Discussion:
This hearing is to expand the boundaries of the current TIF District to include four additional properties of the north east boundary to include the current County workforce building, a crane company, a former outboard motor facility and a vacant lot that is connected to the current SanMar facility.
LHB has completed the necessary study to expand the existing district and the expansion meets the requirements for the redevelopment district. Baker Tilly has also updated their financial analysis. The financial changes to the District are a small percentage based on changes in values and tax rates.
The proposed boundary changes allow TIF funds to be used within the District to construct Barenscheer and connect it to County Highway 83 with a new signalized intersection.
The City Council and the EDA will vote the boundary changes at their June 18, 2019 meeting. At that meeting, Council and EDA will also vote on a modification to the contract for private development to modify allocation of TIF funds to allocate funding away from the developer and towards city projects to complete public infrastructure. It will not change the use of any TIF proceeds since all will still be used for public infrastructure costs and the total available TIF funds will not substantially change.