Future Funding for Neighborhood Revitalization
The proposal to establish a new tax increment financing (TIF) district to help pay off Target Center debt and fund neighborhood revitalization activities will be coming up for review, possible amendments and final approval this summer. . The Plan can be found here. The Consolidated Redevelopment TIF District is being established in accordance with the legislation many of us worked so hard to get passed in 2008.
I am a strong supporter of the TIF district and believe that it is essential to future funding of neighborhood controlled planning and revitalization efforts in Minneapolis. I am also concerned, that given the tough economic times and likely short falls in our City budget because of cuts to our local government aid
I support funding Target Center debt relief, (which will help our general fund and lighten the load on property tax payers,) and neighborhood revitalization equally and will fight hard to ensure the neighborhoods get their share.
The district will be comprised of all of the property currently located within 15 existing TIF districts that are due to terminate on August 1, 2009. Maps and a list of parcels that are in the District are included in the TIF Plan. The TIF Plan is being sent to the Hennepin County Board , the School Board, the City Planning Commission, neighborhood organizations and other interested parties for review and comment.
The official public hearing for this will likely be at the Community Development Committee at 1:30 pm on Tuesday, July 21, 2009, in Room 317 City Hall. The City Council is expected to consider the proposed plan on Friday, July 31, 2009. The Council can approve, amend or reject the proposed plan. Comments are due by noon July 20 to be part of the official record. If you or your organization would like to meet to discuss the Consolidated TIF District, if you would like paper copies of the TIF Plan, or if you have any questions, you can contact me or Jeff Streder, at (612) 673-5130 firstname.lastname@example.org