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CC_Minutes_2015_0622
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8/11/2015 1:28:00 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
6/22/2015
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday,June 22,2015 <br /> Page 34 <br /> Roll Call <br /> Ayes: McGehee, Willmus, Laliberte, Etten, and Roe. <br /> Nays: None. <br /> b. Tax Increment Financing(TIF) District Overview <br /> Given time constraints tonight, Community Development Director Paul Bilotta <br /> referenced the details in the RCA and attachments, intending this presentation on- <br /> ly as a brief overview, with future action and more detail available at future meet- <br /> ings. <br /> A Tax Increment Financing (TIF) District Summary was provided as a bench <br /> handout. <br /> Mikaela Huot, Financial Consultant, Springsted <br /> Ms. Huot provided brief overview, and at the request of Councilmembers McGe- <br /> hee and Laliberte, agreed to provide her presentation tutorial to staff for including <br /> as part of the meeting record and for public understanding of TIF. <br /> Ms. Huot's presentation included an understanding of what TIF involved, a TIF <br /> model for redevelopment projects; why cities use TIF; common methods used to <br /> finance project costs, including general obligation bonds, pay-as-you-go notes, <br /> and revenue bonds; and a"but for"needs analysis in considering the use of TIF. <br /> Ms. Huot provided a summary of existing TIF districts in Roseville, with seven <br /> still active; three pre-1990 providing the most flexibility, two post-1990 contain- <br /> ing considerably more restrictions; one housing district; and one economic devel- <br /> opment included provisions as part of the temporary jobs bill of 2010. Ms. Huot <br /> referenced the map included as part of the materials provided in the RCA; and <br /> briefly reviewed limitations within each district, all of which were part of the <br /> City's development districts. Ms. Huot noted the inclusion of two Hazardous <br /> Substance Subdistricts that could be used to address contamination costs. <br /> Ms. Huot reviewed existing TIF obligations remaining for each district and pro- <br /> ject areas for each. From a financial perspective, Ms. Huot noted a total of <br /> $1,557,807 remained, and provided planned decertification dates for each district. <br /> Ms. Huot covered future considerations including existing obligations in a majori- <br /> ty of the TIF districts; decertification of district #13 in 2015 with a sizable fund <br /> balance being returned as excess increment depending on 2014 and 2015 tax col- <br /> lections; and the City's share of$816,214 estimated as part of if and when that <br /> excess is redistributed to various taxing jurisdictions. <br /> In an overview of TIF redevelopment district #17 (post-1990), Ms. Huot noted <br /> more restrictions that applied;but since it was also created in 2005 at the height of <br />
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