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April 23,2019 Page 6 of 9 <br /> the years to acquire and redevelop properties throughout the community for the present and future benefit of <br /> - , all residents. The latest opportunity,the former New Brighton Elementary School and surrounding lands, <br /> became available in late 2017,and is now set for redevelopment in the near future. Establishment of TIF <br /> District 34 and its inclusion into Development District#1 would address a financing gap to allow the <br /> 1 development to happen,and would facilitate reimbursement of expenses to date. <br /> Community Assets and Development Director Schlichting reported approval of this Resolution will <br /> allow Ehlers to complete the modification process by expanding the boundaries of <br /> Development District No. 1 to be coterminous with the corporate boundaries of the City. This <br /> resolution will also approve establishment of TIF District No. 34:New Brighton Elementary <br /> (the "District"), a redevelopment tax increment-financing district, located in Development <br /> District No. 1. Staff reviewed the proposed findings and recommend approval of the resolution <br /> approving the modification to the development program. <br /> Shelly Eldridge, Ehlers & Associates, stated this action was the right to redeveloping this site <br /> into something that was marvelous for the City. She commented further on the expansion of <br /> Development District No. 1 along with the creation of TIF District No. 34. She explained this <br /> district would have six parcels, five of which the City currently own. She reported the <br /> Midtown Village had two developers that were eager to begin redeveloping the site. She <br /> commented Dominium would be requesting TIF in order to complete their portion of the <br /> project. She anticipated the TIF District would run for 15 years but could run up to 26 years. <br /> She noted Pulte would not be requesting TIF for their portion of the development. She <br /> commented further on the report submitted to the City from LHB and noted this project <br /> qualifies as a redevelopment district. <br /> Councilmember Burg stated there were a lot of misunderstandings regarding TIF. She <br /> requested clarification from staff on this matter. City Manager Lotter described how TIF was <br /> collected by the City based on the increment of taxes that were gathered based on the increased <br /> value of the property over 26 years. He then discussed how TIF dollars could be used by the <br /> City. He reported the increased tax base for these properties could not be achieved without the <br /> proposed redevelopment TIF District. <br /> Councilmember Burg added that this development would assist in increasing the City's tax <br /> base and would bring taxes down for New Brighton residents. Ms. Eldridge reported the new <br /> development would pay the same taxes as everyone else. She explained this project would not <br /> be receiving an entitlement. She discussed how the TIF dollars generated from this project <br /> would assist with City infrastructure. She indicated a gap analysis was completed for this <br /> project and noted the affordable housing portion would not happen but for the use of TIF. <br /> Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the <br /> Public Hearing. <br /> 5 Ayes,0 Nays-Motion Carried <br /> The Public Hearing was opened at 7:38 p.m. <br /> Mayor Johnson asked for additional comments, there were none. <br /> Motion by Councilmember Burg,seconded by Councilmember Jacobsen to close the <br /> Public Hearing. <br /> 5 Ayes,0 Nays-Motion Carried <br /> The Public Hearing was closed at 7:39 p.m. <br /> Motion by Councilmember Burg,seconded by Councilmember Dunsworth to adopt a Resolution <br />