5.1 Public Hearing TIF Plan 2-2 - Laserfiche WebLink

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CITY OF PEQUOT LAKES —TIF DISTRICT NO. 2 -2 Tax Increment Financing Plan for Tax Increment Financing District No. 2 -2 Section 1 Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority" means the City Council of the City of Pequot Lakes, Minnesota. "City" means the City of Pequot Lakes, Minnesota. "County" means Crow Wing County, Minnesota. "Developer" means any person undertaking construction or renovation in the Project Area. "Development District" means Municipal Development District No. 2 in the City. "Development Program" means the Development Program for the Development District. "Project Area" means the geographic area of the Development District. "School District" means Independent School District No. 186, Pequot Lakes Public Schools, Crow Wing County, Minnesota. "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. "TIF District" means Tax Increment Financing District No. 2 -2. "TIF Plan" means the tax increment financing plan for the TIF District (this document). Section 2 Statement of Need and Public Purpose See Section C of the Development Program for Municipal Development District No. 2. Section 3 Statutory Authorization The Authority is empowered under the provisions of the TIF Act to establish a tax increment financing district. Section 4 Statement of Objectives The objectives of this tax increment financing plan are consistent with the objectives outlined in the Development Program. Section 5 Specific Development Expected to Occur in the TIF District The purpose of this TIF District is to support the development a new hotel in the City. The Developer is proposing to construct a new 69 room hotel, along with meeting room, lounge, lobby, and pool area for the guest to enjoy. Total project is estimated at $9 million, with the potential to hire 18 full time positions, along with 14 part-time positions. For this initial project, the Authority intends to use increment to assist with land acquisition and site improvement for the new development. The assistance contemplated in this plan will be through the use of pay- as- you-go note(s). Section 6 Property to be Included in the TIF District The TIF District includes the following parcels: 29230535 (NOTE: The parcel noted above has recently been replated from parcel #29230531. However, upon drafting of this TIF Plan, the County has not created the parcels within the County's tax system). 3