1h. Call for Public Hearing to Consider TIF 4 & 5 Budget Modifications0
CITY OF
CHANAASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
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2h
TO: City Council
FROM: Laurie Hokkanen, Assistant City Manager
DATE: September 8, 2010 ow—,
SUBJ: Call for Public Hearing to Consider TIF 4 and 5 Budget
Modifications
PROPOSED MOTION
The City Council adopts the attached resolution calling 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 construction of
the Park and Ride facility and potential development in and around the
Chanhassen Dinner Theatre complex.
At this point, TIF #4 has generated more increment than was anticipated in the
TIF Plan. Staff is proposing to modify the TIF #4 Plan to reflect the true revenues
and expenditures in the District.
The proposed modification to TIF #4 would also allow some of the increment
from TIF 4 to be used, as needed, to pay for some of the City's Park and Ride
costs and other project costs in TIF 10. In addition, the budget is being modified
to keep the district in compliance with the 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
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
collections and to keep the district in compliance with the Office of State
Auditor's requirements.
RECOMMENDATION
The first step in the process is to hold a Public Hearing to consider these budget
modifications. Staff recommends that the City Council adopt the attached
resolution calling for a Public Hearing on the proposed modification to the Tax
Increment Financing District Nos. 4 and 5.
g:\admin \lh \city council\staff report call for ph to modify of 4 and 5 budgets.doc
CITY OF CHANHASSEN
COUNTIES OF CARVER AND HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO.
RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL
ON THE PROPOSED ADOPTION OF 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 City Council (the "Council ") for the City of Chanhassen, Minnesota
(the "City "), as follows:
Section 1. Public Hearin This Council shall meet on October 25, 2010, at approximately 7:00
P.M., to hold a public hearing on the proposed adoption of a Modification to the Tax Increment Financing
Plan for Tax Increment Financing District No. 4 (a redevelopment district), and a Modification to the Tax
Increment Financing Plan for Tax Increment Financing District No. 5 -1 (a housing district), referred to
collectively herein as the "Modifications ", all pursuant to and in accordance with Minnesota Statutes,
Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, inclusive, as amended, in an effort to
encourage the development and redevelopment of certain designated areas within the City; and
Section 2. Notice of Public Hearing Filing of Modifications City staff is authorized and
directed to work with Ehlers & Associates, Inc., to prepare the Modifications and to forward documents
to the appropriate taxing jurisdictions including Carver County and Independent School District No. 112.
The City Manager is authorized and directed to cause notice of the hearing, together with an appropriate
map as required by law, to be published at least once in the official newspaper of the City not later than
10, nor more than 30, days prior to October 25, 2010, and to place a copy of the Modifications on file in
the City Manager's office at City Hall and to make such copy available for inspection by the public.
Dated: September 13, 2010
ATTEST:
Adopted:
Thomas A. Furlong, Mayor
Todd Gerhardt, City Manager