2A, Presbyterian Homes & Library Proposal

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HILLS EN' MEMORANDUM DATE: September 8,2010 TOO Financial Planning and Analysis Committee FROM: Patrick Klaers, City Administrator SUBJECT: Presbyterian Homes Proposal Background/Discussion Presbyterian Homes is proposing a redevelopment project on their existing site on Lake Johanna. As part of this proposal, Presbyterian Homes has requested Tax Increment Financing (TIF) assistance from the City. In this regard the City has received a formal application along with the required application fee and escrow. As you may already know, Presbyterian Homes is looking to partner with the County for a new library project. In 2009 the County Board indicated that the current library is going to close at the end of 2010 and that a partner was needed if any new branch library was to be approved. Remodeling the existing facility was not an option, nor was rebuilding on the same site as an independent facility. The only partner in Arden Hills to step forward with a library proposal has been Presbyterian Homes. The City of New Brighton has also stepped forward as a potential partner. The County Library Board is scheduled to consider its recommendation on which library option is preferred at their September 15, 2010 meeting. As this library issue is time sensitive, this special meeting of FPAC has been called versus the regular meeting being held on September 141n. While providing any TIF funds for any project is a City Council decision, it is nonetheless appropriate for the FPAC to offer comment on the proposed redevelopment and request for TIF. An important issue to consider is what the proposed project would look and be like if no TIF was provided. (But for TIF, the project as proposed would not happen is a"standard" question.) The City is looking at the redevelopment project as a whole. Presbyterian Homes is acting independently with the County Library Board. As a small crowd is expected for this meeting, we will be holding the FPAC meeting in the City Council Chambers. A presentation is expected from both Presbyterian Homes, on their redevelopment proposal, and from Ehlers, the City's financial consultant.