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<br />Councilmember Abdulle provided the EDC with an update from the City Council. He stated Sunny <br />Square Park was open to the public. He encouraged the public to attend an upcoming summer <br />concert series event at Veterans Park. Further discussion ensued regarding the potential <br />redevelopment of Block B. <br />VI. Business Items <br />1) Tax Increment Financing Tool Overview – Baker Tilly <br />Gozola stated Baker Tilly will begin the meeting with background information on how Tax <br />Increment Financing works so all members will understand this very valuable funding tool. <br />Mikaela Hout, Baker Tilly, provided the EDC with a presentation on tax increment financing <br />(TIF) stating TIF was a method for capturing tax base growth resulting from new development. <br />She provided a summary on the City’s TIF districts noting the history of the City’s use of TIF <br />and how TIF was used as a development tool. The different types of TIF districts were <br />discussed along with the terms for TIF districts. The fundamentals of the “but for” test were <br />reviewed. <br />Discussion included: <br />• The TIF requirements for affordable housing projects were further discussed. It was noted <br />TIF was a tool available to cities which allowed cities to negotiate when it came to <br />affordable housing. <br />• The Commission discussed how TIF projects were spaced out and when the existing TIF <br />districts would decertify. <br />• The downsides or points of contention for TIF were reviewed. <br />• The Commission thanked Ms. Hout for her detailed presentation. <br />2) Review of the 2023 TIF Management Plan – Baker Tilly <br />Gozola reported Mikaela Hout from Baker Tilly will provide the latest data on the status of all <br />active TIF districts in the City, and will answer questions from Commissioners. <br />Mikaela Hout, Baker Tilly, provided the EDC with a presentation on the 2023 TIF Management <br />Plan and discussed the status of the City’s active TIF districts. <br />Discussion included: <br />• The EDC commented on the New Brighton Exchange development and the potential <br />development of Block B. <br /> <br /> <br /> <br />3) General Updates <br />Gozola reported there was potential interest/movement on Block B. He explained the City <br />received a critical corridors grant that would assist the City with completing a parking study.