HRA Report 2012-11September 4, 2012 loca HRA Report 2012-11
City Of Hopkins
RESOLUTION REQUESTING THE CITY COUNCIL OF THE CITY OF HOPKINS CALL FOR
A PUBLIC HEARING ON THE PROPOSED MODIFICATION OF THE TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2-11 LOCATED
WITHIN REDEVELOPMENT PROJECT NO. 1.
Proposed Action
Staff recommends adoption of the following: Move to approve Resolution 490 requestingthe hey Council of
the City of Hopkins call for a public hearing on the proposed modification of the Tax Increment Financing plan
for Tax Increment Financing District No. 2-11 located within Redevelopment Project No 1
Adoption of this motion will send a request to the City Council to call for a public hearing on modification of TIF
District 2-11.
Overview
The HRA has administrative authority for development activities and has delegated the actual
administrative duties to the City however the requirement for a public hearing is in city code, therefore the
HRA needs to request the City to hold a public hearing on this issue.
The City will be completing a modification to TIF District 2-11 to decertify several parcels that are not
generating increment, to update the plan for special legislation approved in 2003 and 2004, to update the
budget to reflect actual increment to date and expected increment through the extended term of the district
and finally to update the plan to be in conformance with Office of the State Auditor reporting.
Primary Issues to Consider
• Conformance with Office of the State Auditor reporting.
Staff Recommendation
Finance recommends approval of Resolution 490
Supporting Information
• Resolution 490
Christine Harkess, CPA, CGFM
Finance Director