the development review process. The TIF request is running concurrently with the development approval process. A public hearing is required by the City Council on Monday, December 5, 2022, to consider the TIF request and plan. This action is to set a public hearing.
Staff Recommendation
Adopt the attached resolution. Adopting the resolution does not constitute any type of approval and only allows for the request to be considered by the EDA and City Council.
Body
WHEREAS, Blaine Atlantic Funding LLC and Roer’s Companies is requesting tax increment financing for the proposed apartment project at 551 87th Lane; and
WHEREAS, a public hearing is required for the City Council and EDA to consider providing tax increment financing.
NOW, THEREFORE, BE IT RESOLVED, that the Blaine City Council hereby calls for a public hearing to be held on December 5, 2022.
PASSED by the City Council of the City of Blaine this 7th day of November, 2022.