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12-16-19-SR
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12-16-19-SR
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Dave Perrault – City Administrator <br />Establishment of TIF District No. 5 (TCAAP), Modification to Development District No. 1 and <br />Interfund Loan <br />December 16, 2019 <br /> <br /> <br /> <br /> <br />5. But-For Findings: The but-for test is a two-pronged test: (i) increase in market valuation; <br />and (ii) similar development in the reasonably foreseeable future. The first test is met <br />because the property in the District is vacant land and once developed will have value in <br />excess of the vacant land value as noted in the table below (taxable market value of land <br />is based upon review of County valuation on its website): <br /> <br /> <br />The second test is met in that you have had development plans since 2007 (Ryan) for the <br />site and it was the impetus for obtaining special legislation at that time in 2009 in order to <br />assist the development. In addition, the request to increase affordable housing in the <br />development may necessitate TIF assistance in order to make that financially feasible as <br />well. Therefore, within the reasonably foreseeable future (next few years), the proposed <br />overall development is not likely to happen without some form of assistance. <br /> <br />Modification to Development District No. 1 <br /> <br />Pursuant to Minnesota Statutes 469.126, cities are allowed to create development districts <br />within the boundaries of their city. These development districts provide the authority for cities <br />to complete development and redevelopment within their community, develop and implement <br />redevelopment programs and create TIF Districts. <br /> <br />On June 26, 1989, the City created Development District No. 1 within the City and it was <br />comprised of the boundaries of TIF District No. 1 and TIF District No. 2. The Boundaries of <br />Development District No. 1 were expanded in 1997 to include TIF district No. 3 and in 2010 <br />to include all property in the City, except TCAAP and other parcels located north of 96th <br />Avenue. <br /> <br />The City is expanding the boundaries of Development District No. 1 to be coterminous with <br />the corporate boundaries of the City. This is to allow for development within TCAAP and to <br />provide the ability to create the District (see attached Development District No. 1 plan and <br />corresponding map of old and new boundaries). <br /> <br />Interfund Loan <br /> <br />The approval resolution contains the ability for the City to provide an interfund loan to the <br />District of up to $100,000 to cover any eligible costs the City expended in relation to the <br />District and would like to recapture from it once TIF is generated. The IFL can be advanced <br />as needed (typically for administrative costs of fiscal consultants and legal, but can be for <br />capital costs too) and is repaid at the statutory maximum interest rate of 5%. <br /> <br />Please contact me at 651-697-8506 with any questions. <br />Current Market Value - Est.100,697,100 <br />New Market Value - Est.673,169,070 <br /> Difference 572,471,970 <br />Present Value of Tax Increment 73,186,922 <br /> Difference 499,285,048 <br />Value likely to occur without Tax Increment is less than:499,285,048 <br />MARKET VALUE BUT / FOR ANALYSIS
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