2019.04.03 EDC Packet - Laserfiche WebLink

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Subsection 2-5. Description of Property in the District and Property To Be Acquired The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the parcels listed below. (Please also see the map in Appendix B for further information on the location of the District). Parcel Numbers Address Owner 293023130020 Old Highway 8 City of New Brighton 293023130021 701 - 8 th Ave. NW City of New Brighton 293023130022 629 Old Highway 8 City of New Brighton 293023130023 609 Old Highway 8 City of New Brighton 293023130024 700 - 5 th St. NW City of New Brighton (Public Works Facility) 293023130025 581 Old Highway 8 NW Burrs Family Holdings, LLC The City currently owns five (5) of the parcels and may acquire the remaining parcel within the District including interior and adjacent street rights of way. Any properties identified for acquisition will be acquired by the City in order to accomplish one or more of the following: storm sewer improvements; provide land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance and/or development to accomplish the uses and objectives set forth in this plan. The City may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of funding to finance the acquisition and related costs. Subsection 2-6. Classification of the District The City, in determining the need to create a tax increment financing district in accordance with M.S., Sections 469.174 to 469.1794, as amended, inclusive, finds that the District, to be established, is a redevelopment district pursuant to M.S., Section 469.174, Subd. 10(a)(1). In meeting the statutory criteria the City relies on the following facts and findings: • The District is a redevelopment district consisting of six parcels. • An inventory shows that parcels consisting of more than 70 percent of the area in the District are occupied by buildings, streets, utilities, paved or gravel parking lots or other similar structures. • An inspection of the buildings located within the District finds that more than 50 percent of the buildings are structurally substandard as defined in the TIF Act. (See Appendix F). Pursuant to M.S., Section 469.176, Subd. 7, the District does not contain any parcel or part of a parcel that qualified under the provisions of M.S., Sections 273.111, 273.112, or 273.114 or Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the District. Subsection 2-7. Duration and First Year of Tax Increment of the District Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first year of tax increment of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b., the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The City elects to receive the first tax increment in 2021, which is no later than four years City of New Brighton Tax Increment Financing Plan for TIF District No. 34: New Brighton Elementary 2-2