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<br />VI. Business Items <br />1) Review of Modification to the Development Program for Development District No. 1 <br />and the proposed establishment of Tax Increment Financing (TIF) District No. 34: New <br />Brighton Elementary Redevelopment <br />Gozola stated the City is proposing to (1) modify the development program for Development <br />District No. 1 to expand the boundaries to be coterminous with the corporate boundaries of the <br />City and (2) establish TIF District No. 34: New Brighton Elementary in order to provide pay-as- <br />you-go TIF assistance (two separate TIF notes) over a 15-year period to Dominium for <br />construction of the apartments. <br />Stacie Kvilvang, Ehlers & Associates, explained Ehlers was the municipal advisors to the City for <br />TIF Districts. She discussed how redevelopment TIF Districts were created and noted each had <br />a 26 year time limit. She reviewed the two tests and analysis that had to be completed in order <br />for TIF to be approved. She then described how a TIF District would spur development on the <br />New Brighton Elementary site and noted the City would have to create a specific project area. <br />She commented on the before and after projected market value for the redevelopment project, <br />along with the TIF that would be generated. <br />Discussion included: <br /> The history of TIF Districts in the City of New Brighton was reviewed. <br /> How increment was captured and paid to the City through TIF Districts. <br /> The affordable housing goals of this project were discussed, along with the need for TIF. <br />Motion by Commissioner Nelson, seconded by Commissioner Carter to recommend the City <br />Council approve the proposed TIF District and modify the project area, and make the following <br />findings: <br />a) Tax Increment Financing District No. 34: New Brighton Elementary is in the public interest <br />and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a) <br />b) Adoption of the proposed Program and Plan conforms in all respects to the requirements of <br />Statute and will help fulfill a need to develop an area of the State of Minnesota which is <br />already built up; <br />c) Adoption of the proposed Program and Plan will help provide employment opportunities, <br />improve the tax base, and improve the general economy of the State; and thereby the TIF <br />district serves a public purpose; <br />d) The Program and Plan will afford maximum opportunity, consistent with the sound needs <br />for the City as a whole, for the development or redevelopment of the project area by <br />private enterprise (i.e. the intent is to provide only the public assistance necessary to make <br />the private developments financially feasible); and <br />e) The Program and Plan, as presented to the EDC on 4/3/19, are recommended to be <br />established and adopted by the City Council. <br />Approved 8-0