Public Hearing RE Elements of Financial Package for rono Woods

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SECTION II TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-1 Subsection 2-1. Foreword The Orono Housing and Redevelopment Authority,(the"Authority"),the City of Orono(the"City"),staff, and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 1-1 ("the District"), a housing tax increment financing district, located in Housing Project Area No. 1 (the"Project Area"). This Section contains the Tax Increment Financing Plan(the"TIF Plan") for Tax Increment Financing District No. 1-1. Other relevant information is contained in the Development Plan for Housing Project Area No. 1. The Tax Increment Financing Plan for the District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, telephone 651-697-8500. Subsection 2-2. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the Authority has certain statutory powers pursuant to Minnesota Statutes ("MS."), 469.001 through 469.047, inclusive, as amended (the "HRA Act"), and M.S., Sections 469.174 through 469.179, inclusive, as amended(the"Tax Increment Financing Act"or"TIF Act"). This Plan is based on statutory authority at the time of adoption. Subsequent legislation action may alter the ability of the Authority to use tax increment collected from the District. Subsection 2-3. Statement of Objectives The District currently consists of one parcel of land and adjacent and internal rights-of-way. The District is being created to facilitate construction of senior housing in the City of Orono consisting of approximately 62 units of housing for senior citizens(the"Project"). The Project will provide safe,decent,and affordable housing for persons of low and moderate income. Contracts for this have not been entered into at the time of preparation of this TIF Plan, but the proposed development will begin in the summer of 2001. This TIF Plan is expected to achieve many of the objectives outlined in the Development Plan for Housing Project Area No. 1. The activities contemplated in the Development Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Housing Project Area No. 1 and the District. Subsection 2-4. Development Plan Overview Activities to be undertaken by the Authority and the City pursuant to the Development Plan for Housing Project No. 1 include, but are not limited to,the following: 1. Property to be Acquired - Property located within the District may be acquired by the Authority and is further described in this TIF Plan. 2. Upon approval of a developer's plan relating to the Project and completion of the necessary legal requirements,the Authority may sell or lease to a developer selected properties that they may acquire within the District. Orono HRA Tax Increment Financing Plan for Tax Increment Financing District No. 1-1 -1