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8.3. SR 02-20-2018 EOty1� ,.,�� Request for Action River To Item Number Mayor and City Council 8.3 Agenda Section Meeting Date Prepared by General Business February 20, 2018 Amanda Othoudt,EDD Item Description Reviewed by Call for Public Hearing on Modification of the Cal Portner, City Administrator Development Program for Development District Reviewed by No. 1 and Creation of Tax Increment Financing District No. 25 Action Requested Adopt,by motion, a resolution calling for a public hearing on the modification of the development program for development district No. 1 and the creation of Tax Increment Financing District No. 25 and the adoption of a tax increment financing plan. Background/Discussion The city received a request to provide tax increment financing assistance for Jackson Hills Residential Suites, a 40-unit market rate and affordable housing project located at the intersection of 6th Street and Jackson Avenue. The developer applied for Tax Increment Financing (TIF) assistance through the establishment of a housing TIF district to finance the portion associated with affordable housing. The Council reviewed the application and supporting material along with the recommendations by the Joint Finance Committee and the HRA at their work session on February 5, 2018. The Council was supportive of a 15-year Housing TIF District for the Jackson Hills Residential Suites project. A public hearing on the modification of the development program for Development District No. 1, and the establishment of Tax Increment Financing District (Housing) No. 25 is required to establish the district. The public hearing is scheduled for Monday,April 16, 2018, at 6:00 p.m. Financial Impact The total estimated tax increment available from city, county, and school district taxes over 15 years for the Jackson Hills project is projected to be $696,225. Attachments ■ Resolution ■ Map of Development District No. 1 and the TIF District The Elk River Vision A PehoMing community 2a itb revolutionary and spirited resourcefulness, exceptional POWERED By service, and community engagement that encourages and inspires prosperity INAWRE1 City of Elk City of Elk River Wver City Council Resolution 18- A Resolution of the City Council of the City of Elk River Calling for a Public Hearing on the Modification of the Development Program for Development District No. I and the Creation of Tax Increment Financing District (Housing) No. 25 and the Adoption of a Tax Increment Financing Plan Therefor WHEREAS, the City of Elk River (the "City") has received a request to provide tax increment financing assistance for a housing development to be constructed in the City, and the Council desires to hold a public hearing on the modification of the development program for Development District No. 1, the establishment therein of Tax Increment Financing District (Housing) No. 25 and the adoption of a tax increment financing plan. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River,Minnesota, as follows: 1. Public Hearing. This Council shall meet at the time and place specified in the form of notice attached hereto as Exhibit A, or as soon thereafter as notice of the hearing can be published in accordance with Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"), for the purpose of holding a public hearing on the proposed modification of the Development Program for Development District No. 1 (the "Modification"), the establishment therein of Tax Increment Financing District (Housing) No. 25 (the "TIF District"), and the proposed adoption of the Tax Increment Financing Plan therefor (the "TIF Plan"), all pursuant to and in accordance with Minnesota Statutes, Sections 469.124 through 469.133, as amended (together with the TIF Act, the "Act")- 2. Notice of Public Hearing; Filing of Plans. City staff and consultants are directed and authorized to prepare the Modification and TIF Plan and to forward such documents to the appropriate taxing jurisdictions, including Sherburne County and Independent School District No. 728 (Elk River). The City Clerk is authorized, at the direction of the City's Economic Development Director, to cause notice of the hearing in substantially the form attached as Exhibit A hereto, together with an appropriate map as required by law, to be published at least once in the official newspaper of the City not less than 10, nor more than 30, days prior to the public hearing, and to place a copy of the Modification and TIF Plan on file in the City Clerk's office at City Hall and to make such copy available for inspection by the public. 3. Consultation with Other Taxing-Jurisdictions. City staff is hereby directed to send to Sherburne County and Independent School District No. 728 a copy of the proposed form of the tax increment financing plan at least 30 days prior to the public NATUREJ Passed and adopted this day of 2018. John J. Dietz,Mayor ATTEST: Tina Allard, City NATUREI Exhibit A NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the City Council of the City of Elk River, Minnesota (the "City") will hold a public hearing on Monday, April 16, 2018 at approximately 6:00 p.m., at City Hall, 13065 Orono Parkway, Elk River, Minnesota, for the purpose of conducting a public hearing on the proposal of the City to modify the Development Program for Development District No. 1 (the "Modification"), establish therein Tax Increment Financing District (Housing) No. 25 (the "TIF District") and adopt the Tax Increment Financing Plan (the "TIF Plan") for the TIF District pursuant to Minnesota Statutes, Section 469.124 through 469.133 and Sections 469.174 to 469.1794, as amended. Copies of the Modification and TIF Plan are on file and available for public inspection at the office of the Economic Development Director at City Hall. The property to be included in the TIF District is located within Development District No. 1 and the City. A map of Development District No. 1 and the TIF District is set forth below. Subject to certain limitations, tax increment from the TIF District may be spent on eligible uses within the boundaries of Development District No. 1. [INSERT MAP of Development District No. 1 and the TIF District] At the time and place fixed for the public hearing, the City Council will give all persons who appear an opportunity to express their views with respect to the proposal. In addition, interested persons may file written comments respecting the proposal with the City Clerk at or prior to the hearing. Publish: , 2018 Elk River NATUREJ 18 9.0 © Bolton & Menk, Inc - Web GIS 0 Legend Jackson Hills Residential Suites, LLC (Housing) TIF District No. 25 This drawing is neither a legally recorded map nor a survey and is not intended to be used as one. This drawing is a compilation of records, information, and data located in various city, county, and state offices, and other sources affecting the area shown, and is to be used for reference purposes only. The City of Elk River is not responsible for any inaccuracies herein contained. Disclaimer: 2/15/2018 11:17 AM 132 Feet City Limits Urban Service Area Parcels (1-24-2017) Park Areas