CR 92-174 PH TIF District 2-6
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August 24, 1992 P K \ Council Report: 92-174
PUBLIC HEARING TIF DISTRICT 2-6
Proposed Aotion.
Staff recommends adoption of the following motion: "Move to schedule
public hearing on October 6, 1992 to approve the creation of Tax
Increment Finance District No. 2-6, and modification of Redevelopment
Project Areas No.1 and 2."
This motion will allow staff to schedule a public hearing to discuss
the creation of TIF District No 2-6, and combining Redevelopment
Project Areas No. 1 and 2. Along with this action, staff will also
provide information to the School District and Hennepin County 30 days
prior to the hearing date.
Overview.
Tax Increment Finance District No. 2-6 is a housing district to be
created for the Handicapped Housing project located on 5th Avenue
south and 2nd Street. The creation of this district will allow the
__ City to utilize Tax Increment Financing to facilitate the construction
.. of a 24 unit apartment complex for the handicapped. '
A public hearing will be held to discuss combining Redevelopment
Project Areas No. 1 and 2. This will allow the expenditure of TIF
reserves from one Redevelopment Project Area to the other
Redevelopment Project Area. Combining the two Redevelopment Areas will
allow TIF reserves being created from the R.L. Johnson property, and
the downtown Tax Increment District, to be used to help finance the
Handicapped Housing project. Combining the Redevelopment Project Areas
allows for the cross-financing between districts without having to
execute documents associated with internal borrowing.
Minnesota State Statutes identify that the City must hold a public
hearing prior to creation of Tax Increment Finance Districts, and
prior to combining the Redevelopment Project Areas. Staff will
undertake the necessary steps to pUblicize the public hearing
scheduled for October 6, 1992
Supporting Information.
o Location map of TIF District 2-6
~
.' Paul T. steinman
, community Development Specialist
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