HomeMy WebLinkAbout2012-01-18 PACKET 06.A.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 1/18/12
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
COUNCIL ACTION REQUEST
Public Hearing to consider a written spending plan for tax increment expenditures.
STAFF RECOMMENDATION
Open public hearing and close without presentation of the written tax increment spending plan.
Staff will re- advertise and ask to hold this public hearing at a later date.
BUDGET IMPLICATION
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION
DATE REVIEWED
❑ PLANNING ❑
❑ PUBLIC SAFETY ❑
❑ PUBLIC WORKS ❑
❑ PARKS AND RECREATION ❑
❑ HUMAN SERVICES /RIGHTS ❑
❑ ECONOMIC DEV. AUTHORITY ❑
❑ ❑
SUPPORTING DOCUMENTS
® MEMO /LETTER: Roland 1/13/12
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ACTUAL AMOUNT
APPROVED
DENIED
❑
❑
❑
❑
❑
❑
❑
❑
❑
❑
❑
❑
❑
❑
COUNCIL ACTION TAKEN: ❑ APPROVED ❑ DENIED ❑ OTHER
CADocuments and Settings \nbelscamper \Local Settings \Temporary Internet Files \Content.Outlook \OFUXMGAF \cc Action Form ph
011812.doc
City of Cottage Grove
Finance Department
TO: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
FROM: Robin Roland, Finance Director
DATE: January 13, 2012
SUBJECT: Public Hearing to consider a written Tax Increment spending plan under the
Jobs Stimulus Program (MN Statute 469.176)
Introduction
At the September 7, 2011 meeting the City Council set a public hearing for the October 5,
2011 meeting to consider a written Tax Increment spending plan. The public hearing was
advertised on September 21, 2011. The public hearing has been continued twice since then.
Discussion
The City is considering assistance to the Home Depot redevelopment project which might
involve qualified expenditures under the Jobs Stimulus Program. Negotiations are ongoing
and staff would like additional time to formalize any potential plan. However, since the
required public hearing has been continued twice without a formal plan, staff is requesting that
the public hearing be opened then closed with no action at this time.
Once the plan is formalized with the developer, staff will re- initiate the necessary public
hearing process.
Requested Action
Open (and close) the public hearing to consider a written Tax Increment spending plan under
MN State Statute 469.176. No action should be taken at this time.