City Council Meeting Date: July 23, 2019
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
Continuation of Public Hearing on TIF Request by Schrom Construction.
Body
Action Requested:
Hold the public hearing and close at the end. See "Public Hearing Procedure (taken from City Council Rules of Business)" in the Summary Report section provided in this memorandum.
Summary Report:
This agenda item is a continuation of a hearing that was originally opened on July 2nd and has been continued to this meeting.
No action is taken during the public hearing. Following the public hearing, Council will be considering approval of the TIF District, the TIF Agreement and Public Improvements Development Agreement.
Project Background Summary
Schrom Construction, Incorporated is requesting Tax Increment Financing (TIF) incentives from the City of Northfield to assist with a major planned housing development. The project has the potential to increase affordable housing options in Northfield at Maple Street South and Ford Street East. The proposed "pay-as-you-go" TIF District requires the developer to pay all development costs with their own funds. The "pay as you go" reference is in relation to the owner taking on the full risk of future TIF increment payments annually to repay eligible up-front development costs. As the net tax capacity of the district increases, the increase in property taxes paid by the developer (tax increment) can be used to reimburse the developer for eligible costs such as land acquisition, site preparation, and public infrastructure.
See attached presentations for details on the project and proposed tax increment financing. City staff and Nick Anhut with Ehlers will be presenting at the meeting.
Traffic and Street Network Connectivity
The City's Comprehensive Transportation Plan, identifies both Maple Street and Ford Street with a function classification of Collector Roadw...
Click here for full text