EDA - Joe Huss, Finance Director
Title
AMENDING TAX INCREMENT FINANCING PLAN FOR
TIF DISTRICT 1-13
Schedule of Actions
|
Planning Commission Review |
November 9, 2016 |
|
Economic Development Authority |
December 1, 2016 |
|
City Council Public Hearing |
December 1, 2016 |
Background
Staff is proposing to amend the EDA’s Tax Increment Financing (TIF) Plan, specifically TIF District 1-13 (Donnay’s). The district was established for the redevelopment of the old Donnay community center and pool which occurred during the late 1990’s. The budget amendment is a step in the closeout of the district. The amendment reflects revenues which may be characterized as tax increments and increases the authorized expenditures to conform with budgeting and reporting requirements and authorize expenditures in connection with development and redevelopment anticipated to occur within Housing and Redevelopment Project No. 1 and Development District No. 1 (collectively, the “Project Area”). The modification being proposed is to amend the budget for the district per the attached modified plan. There will be no other changes to the tax increments financing plans for this TIF District. The Planning Commission reviewed the amendment at their November 9 meeting and determined the amendment is consistent with the City’s Comprehensive Plan.
Recommendation
By motion adopt the following resolution
Body
RESOLUTION APPROVING AN AMENDMENT TO
TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-13
BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Blaine Economic Development Authority (the “EDA”) as follows:
Section 1. Recitals.
1.01 The EDA has proposed to modify Tax Increment Financing District No. 1-13 and adopt a modification to the Tax Increment Financing Plan relating thereto (the “TIF Plan”); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 through 469.047, 469.090 through 469.1082, 469.124 through 469.134, and 469.174 through 469.1794; all as reflected in that certain document, dated December 1, 2016, entitled “Amendment to Tax Increment Financing Plan for Tax Increment Financing District No. 1-13” and presented for the Board’s consideration (the “Amendment”).
1.02 The Board has investigated the facts relating to the Amendment of the TIF Plan.
1.03 Certain actions required by law have been or will be taken prior to the adoption and approval of the TIF Plan, including, but not limited to, prior notification of the County Auditor and School District Clerk and of the individual affected County Commissioner, a review of the Amendment of the TIF Plan by the City Planning Commission, and the holding of a public hearing by the City Council (the “Council”) of the City of Blaine, Minnesota (the “City”) thereon following notice thereof published in the City’s official newspaper.
Section 2. Findings for the Modification of the TIF District and Adoption of Amendment of the TIF Plan Therefor.
2.01 The Board hereby finds the Amendment of the TIF Plan is and, in the judgment of the EDA, the effect will be, to carry out the objectives of the TIF Plan and to create an impetus for housing, redevelopment and economic development activities and otherwise promote certain public purposes and accomplish certain objectives as specified in the TIF Plan and the Project Plan (the “Project Plan”) for the Blaine Economic Development Project (the “Project Area”).
2.02 The Board hereby ratifies and confirms the findings made in connection with the establishment of the TIF District and prior amendments.
2.03 The provisions of this Section 2 are hereby incorporated by reference into and made a part of the TIF Plan.
Section 3. Approval and Adoption of the Amendment of the TIF Plan.
3.01 Subject to the approval by the City Council of the Amendment of the TIF Plan following a public hearing, the Amendment of the TIF Plan, as presented to the Board on this date, including without limitation the findings and statements of objectives contained therein, is hereby approved, ratified, established, and adopted.
PASSED on December 1, 2016, by the Board of Commissioners of the Blaine Economic Development Authority.