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<br /> ARDEN HILLS CITY COUNCIL - October 16, 200() <br /> . of comments and concerns from previous work session discussions and a copy of the framework <br /> vision plan. Tonighfs meeting provided the City Council with a refrcsher on public financing <br /> options that arc available for the City Council to consider regarding the TCAAP property. <br /> Stacie Kvilvang and Sid Inman of Ehlcrs & Associates and Steve Bubul of Kcnnedy and Gravcn <br /> were present at the meeting to provide an overvicw of public financing options to members of the <br /> City Council. <br /> Ms. Stacie Kvilvang (Ehlers & Associates) provided the City Council with a power point <br /> presentation regarding TIF and other bonding options that could be utilized for the TCAAP <br /> project. <br /> Councilmember Grant asked how the counties and school districts view T1F financing. <br /> Ms. Kvilvang said that TIF financing usually equates to incrcased student populations and morc <br /> long term tax grO\vth for the school districts and counties. Typically projccts of this magnitude <br /> would not occur without some torm ofpub1ic financing, <br /> Mr. Sid Inman (Ehlers & Associates) noted that the Bcst Buy office complex in Richtield has <br /> created a very favorable economic forecast for the City of Richfield. The Best Buy project was <br /> funded with TIF dollars. The TC AAP project is currently considered a tax cxempt prope11y. The <br /> . TC AAP land would be taxable property once it is sold and appraised by Ramsey County. <br /> Councilmember Holden asked how the appraised value of a vacant property is assessed. <br /> \1s. Kvilang said that vacant property is typically assesscd based upon its market value and <br /> projected income value. <br /> Councilmember Larson noted that thc City and the developer may have differing opinions <br /> regarding the property valuc versus the assessed property valuc. <br /> Ms. Stacie Kvilvang said that the Ramsey County assessor will typically compare the vacant land <br /> to other similar properties in order to assess the land value tor TC AAP. <br /> Mr. Steve Bubul said that Ramsey County may utilize the negotiated price as the assessable land <br /> value. The property is unique in that the build out of the development will occur ovcr timc and <br /> not all at once. <br /> Councilmember Grant stated that public financing will depend greatly on the density of the <br /> project. The need tor public financing will vary depending on how large the project bccomcs <br /> over time. <br /> Mr. Sid Inman notcd that most projects of this magnitude will use a combination of bonding and <br /> . T1F dollars. Most cities use a pay as you go approach when funding infrastructure <br /> improvements. <br /> 2 <br />