EDC 01-14-2005 - Laserfiche WebLink

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~ . ~~HILLS CITY OF ARDEN HILLS, MINNESOTA ECONOMIC DEVELOPMENT COMMISSION JANUARY 14,2005,7:30 A.M. CITY HALL 2ND FLOOR CONFERENCE ROOM, 1245 WEST HIGHWAY 96 Chairman Kunkel called the meeting to order at 7:30 a.m. Those in attendance: Mayor Aplikowski, Chair Bruce Kunkel: Commission members Kevin Kelly, Dale Beane, Chris Ashbach, Jim Paulet and Ed Werner. Absent: Ray McGraw Staff: Scott Clark: Guest: Stacie Kvilvang, Ehlers and Associates: The minutes of thc December 1, 2005 were received without additions or corrections. Mr. Clark gave an extensive report on the TCAAP process to date. The most important consideration was that the General Services Administration began the negotiation process with the City on December 20,2004 and it was agreed to that a June 1, 2005 "purchase agreement" completion would be a goal for all parties. This process had not yet been agreed to by the Council. Due to this schedule, it was discussed that the EDC would have to expedite their study process. Ms, Stacie Kvilvang, Ehlers and Associates madc a very detailed presentation on tax increment It runs that was develop cd using the existing TCAAP Framework Plan as a model. Ms. Kvilvang went through every aspect of the financial analysis and stated that these types of projections are subject to a number of changes based on the assumptions, build-outs, valuations, etc. Some of the highlights included: A 25 year district would generate $70,000,000 of tax increment based on a present value calculation - The total assessed value would be $860,000,000 - The City's "new base" amount, which would be proceeds to the General Fund would be $200,000 - Additional tax increment if the City elected to have fiscal disparities within the District would generate an additional $17,000,000 Other discussions included the need for a City resource plan, capturing excess amounts over the frozen tax value and how other uses, e.g. park dedication will need to be evaluated to complete certain City expenses that will be necessary to complete the public aspects of this project. After some EDC discussion, it was agreed to that at least two more meetings will be necessary for the Commissioners to be comfortable with forwarding any type of recommendation. Due to the length of the tax increment discussions the policy considerations, which had been dispersed, was not discussed, It was agreed to that the next meeting would be at 7:00 a.m. on January 28,2005. . Meeting adjourned at 9:40 a.m.