CR 2001-93 Tax TIF 2-11
C\IY OF
August 16, 2001
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Council Report 2001-93
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HOPK\NS
PUBLIC HEARING RE: MODIFICATION TO PLAN FOR
TAX INCREMENT FINANCING DISTRICT 2-11
Pro Dosed Action
Staff recommends approval of the following motion: continue until October 2. 2001. at 7:30 p.m.. the public
hearing and adoption of Resolution 2001-46. modifying the Tax Increment Financing Plan for Tax Increment
Financing District 2-11.
Staff is recommending that the City Council continue this item until September 4, 2001. This will allow Medica
time to address some internal issues with their new board of directors.
Overview
In 1998 the City of Hopkins approved creation of Tax Increment District 2-11. The location of this district is
detailed in the plan. The modification is being undertaken because of the Medica project proposed for the
SUPERV ALU North Annex property.
The City's financial consultant, Ehlers & Associates, is now recommending that the Tax Increment Financing
Plan for this Tax Increment district be revised to.address various issues (see memo from Ehlers & Associates
dated July 17, 2001). For the most part, these changes involve the following:
. Detailing the specific parameters of the Medica project
Increasing the TIF budget to allow for the public assistance as previously discussed for the Medica
proj ect
Deleting the SUPERV ALU perishable warehouse expansion site from the tax increment district, per
previous action by the City Council
Prior to action on this modification, the City Council needs to hold a public hearing.
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Financial Impact: $ 0 N/A _ Budgeted: Y/N _ Source:
Related Documents (eIP, ERP, etc.):
Notes: