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<br /> <br /> <br />REQUEST FOR COMMISISON CONSIDERATION <br /> <br />ITEM DESCRIPTION: 2023 TIF Management Plan Report Overview <br />DEPARTMENT HEAD’S APPROVAL: <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br /> <br />Recommendations:  No action requested <br /> <br />History:  For the past 40+ years, the City of New Brighton has successfully utilized <br />Tax Increment Financing as a mechanism to make improvements to areas <br />of the community that otherwise would not be redeveloped. To date, <br />thirty-five (35) different TIF districts have been established (22 of which <br />have since decertified to the benefit of all taxing authorities). <br /> Baker Tilly, as the City’s financial consultant, will be present at the <br />upcoming EDC meeting to provide an updated 2023 snapshot analysis of <br />the City’s existing TIF Districts. <br /> <br />Financial Impact:  Significant. The City’s TIF districts that are still in effect have seen <br />significant increases in value since their inception. Baker Tilly <br />representatives will walk the Commission through the present status of all <br />currently open districts as part of the upcoming meeting. <br /> <br />Summary:  Mikaela Hout from Baker Tilly will provide the latest and greatest data on <br />the status of all active TIF districts in the City, and will answer questions <br />from commissioners. <br /> The draft “Summary of TIF District – June 2023” report is provided in the <br />packet for your review. <br /> <br />Attachments: A) General Map of New Brighton TIF Districts <br />B) Summary of TIF Districts (Draft for Review) Baker Tilly Report – June 2023 <br /> <br /> <br /> <br />Agenda Section: VI <br />Item: 2 <br />Report Date: 6/2/23 <br /> Commission Meeting Date: 6/7/23