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2A, Presbyterian Homes Tax Increment Financing Contract
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2A, Presbyterian Homes Tax Increment Financing Contract
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10/23/2024 12:14:03 AM
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1/31/2011 2:24:27 PM
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12-13-10 City Council Work Session
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Options <br /> Several options are available to the City: <br /> Option 1: Reduce the conduit debt issuance lump sum fee. <br /> Option 2: Increase TIF assistance by $286,000 (difference between Developer proforma and 1% <br /> fee) and extend the district to 16 years (Attachment H). <br /> Option 3: Retain the 1% Iump sum fee and acknowledge that the Developer may decline the TIF <br /> package. <br /> Option 4: Approve the TIF contract except for the issuance fee and decide on that at a later date. <br /> Recommendation <br /> Staff supports all options except Option 3 due to the significant benefits to the City's long-term <br /> goals that the TIF package provides. <br /> Attachments <br /> A. Map of Development District No. 1 with Tax Increment Financing District No. 4 <br /> B. Procedure for Application to the City of Arden Hills for Private Activity Revenue Bond <br /> Financing <br /> C. Ehlers Presbyterian Homes Proforma Review <br /> D. Comparison of Conduit Debt Issuance Fees <br /> E. TIF Background Calculations <br /> F. TIF model including $1.115 million in assistance provided over 14 years <br /> G. December 9, 2010 e-mail updates from Stacie Kvilvang, Ehlers and Associates <br /> H. TIF model including$1.4 million in assistance provided over 16 years <br /> City oftlyden Hills <br /> City Council Special Work Session December 13, 2010 <br /> Page 4 of 4 <br />
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