CR 01-161 Public Hearing on Modification to Plan Tax Incerment
C\TY OF
/o/~/OJ
m
September 26, 2001
HOPKINS
Council Report 2001-161
PUBLIC HEARING ON MODIFICATION TO PLAN
FOR TAX INCREMENT FINANCING DISTRICT 2-11
ProDosed Action.
Staff recommends approval of the following motion: continue to November 20, 2001, at 7:30
p.m" the public hearing on the adoption of Resolution 2001-46, modifying the Tax Increment
Financing Plan for Tax Increment Financing District 2-11.
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 SUPER V 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 project.
. Deleting the SUPER V ALU perishable warehouse expansion site form the tax
increment district, per previous action by the City Council
The City Council originally scheduled the public hearing on this matter for August 21, 2001.
The action at that meeting was to continue this item to September 4, 2001. It was then continued
to October 2, 2001. Staff is again recommending continuation of this item, based on discussions
with Medica.
7
//
. c Development Director
Financial Impact: $ 0 N/A _ Budgeted: Y/N
Related Documents (CIP, ERP, etc.):
Notes:
Source: