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<br /> <br /> <br />REQUEST FOR COMMISISON CONSIDERATION <br /> <br />ITEM DESCRIPTION: TIF Review: Review proposed modifications to Tax Increment Financing District <br />No. 26 to determine compliance with the City’s Comprehensive Plan. <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br /> <br />15.99 Deadline: none <br />Recommendations: Review the reasons for the proposed TIF Budget Modification, and approve <br />the provided resolution establishing the change is in conformance with the <br />City’s Comprehensive Plan. <br />Legislative History:  TIF 26 Originally Adopted on 7/28/1997 <br /> TIF 26 Requested on 8/15/1997 <br /> TIF 26 Certified on 1/22/1999, and currently decertifies on 12/31/2024 <br /> Previous Budget Modifications approved on 03/27/2001, 11/25/2003, and <br />12/14/2004 <br />Summary: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> When TIF districts are established, Cities must establish anticipated <br />budgets for the life of the district. <br /> As development occurs, occasionally the revenue generated by the TIF <br />District are either substantially higher or lower than originally <br />anticipated. When this happens, a modification to the TIF budget must be <br />reviewed and approved by the City. Per on State Law, this means <br />following the same steps as approving a brand new TIF district which <br />requires the Planning Commission to determine if the TIF district changes <br />are compliant with the Comprehensive Plan. <br /> In the case of TIF 26, revenues are projected to exceed the current TIF <br />budget in 2019, so the City’s Financial Advisor (Ehlers) is recommending <br />the budget be amended to reflect our real-world data. <br /> <br /> <br />Agenda Section: VII <br />Item: 1 <br />Report Date: 12/14/18 <br /> Commission Meeting Date: 12/18/18