2019.05.01 EDC Packet - Laserfiche WebLink

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REQUEST FOR COMMISISON CONSIDERATION ITEM DESCRIPTION: Overview of the City’s Past and Present use of Tax Increment Financing (TIF) DEPARTMENT HEAD’S APPROVAL: CITY MANAGER’S APPROVAL: No comments to supplement this report ___ Comments attached ___ Recommendations:  No action requested History:  For the past 40+ years, the City of New Brighton has successfully utilized Tax Increment Financing as a mechanism to make improvements to areas of the community that otherwise would not be redeveloped. To date, thirty-four (34) different TIF districts have been established (22 of which have since decertified to the benefit of all taxing authorities).  As we have a number of new commissioners and numerous questions coming into the City regarding TIF, we felt this would be a prime opportunity to re-orient the commission on how this tool works, how it’s worked in the past, and why it’s an important tool moving forward. Financial Impact:  Significant. The City’s eleven TIF districts that are still in effect have seen a total percent increase in value of 878.82% as of April 2018. Staff will highlight how these dramatic increases have occurred as part of the upcoming meeting. Summary:  Given that the City is intently focused on the upcoming review of the Midtown Village development, we do not have other local matters to put before the Commission at this time. Accordingly, we believe this meeting is best suited to an examination of what is TIF, the history of its use in the community, and the impacts it has (and will continue to have) on the City of New Brighton.  Information regarding the City’s TIF districts is provided in the packet, but it is meant to be supplementary and pre-reading/review is not required. Agenda Section: VI Item: 1 Report Date: 04/25/19 Commission Meeting Date: 05/01/19