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AGENDA ITEM #5.2 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: August 7, 2007 <br /> Subject: Tax Increment Financing Project — Lonesome <br /> Cottage <br /> Report: The attached documents represent the process <br /> required to complete the tax increment financing district for <br /> `. Lonesome Cottage. See the Tax Increment Financing <br /> District Overview prepared by Ehlers. The documents in <br /> your packet have been prepared by Ehlers, Briggs and <br /> Morgan, and Paul Sandelin's Office. <br /> A representative from BLADC and Ehlers will be present <br /> at the Council meeting to present this issue. <br /> Council Action Requested: <br /> 1 . Hold joint public hearing on modification to <br /> boundaries of project area and establishment of TIF <br /> District and on the modified business subsidy policy <br /> 2. Approve resolution adopting a modification to the <br /> development program for Development District No. 1; <br /> L. <br />