6.2. SR 06-21-1993
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ITEM 6.2.
TO:
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FROM:
MAYOR & CITY COUNCIL
WILLIAM RUBIN, ED COORDINAT~~
JUNE 15, 1993
DATE:
SUBJECT: PROPOSED AMENDMENT TO TIF PLANS
NO. 1 AND NO. 3
INTRODUCTION
At a recent Capital Improvement Program (elP) Work Session, the
Elk River City Council considered financing options regarding
the proposed expansion of the public library. A favored option
to underwrite a portion of the expansion costs is that of
amending Tax Increment Financing (TIF) Plans No. 1 and No.3.
Staff was directed to develop a timeline and prepare a draft of
the proposed amendment to TIF Plans No.1 and No.3.
BACKGROUND
If approved, the modification to TIF Plans No. 1 and No. 3
would allow the City to:
a. Assist with the public library expansion by expending
tax increments from Districts No. 1 and No. 3 to
underwrite a portion of the expansion costs as
permitted by Minnesota statutes.
Minnesota Statutes require that the revenues derived from tax
increment must be used in accordance with a TIF Plan. To the
extent that this proposed expenditure is not reflected in the
original Plan, an amendment is necessitated. The timeline to
complete the amendment to TIF Plans No. 1 and No. 3 is outlined
below:
June 21 - The City Council sets a public hearing to consider an
amendment to the TIF Plans.
June 22 - The proposed Plan amendment is sent to Sherburne
County and School District 728.
July 7 - The hearing notice is published in the Elk River
Star News.
July 13 - Sherburne County Commissioners meeting.
July 13 - School District Board meeting.
July 27 - Planning Commission meeting.
P.o. Box 490 @ 13065 Orono Parkway @ Elk River, MN 55330 @ (612) 441-7420e Fax: (612) 441-7425
August 2- city Council conducts public hearing to consider
the amendment to the TIF Plans.
August 3- Amendment to the TIF Plans is filed with the State
Department of Revenue.
ACTION REQUESTED
The City Council is asked to schedule a public hearing for
August 2, 1993, to consider a proposed amendment to TIF Plans
No. 1 and No.3.
RECOMMENDATION
I recommend that the City Council schedule a public hearing for
August 2, 1993, to consider the above-referenced amendment.
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NOTICE OF PUBLIC HEARING
CITY OF ELK RIVER
The City of Elk River will conduct a public hearing on Monday,
August 2, 1993, at 7:00 p.m. to be held at the Elk River City
Hall to consider an amendment to Tax Increment Financing Plans
No.1 and No.3.
The proposed change will amend the tax increment expenditures
authorized by the respective Plans. All tax increment
expenditures will be used for purposes authorized pursuant to
Minnesota Statutes Section 469.176, Subd. 4.
A copy of the proposed amendment to Plans No. 1 and No. 3 is on
file and is available for inspection in offices of the City
Clerk at City Hall, 13065 Orono Parkway, Elk River, Minnesota
55330, Monday through Friday between 8:00 a.m. and 4:30 p.m.
All persons desiring to appear at the public hearing will be
afforded an opportunity to express their views with respect to
the proposed amendment. Interested persons may also file
written comments expressing their views with the City
Administrator to the date of the public hearing. For further
information, contact the City Administrator, Patrick Klaers, at
Elk River city Hall, 441-7420.
Authorized this 21st day of June, 1993.
Patrick D. Klaers, City Administrator
P.o. Box 490 0 13065 Orono Parkway 0 Elk River, MN 55330 0 (612) 441-7420@ Fax: (612) 441-7425