2019.04.03 EDC Packet - Laserfiche WebLink

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REQUEST FOR COMMISISON CONSIDERATION ITEM DESCRIPTION: Proposed Modification of Development District No. 1 and Establishment of Tax Increment Financing District No. 34: New Brighton Elementary DEPARTMENT HEAD’S APPROVAL: CITY MANAGER’S APPROVAL: No comments to supplement this report ___ Comments attached ___ Recommendations:  Consider the Ehler’s Presentation on the proposed TIF District, and make the following findings & recommendations for Council consideration: a) Tax Increment Financing District No. 34: New Brighton Elementary is in the public interest and is a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a); b) Adoption of the proposed Program and Plan conforms in all respects to the requirements of Statute and will help fulfill a need to develop an area of the State of Minnesota which is already built up; c) Adoption of the proposed Program and Plan will help provide employment opportunities, improve the tax base, and improve the general economy of the State; and thereby the TIF district serves a public purpose; d) The Program and Plan will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the project area by private enterprise (i.e. the intent is to provide only the public assistance necessary to make the private developments financially feasible); and e) The Program and Plan, as presented to the EDC on 4/3/19, are recommended to be established and adopted by the City Council. History:  The City purchased the former New Brighton Elementary School in August 2017. In early 2018 the City selected the development team of Dominium and Pulte to redevelop the site into approximately 200 senior apartments and 154 non-age restricted apartments that are affordable to persons at or below 60% of the area median income and 53 owner-occupied town homes. Agenda Section: VI Item: 1 Report Date: 03/21/19 Commission Meeting Date: 04/03/19