City Council Meeting Date: October 3, 2023
To: Mayor and City Council
City Administrator
From: Nate Carlson, Economic Development Coordinator
Title
City Council Call for Public Hearing - Creation of New Redevelopment Tax Increment Financing (TIF) District
Body
Action Requested:
The Northfield City Council is asked to adopt a Resolution to approve calling for a public hearing to be held on November 7, 2023 to review and establish a new redevelopment TIF district.
Summary Report:
The City of Northfield received an application for Tax Increment Financing (TIF) assistance for the redevelopment effort of the former Archer House site. A thorough financial review is underway, and staff will be prepared at the public hearing to discuss the project request.
Alternative Options:
N/A
Financial Impacts:
To be presented at a later date.
Tentative Timelines:
October 3 - Council call for Public Hearing (11/7)
Oct 19 - PC Comp Plan review compliance
Oct 23 - EDA Presentation/Motion of support
Nov 7 - Council Public Hearing; resolution to certify district
Nov 21 - Consideration of TIF Agreement