03-081 - Laserfiche WebLink

Home Browse Search

SECTION XXXI TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 30 Subsection 31.1. StRtp-ment of Ohjp-r:tivp-s. See Section I, Subsection 1.4., Statement of Objectives. Subsection 31.2. Rp-stRtp-rl lJevelopmp-nt Program. See Section I, Subsections 1.1. through 1.12. Subsection 31.3. PRrC:fJls to be InchJrlfJrl. The boundaries of Tax Increment Financing District No. 30 (the "TIF District") are described on Exhibit XXXI-A and illustrated on Exhibit XXXI-B. Subsection 31.4. PRrC:Rls in Ar.quisition. The City may write down or acquire and reconvey real property, or interests therein, within this TIF District or elsewhere within the Project Area at the time or times as the City may determine to be necessary or desirable to assist or implement development or redevelopment within the Project Area or the TIF District as further described in Section 1, Subsection 1.12. Subsection 31.5. [)p-vRlopmfJnt Ar:tivity for whir.h ContrRr:ts have bRfJn Sioned. As of the date of adoption of the Tax Increment Financing Plan (the "TIF Plan") I the City intends to enter into Development Agreements with Engelsma Limited Partnership and Beisswenger's New Brighton Hardware, Inc. Subsection 31.6. Specific: Devp-Iopment Fxrp-r:tp-rl to OC:C:IJr. At this time it is anticipated that redevelopment of the Brighton Village Shopping Center will include demolition of the existing shopping center and construction of an approximate 12,518 square foot drug store, two retail buildings approximating 28,750 total square feet, an approximate 28,000 square foot medical office building, an approximate 3,000 square foot restaurant, and internal driveways, parking lots, ponds and utilities to be completed in 2004. It is also anticipated that redevelopment of the Beisswenger site will include demolition of existing structures and parking areas and construction of an approximate 41,362 square foot retail facility which will also be completed in 2004. Upon completion of both of these redevelopment areas, the tax base of the city will increase by approximately $6.5 million. Subsection 31.7. Prior Plcmnerl Imrrnvp-mp-nts. The City shall, after due and diligent search, accompany its request for certification to the County Auditor or its notice of TIF District enlargement with a listing of all properties within the TIF District for which building permits have been issued during the eighteen (18) months immediately preceding approval of the TIF Plan by the City. 31-1