HomeMy WebLinkAbout2011-09-07 PACKET 04.V.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 917111 41
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PREPARED BY: Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
COUNCIL ACTION REQUEST:
Consider calling for a public hearing to consider a written spending plan for tax increment
expenditures.
STAFF RECOMMENDATION:
Adopt resolution calling for a public hearing on October 7, 2011 to consider a written tax
increment spending plan.
BUDGET IMPLICATION:
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION:
DATE REVIEWED
❑ PLANNING ❑
F PUBLIC SAFETY ❑
❑ PUBLIC WORKS ❑
❑ PARKS AND RECREATION ❑
❑ HUMAN SERVICES/RIGHTS ❑
❑ ECONOMIC DEV. AUTHORITY ❑
SUPPORTING DOCUMENTS:
MEMO/LETTER: Roland 9/2/11
RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
F - j OTHER:
ACTUAL AMOUNT
APPROVED
DENIED
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ADMINISTRATORS COMMENTS:
Aity & Administrator Date
COUNCIL ACTION TAKEN: ❑APPROVED ❑ DENIED ❑OTHER
CADocuments and Settings\nbelsoampeAlLocal Settings\Temporary Internet Files\Content.Outlook\OFUXMGAF\cc Action Form public hearing
9021 1.doc
�M City of Cott Grove
Finan Dep artment
TO: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
FROM: Robin Roland, Finance Director
DATE: September 2, 2011
SUBJECT: Consider resolution calling a public hearing to consider a written Tax
Increment spending plan under the Jobs Stimulus Program (MN Statute
469.176)
introduction /Discussion
In 2010, development authorities were given temporary expanded authority to use Tax
Increment to stimulate economic recovery through assistance to private development. The
2011 legislature expanded this authority by one year until December 31, 2012. The Jobs
Stimulus Program requires that a proposed written Tax Increment spending plan be approved
by the municipality after a published notice and a public hearing.
The City is considering assistance to the Home Depot redevelopment project which might
involve qualified expenditures under this available program. Although negotiations are still
preliminary at this point, staff would like to insure the possibility of pursuing this financing
program by scheduling the required public hearing for the October 5, 2011 Council Meeting.
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Adopt the attached resolution calling a public hearing to consider a written Tax Increment
spending plan under MN State Statute 469.176.
RESOLUTION - PUBLIC
COUNCIL ON THE PROPOSED ADOPTION OF A SPENDING PLAN
FOR TAX INCREMENT FI NANCING DISTRICT NOS. w
AND 1-13.
WHEREAS, the Minnesota Legislature has given temporary expanded authority
to use tax increment in ways not previously authorized in order to stimulate economic
recovery through assistance to private development; and
WHEREAS, the City of Cottage Grove may wish to use this expanded authority
for financial assistance to a pending redevelopment project; and
WHEREAS, advertising and holding a public hearing about a Tax Increment
spending plan is required under the statute before such assistance may be offered..
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of
Cottage Grove, to hold a public hearing on October 5, 2011 at 7:00 pm on the proposed
adoption of a Spending Plan for Tax Increment Financing District Nos. 1 -1, 1 -3, 1 -8, 1-
12 and 1 -13, ( the "TIF Districts "), in accordance with Minnesota Statutes, Sections
469.176, Subd. 4m; and
BE IT FURTHER RESOLVED that City staff is authorized and directed to work
with Ehlers to prepare a Spending Plan for the TIF Districts. The City Administrator is
authorized and directed to cause notice of the hearing, as required by law, to be
published at least once in the official newspaper of the City not later than 10, nor more
than 30, days prior to October 5, 2011, and to place a copy of Spending Plan on file in
the City Administrator's office at City Hall and to make such copy available for
inspection by the public.
Adopted by the City Council of the City of Cottage Grove this 7th day of
September 2011.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk
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