HomeMy WebLinkAbout2012-04-04 PACKET 04.B.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM # 6
DATE 04/04/12
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
COUNCIL ACTION REQUEST
Call for a public hearing to consider a written spending plan for tax increment expenditures.
STAFF RECOMMENDATION
Adopt the resolution calling for a public hearing to consider a written tax increment spending
plan on May 2, 2012.
BUDGET IMPLICATION
BUDGETED AMOUNT ACTUAL AMOU
ADVISORY COMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES /RIGHTS
❑ ECONOMIC DEV. AUTHORITY
SUPPORTING DOCUMENTS
❑ MEMO /LETTER: Roland 4/4/12
❑ RESOLUTION:
❑ ORDINANCE:
DATE REVIEWED
APPROVED
DENIED
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❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRATORS COMMENTS
Date
COUNCIL ACTION TAKEN: ❑ APPROVED ❑ DENIED ❑ OTHER
H: \Council items \cc Action Form public hearing 040412.docx
City of Cottage Grove
Finance Department
TO: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
FROM: Robin Roland, Finance Director ly
DATE: April 4, 2012
SUBJECT: Call 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 us Tax
Increment to stimulate economic recovery through assistance to private development. The
2011 legislature expanded the 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 a redevelopment project on the site of the former Home
Depot which might involve qualified expenditures under the Jobs Stimulus Program.
Negotiations have been on -going and staff believes the proposed written spending plan will be
ready for presentation and Council consideration at a public hearing on May 2, 2012.
Requested Action
Adopt the resolution calling a public hearing to consider a written Tax Increment spending plan
under MN State Statute 469.176 on May 2, 2012.
RESOLUTION NO. 12
RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY
COUNCIL ON THE PROPOSED ADOPTION OF A SPENDING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NOS. 1 -1, 1-3,11-8, AND
1 -12.
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 May 2, 2012 at 7:00 pm on the proposed
adoption of a Spending Plan for Tax Increment Financing District Nos. 1 -1, 1 -3, 1 -8, and
1 -12, ( 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 May 2, 2012, 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 4th day of April,
2012.
Myron Bailey, Mayor
Attest:
Caron M. Stransky, City Clerk