EDA-1. Call for Public Hearing on Proposed Modification to TIF Districts 4 & 54
CITY OF
CHANHASSEN
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PO Box 147
Chanhassen, MN 55317
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C
TO: Economic Development Authority
FROM: Laurie Hokkanen, Assistant Executive Director
DATE: September 8, 2010 �I�
SUBJ: Call for Public Hearing to Consider TIF 4 and 5 Budget
Modifications
PROPOSED MOTION
The EDA adopt the attached resolution requesting that the City Council call for a
Public Hearing on the proposed modification to the Tax Increment Financing
District Nos. 4 and 5.
A simple majority is required for approval.
BACKGROUND
TIF #4:
This district was established in 1995 to facilitate redevelopment in the downtown
area, especially the property around the Chanhassen Dinner Theater. Last year,
the Council established Tax Increment District 10 to facilitate the remodeling and
expansion of the Dinner Theater itself and the construction of the Park and Ride
facility. The parcels in District 10 had originally been in TIF 4, and were taken
out of TIF 4 to be included in TIF 10.
The proposed modification to TIF #4 would clearly authorize that increment from
TIF 4 may still be used, as needed, to pay for the City's Park and Ride costs and
other project costs in TIF 10. In addition, the budget is being modified to reflect
actual tax increment collections and to keep the district in compliance with Office
of State Auditor's requirements.
TIF #5:
This is a housing district, established in 1997, that contains the Rottlund
Development known as North Bay. The City uses increment to repay itself and
Rottlund for public improvements and other certain development costs associated
with the project. The budget is being modified to reflect actual tax increment
collections and to keep the district in compliance with the Office of State
Auditor's requirements.
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
RECOMMENDATION
The first step in the process is to hold a Public Hearing to consider these budget
modifications. Staff recommends that the EDA adopt the attached resolution
requesting that the City Council call for a Public Hearing on the proposed
modification to the Tax Increment Financing District Nos. 4 and 5.
g:\admin \lh \eda\staff report call for ph to modify of 4 and 5 budgets.doc
CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY
CITY OF CHANHASSEN
COUNTIES OF CARVER AND HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO.
RESOLUTION REQUESTING THE CITY COUNCIL OF THE CITY OF
CHANHASSEN CALL FOR A PUBLIC HEARING ON A MODIFICATION TO THE
TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 4 AND A MODIFICATION TO THE TAX INCREMENT FINANCING
PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 5-1.
BE IT RESOLVED, by the Board of Commissioners (the 'Board ") of the Chanhassen Economic
Development Authority (the "EDA ") as follows:
WHEREAS, the EDA is proposing a Modification to the Tax Increment Financing Plan for Tax
Increment Financing District No. 4 (TIF District No. 4), a redevelopment district, and a Modification to
the Tax Increment Financing Plan for Tax Increment Financing District No. 5 -1 (TIF District No. 5 -1), a
housing district, all pursuant to, and in accordance with, Minnesota Statutes, Sections 469.174 through
469.1799 and Sections 469.090 to 469.1082, inclusive, as amended;
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
The EDA hereby requests that the Council call for a public hearing on October 25, 2010, to
consider the proposed adoption of a Modification to the Tax Increment Financing Plan for TIF
District No. 4 and a Modification to the Tax Increment Financing Plan for TIF District No. 5 -1,
which are referred to collectively herein as the "Modifications ", and cause notice of said public
hearing to be given as required by law.
2. The Executive Director of the EDA is hereby directed to submit a copy of the Modifications to
the Council for its approval.
3. The EDA directs the Executive Director to transmit the Modifications to the county and the
school district in which TIF District No. 4 and TIF District No. 5 -1 are located no later than
September 24, 2010.
4. Staff and consultants are authorized and directed to take all steps necessary to prepare the
Modifications and related documents and to undertake other actions necessary to bring the
Modifications before the Council.
Approved by the Board on September 13, 2010.
ATTEST:
Thomas A. Furlong, Chair
Todd Gerhardt, Executive Director