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12-16-19-SR
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12-16-19-SR
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<br /> <br />Memo <br /> <br />To: Dave Perrault – City Administrator <br />From: Stacie Kvilvang - Ehlers <br />Date: December 16, 2019 <br />Subject: Establishment of TIF District No. 5 (TCAAP), Modification to Development District <br />No. 1 and Interfund Loan <br /> <br /> <br />Establishment of TIF District No. 5 (TCAAP) <br /> <br />In 2009, the City received special legislation to create a redevelopment tax increment <br />financing (TIF) district on the TCAAP property. The City is establishing TIF District No. 5 <br />(TCAAP) (“the District”) pursuant to the special legislation which expires on December 31, <br />2019. <br /> <br />The main components of the TIF plan are identification of parcels in the district, term and first <br />year of TIF, description of what is to be developed, a maximum budget and anticipated <br />expenditures and the But-For findings. Following is a summary of these elements: <br /> <br />1. Parcels in the District: The District is comprised of two (2) parcels currently owned by <br />Ramsey County and noted on the map in Appendix A of the TIF Plan. It is anticipated that <br />as the land is replatted for development, the City will decertify various parcels out of the <br />District that they do not anticipate providing assistance to (i.e. single-family, big box/retail, <br />hotel, theater, etc.). The decision of which parcels to decertify is strictly a decision of the <br />City Council. <br /> <br />2. Term and First Year of TIF: The City can elect the first year of TIF up to six (6) years after <br />establishment of the TIF District. We have selected to collect the first TIF in 2023 (3 years <br />after establishment), in order to provide the City flexibility in case a development comes <br />forward on the “Thumb” parcel in the next couple of years and the City wants to provide <br />some assistance. It should be noted that if nothing is developed in 2021, then the first TIF <br />will not be received in 2023, it will be received two (2) years after development commences. <br />Once the City receives the first TIF, the District has a term of 31 years. If TIF is received <br />in 2023 as stated above, the District would terminate at the end of December 31, 2053. <br />The City can terminate the term of the District at any time, as long as any existing <br />obligations have been paid in full and/or TIF from the District has been set aside to pay the <br />obligations in full. <br /> <br />3. Development: The anticipated development is what was approved in 2016 as part of the <br />TCAAP Regulating Plan and TCAAP Redevelopment Code and is summarized in the table <br />on the following page: <br /> <br /> <br /> <br />
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