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REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Consider Resolution Calling for a Public Hearing to Modify the Development <br />Program for Development District No. 1 and to Propose Establishment of Tax <br />Increment Financing District No. 34: New Brighton Elementary Redevelopment <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br />Recommendation: Staff recommends that the City Council approve a resolution to establish April <br />23, 2019, as the date to conduct a public hearing to consider proposed <br />modifications to modify the development program for Development District <br />No. 1, and to propose establishment of Tax Increment Financing District No. <br />34: New Brighton Elementary Redevelopment. <br />Legislative History: August 2017: City Council purchases the former New Brighton Elementary <br />School site for redevelopment purposes <br />Financial Impact: Establishment of TIF 34 and its inclusion into Development District #1 will <br />facilitate reimbursement of the City’s Development Fund for the cost of <br />acquiring the land and preparing it for redevelopment. These efforts are <br />anticipated to result in approximately $100M worth of investment on the <br />currently underdeveloped land which will eventually benefit the local tax rolls. <br />Explanation: The City has demonstrated great success in utilizing Tax Increment Financing <br />over the years to acquire and redevelop properties throughout the community <br />for the present and future benefit of all residents. The latest opportunity, the <br />former New Brighton Elementary School and surrounding lands, became <br />available in late 2017, and is now set for redevelopment in the near future. <br />Establishment of TIF District 34 and its inclusion into Development District #1 <br />would address a financing gap to allow the development to happen, and would <br />facilitate reimbursement of expenses to date. <br />Attachments: a)Resolution <br />b)Schedule of Events to complete modification to Development District 1 and <br />establishment of TIF District 34 <br />Report Number: 3 <br />Agenda Section: VII <br />Report Date: 2/22/19 <br />Council Meeting Date: 2/26/19