2019.04.03 EDC Packet - Laserfiche WebLink

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(cont.)  December 22, 1981, the City Council adopted a development program for Development District No. 1, which is the area of the City in which it can create TIF districts. Over the years the City has modified, amended and restated the development program to increase its geographic area and to accommodate the creation of new TIF Districts. Financial Impact:  Five of the six parcels included in the TIF District are exempt from paying taxes since they are owned by the City. When they are placed in the TIF District, the County Assessor is required to place a base value for taxable purposes on the land, so the City will start to receive tax revenue (approximately $14,500) in the year following sale of the property.  The City anticipates providing TIF assistance for the apartments only (not for the town homes) for a period of approximately 15 years. The TIF generated from the town homes may be used by the City to pay for required public improvements to the roads, intersection, etc. (approximately $117,000/year after full build out). After redevelopment the taxable market value is estimated to be $69.1 million ($12.468 million for the town homes and $56.64m for the apartments). This will significantly increase the local tax base and increase the amount of taxes generated annually for the City. Summary:  The City is proposing to (1) modify the development program for Development District No. 1 to expand the boundaries to be coterminous with the corporate boundaries of the City and (2) establish TIF District No. 34: New Brighton Elementary in order to provide pay-as-you-go TIF assistance (two separate TIF notes) over a 15-year period to Dominium for construction of the apartments. Attachments: A) TIF Plan (19 Pages) B) Development District No. 1 modification (15 pages) ________________________ Ben Gozola, AICP Assistant Director of Community Assets and Development