Back to Calendar
Consider Resolution EDA 18-1, Adopting Modification to Tax Increment Financing Plan for Tax Increment Financing District 6-1
Matt Brown, Economic Development Coordinator
The EDA is asked to consider a resolution adopting a modification to the Tax Increment Financing Plan for Tax Increment Financing District 6-1, which is located in the Port Riverwalk area.
During its 2017 session, the Minnesota Legislature authorized and the Governor signed a five year extension of Tax Increment Financing (TIF) District 6-1. This district corresponds to the Port Riverwalk redevelopment area, generally along Coon Rapids Boulevard between Egret Boulevard and Avocet Street.
In 2007, the TIF District was created and the Coon Rapids Housing and Redevelopment Authority (HRA) acquired and demolished over a dozen buildings and cleaned up contamination in this area. Since State law requires that a redevelopment district is established within a particular time frame of demolition, the district needed to be established in 2007. Because the land has remained vacant since that time, only a small amount of tax increment has been generated. Thus, the City requested that the Legislature extend the district’s expiration date from 2033 to 2038. In 2015, the Council adopted a resolution supporting special legislation to extend the district beyond the 26 years allowed by State law.
The HRA currently has a preliminary development agreement with Centra Homes to develop the site with residential uses, including for-sale detached townhomes and other housing types. Staff is currently working with Centra on the terms of a full development agreement. The five-year extension of the TIF district will help facilitate this project and help the HRA recover its costs.
Implementing the five-year extension requires modifying the TIF Plan for District 6-1. On December 19, 2017, the City Council approved the special legislation and called for a public hearing on February 7, 2018 on the proposed modification. The Council will hold a public hearing and consider the modification.
Staff recommends that the EDA adopt Resolution EDA 18-1, adopting the modification to the Tax Increment Financing Plan for Tax Increment Financing District 6-1.
AgendaQuick©2005 - 2018 Destiny Software Inc., All Rights Reserved