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79 Central Park East ball fields has one recycling container north of the parking lot. 80 Mr. Culver stated there should be a least one recycling cart near the pavilion. 81 82 Member Seigler stated there is a lot going on near Walmart. Mr. Culver commented 83 there is going to be one more multiple tenant retail building and it is nice to see that 84 area being developed. In response to a question from the Commission, he confirmed 85 that Calyxt is planning to go public and still plans to build their headquarters in 86 Roseville. 87 88 5. Overview of Tax Increment Financing (TIF) 89 Director of Public Works Culver introduced Jeanne Kelsey, Housing and Economic 90 Development Program Manager for the City and the Economic Development 91 Authority (EDA). 92 93 Ms. Kelsey showed a video from the State Auditor's office that explained how TIF 94 works. She stated they have to submit documentation annually about their receipts 95 to the State Auditor's Office until they are decertified. The average TIF district can 96 go up to 25 years and are regulated by how much TIF funding a project needs. Any 97 project must prove financial assistance is needed in order to receive it. She 98 explained four types of districts the City has utilized: Housing, Economic 99 Development, Redevelopment, and Environmental (Soils Condition). 100 101 PWETC Questions 102 Member Seigler inquired how a company gets paid back from TIF financing for a 103 project. Ms. Kelsey explained the City requires a pay as you go TIF and it can 104 happen in two different ways: 1) The Developer can get a loan based upon the 105 valuation based on the increment over that period of time, and then the increment 106 is given back to them; or, 2) The City establishes it, puts the financing in place, and 107 pays itself back out of the increment. If the increment is higher than the loan, it will 108 be used to pay off the debt sooner and it can be decertified sooner. 109 110 Member Seigler inquired about the $772,000 balance of Garden Station. Ms. 111 Kelsey explained prior to 1990, TIF districts were able to be modified. However, 112 because this ended up meeting TIF District 12, they were able to make an 113 amendment to include the Garden Station in that TIF plan and then allocate funds 114 for the demolition and acquisition of the site. Some of the fund balances represent 115 real cash sitting in an account. 116 117 Regarding TIF #17 for Twin Lakes, Ms. Kelsey explained the City had to make 118 sure they covered the obligations over a 25 -year period of time. The City had a 119 bond for $4,306,630, there will not be any increment excess until it is paid off, and 120 they are not available funds. 121 122 Ms. Kelsey commented if a TIF district's tax value is frozen and after five years 123 the values go up or down, the tax value remains at what it originally was before it 124 was redeveloped. When a district is taken off the tax roll, the County, school district Page 3 of 11