2018.12.18 PC - Laserfiche WebLink

Home Browse Search

Section 2 - Modification to the Tax Increment Financing Plan for TIF District No. 26: Brighton Corporate Business Park III Subsection 2-1. Foreword The City of New Brighton (the "City"), staff and consultants have prepared the following information to expedite the modification of TIF District No. 26: Brighton Corporate Business Park III (the "District"), a redevelopment tax increment financing district, located in Development District No. 1. Subsection 2-2. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.124 to 469.133, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This section contains the Modification to the Tax Increment Financing Plan (the "Modification") for the District. Other relevant information is contained in the for Development District No. 1. Subsection 2-3. Statement of Objectives The District currently consists of 138 parcels of land and adjacent and internal rights-of-way. The District was created to facilitate a mixed use development including 32 housing units, 60,000 square feet of commercial / retail development and 306,000 square feet of light industrial development in the City. The Modification is being completed to increase the budget for the TIF District to reflect tax increment collected to date and anticipated to be collected through the term of the District. This Modification is expected to continue to achieve many of the objectives outlined in the Development Program for Development District No. 1. The activities contemplated in the Modification do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Development District No. 1 and the District. Subsection 2-4. Development Program Overview 1. Property to be Acquired - Selected property located within the District may be acquired by the City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. City of New Brighton Modification to the Tax Increment Financing Plan for TIF District No. 26: Brighton Corporate Business Park III 2-1