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<br />St. Louis Park, MN <br /> <br />St. Louis Park's efforts to revitalize the Excelsior Boulevard corridor and define a town center serves <br />as an excellent redevelopment case study. <br /> <br />The cornerstone of the City's redevelopment efforts is Park Commons. At completion, this project will <br />bring over 500 housing units and 240,000 square feet of office/retail development into St. Louis Park. <br />The project produces over $120 million in private investment. <br /> <br />Ehlers staff plays a critical role on the staff/consultant team leading the City's efforts. We assisted in <br />negotiations of the Development Agreement and provided the financial analysis of the City's ability to <br />participate in the project. Our analysis forecasts tax increment and other project revenues and links the <br />revenues to project expenses and debt. Ehlers created the tax increment financing district that forms the <br />key finance tool for the City. Ehlers served as Financial Advisor on $20 million of bonds issued by the <br />City to finance land acquisition and site preparation. <br /> <br />EDA Financial Planning. With over $40 million in outstanding TIP bonds, tax increment fmancing is <br />an essential financial management issue for the City. Ehlers is assisting City Staff with financial <br />analysis and planning for TIP districts and debt. The first phase of the planning process focuses on <br />meeting existing debt obligations. With a plan to support debt, the City can then explore the capacity to <br />use existing TIP districts to meet future redevelopment needs. The planning process: <br /> <br />. Project and test future tax increment revenues from each district. <br /> <br />. Designed plan to meet debt obligations and provide funding for other projects. <br /> <br />. Identified bond covenant and arbitrage compliance issues. <br /> <br />. Identified future debt management objectives and opportunities. <br /> <br />The second phase of the planning process will examine financing issues related to the Park Commons <br />redevelopment project. Part of this phase will look at the ability to drop parcels from existing TIP <br />districts for new districts. <br /> <br />In addition, The City of St. Louis Park turned to Special Service Districts to make sure that their <br />investment in redevelopment is sustainable. As part of its comprehensive redevelopment plans, the <br />City instituted improvements and enhancements to Excelsior Boulevard. Funds from the Districts will <br />be used to support a variety of services related to improvements made to Excelsior Boulevard. In <br />creating the Districts, Ehlers: <br /> <br />. Analyzed the impacts on individual parcels from various funding options. <br /> <br />. Analyzed service charge options. <br /> <br />. Advised the City on the process to create the districts and impose the service charges. <br /> <br />. Prepared information explaining the district and finance concepts. <br /> <br />Arden Hills Proposal for Resource Plan and Fiscal Impact Analysis <br /> <br />TeAAP <br />