Modification No. 1 to the Parcel C Tax Increment Finance Plan and Modification No. 1 to the Heritage Landing Apartments Tax Increment Finance Plan

The City of Minneapolis is seeking input on the proposed Modification No. 1 to the Parcel C Tax Increment Finance Plan and Modification No. 1 to the Heritage Landing Apartments Tax Increment Finance Plan. Please submit your comments by Monday, August 23, 2010 via e-mail to Wes Butler, Manager, Multifamily Housing Development (612) 673-5194. If you or your group would like to meet to discuss the proposed Modifications, or if you have any questions, please contact Wes Butler.

The Parcel C Tax Increment Financing (TIF) District, established in 2001, is bounded by Second Street South, Washington Avenue South, Fifth Avenue South and Portland Avenue South in downtown Minneapolis. The Heritage Landing Apartments TIF District, established in 1998, is located in the North Loop neighborhood of downtown Minneapolis, at 1 st Street North and 4 th Avenue North. The development activity described in the original TIF Plans has been completed.

The proposed plan modifications amend the project budgets, update other financial information, and add language describing the use of tax increment revenues to assist qualified low-income rental housing projects elsewhere within the city, in accordance with Minnesota Statutes Sections 469.176, Subd. 4k and 469.1763, Subd. 2, paragraph (d). The statutes permit pooling of tax increment revenue remaining after payment of debt service and administrative costs for the exclusive purpose of assisting qualified low-income rental housing, provided the TIF Plans identify this use of revenue and include a budget for this purpose.

It is expected that the Community Development Committee will hold a public hearing on the proposed Modifications at 1:30 p.m. on Tuesday, August 24, 2010. The hearing will be held in Minneapolis City Hall, 350 S. Fifth Street, Room 317. The full City Council is expected to consider the Modifications at 9:30 a.m. on Friday, September 3, 2010, in City Hall Room 317.

Online information from the City of Minneapolis at MinneapolisMN.gov/CPED

Last updated Sep. 27, 2011