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1.A Arden Village Workforce Housing Concept
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1.A Arden Village Workforce Housing Concept
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8-17-09 Council Worksession
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8-17-09 Council Worksession
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TIF District Analysis <br />8/11/2009 <br />Page 2 <br />Round Lake Office Park <br />This district will decertify on 12/31/15. This district may not be extended. Since this is an older district, <br />the City is able to use these funds to a number of different uses, but not for recreational purposes_ It may <br />be used sidewalks, infrastructure, and other improvements. The projected balance available in this fund <br />through the end of 12/3I/15 is $3,806,914. This could increase if development were to occur on the <br />Traverse Business Center property. Currently, staff is monitoring the bonds associated with this district <br />and it is possible that we may be able to have another $70,000 available by paying some of the bonds off <br />early, thus resulting in an interest savings. We cannot begin calling the bonds until 2011 for the 2012 <br />bonds; staff will continue to monitor this. (The balance in this fund at 12/31/07 was $543,028). <br />If the Council wishes to use these funds, it would have to have a plan in place within the next three to four <br />years. The street improvement budget in the current plan does appear to have sufficient monies left to <br />utilize the current projected amount available. <br />The additional tax base that this district has added to the City is $477,145, which is the additional <br />increment as a result of this project. <br />CONCLUSION <br />Staff is providing this information for planning purposes. It is useful information for both the Community <br />Development of the Round Lake area and also for the TCAAP negotiating team as some of this money <br />may be used to finance items in TCAAP. Since the City will likely be using some type of Tax Increment <br />Financing on the TCAAP development, it would be wise to have Steve Bubul look any TIF plans if the <br />Council so desires to extend or modify either of these plans to be use that we are inline with TIF law. <br />Bob Deike was the attorney that was involved with the original TIF districts and our financial advisors <br />feel that he should make any modification to the old TIF districts if the City proceeds to modify either of <br />these. <br />
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