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Section 2 - Tax Increment Financing Plan <br />for TIF District No. 34: New Brighton Elementary <br />Subsection 2-1. Foreword <br />The City of New Brighton (the "City"), staff and consultants have prepared the following information to <br />expedite the establishment of TIF District No. 34: New Brighton Elementary (the "District"), a <br />redevelopment tax increment financing district, located in Development District No. 1. <br />Subsection 2-2. Statutory Authority <br />Within the City, there exist areas where public involvement is necessary to cause development or <br />redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes <br />("M.S."), Sections 469.124 to 469.133, inclusive, as amended, and M.S., Sections 469.174 to 469.1794, <br />inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs <br />related to this project. <br />This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant <br />information is contained in the Modification to the Development Program for Development District No. 1. <br />Subsection 2-3. Statement of Objectives <br />The District currently consists of six parcels of land and adjacent and internal rights-of-way. The District is <br />being created to redevelop the area into approximately 53 owner-occupied town homes and approximately <br />354 apartment units in two buildings. The apartment units will be affordable to persons at or below 60% of <br />the area median income, with 154 of the units being non-age restricted and 200 of the units being restricted <br />to seniors. Please see Appendix A for further District information. The City anticipates entering into an <br />agreement with Dominium for the rental housing and Pulte for the town homes and development is <br />anticipated to occur in 2019. This TIF Plan is expected to achieve many of the objectives outlined in the <br />Development Program for Development District No. 1. <br />The activities contemplated in the Modification to the Development Program and the TIF Plan do not <br />preclude the undertaking of other qualified development or redevelopment activities. These activities are <br />anticipated to occur over the life of Development District No. 1 and the District. <br />Subsection 2-4. Development Program Overview <br />1. Property to be Acquired - The City currently owns five parcels of property within the <br />District. The remaining property located within the District may be acquired by the City and <br />is further described in this TIF Plan. <br />2. Relocation - Relocation services, to the extent required by law, are available pursuant to <br />M.S., Chapter 117 and other relevant state and federal laws. <br />3. Upon approval of a developer's plan relating to the project and completion of the necessary <br />legal requirements, the City may sell to a developer selected properties that it may acquire <br />within the District or may lease land or facilities to a developer. <br />4. The City may perform or provide for some or all necessary acquisition, construction, <br />relocation, demolition, and required utilities and public street work within the District. <br />City of New Brighton Tax Increment Financing Plan for TIF District No. 34: New Brighton Elementary 2-1