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VI-8 September 14, 2000 TO: The Honorable Mayor and City Council FROM: John Grossman, HRA Director RE: Resolution calling for a public hearing on establishment of a qualified housing district for Guardian Angels property and on modifications for the downtown tax increment project area and plan(attached). The Council, at the meeting of September 5, authorized the HRA to start the process to establish a TIF housing district for Block 30, the Guardian Angels property and to modify the downtown redevelopment district boundary to include Block 30. The HRA has started the process by asking Council to ordering the public hearing. The attached HRA resolution is to be adopted September 14, 2000. The downtown tax increment financing plan will also have to be modified. The last plan was approved in 1996 and has become outdated. The HRA asks the Council to consider the modified plan at the same time because it requires the same process. That has also been included in the public hearing resolution. Modification does not expand the Downtown TIF District (the parcels where TIF is collected) or change its duration beyond 2006. Downtown is TIF District No. 1. The Industrial Park TIF District No. 2 ended in 1995. The HRA proposes that these processes can be undertaken simultaneously with the assistance of Ehlers&Associates,the HRH's financial consultants. See the attached schedule. Sherman Associates will provide a Letter of Credit to reimburse the HRA for its costs in the event that the district is not approved or the development is not completed. As information and numbers are developed on the housing district and on the modifications, over the next four weeks,they be provided to Council. RECOMMENDATION: Approve the attached resolution ordering a Public Hearing to consider establishing a tax increment district number 3, a housing district for Block 30, extending the boundary of the Downtown Redevelopment Area to include Block 30, and modifying the Downtown TIF plan.