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1�� ...1 ���'.� <br />� <br />. � <br />2 To: <br />� Fra�: <br />Mayor and Cauncil <br />Bill Malinen, City Manager � <br />Cl�ris Miller, �'inance Director �!,'t'� <br />S Date: Npv�mber 5, 2007 <br />5 Re: Ac�ditional �n�o�na�ion an T��' District #1 (Centre Pointe) Extension <br />$ <br />Date: � 1/QS/47 <br />[tem: 10.a <br />�'ZF D�st #�� ExtensYO� <br />9 Backgarou�d <br />10 At ihe Oc�ober 22, 2007, the Council es�ablished a public h�aring an Decernber 17, 2007 for the <br />11 purposes of consid�rin� whet�er to extend TI�' District #1 (Gerltre Point�) for an addiiional �wo <br />12 <br />13 <br />14 <br />15 <br />16 <br />1� <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />25 <br />2'� <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />3� <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />4� <br />42 <br />years. <br />Duriz�g t�e discussian the Cauncil �nade several inquiries ir�cluding: <br />1) The cosis associated with the req�ired legai �ilings and f nancial analyses <br />2) Whether funds avai�ab�e in T�F District #11 (old Twin Lakes district) might be <br />su�f e�ent �o pay for Twin Lalces environz�r�ental re�ed'zatian <br />3) W�et�ex tlie prc�posed ex�ensinn ofTIF District #1 (Ce�t�re �'ointe) is consistent wi�h �he <br />Gii:y's exzstin�; T��` Policy <br />�}) The ability For the Czty to compel current nr for�r�er properiy o�ers ta pay for the <br />envirnnmental clean�zp <br />�ach o�'these topics is discussed f-urther �elc�w. <br />Assvciated Costs far E�r�endi�g t�:e D�strict <br />As notec� previously, i� ordei to ext�nd the district the City needs ta prepare a fair amou��t of <br />legal fili�gs and financial analyses to ident�fy the pu�pase of e�tending the dist�ict and the <br />varifl�s impacts it wzll have on all t�ing jurisdietions. Based on estizz�ates subrr�itted by Br�ggs <br />& Morgan (Iegal co�nsel} and Springs�ed (�'inaricial consultant} tlae cost assoeiated with the Iegal <br />work ant� �'inaneial analyses is estimated to be approxirr�ately $S,Q00 az�d $4,QQ4 respectively. <br />These casts are eligible TI� ad��inistrative costs. <br />A�ailable Funds in TIF Dystr�ct #11 <br />TIF District # 1 I vvas established zn 1994 and is scheduied ia %e d.ecertif e�. in 2016, By the end <br />of 2007, this Districi will �ave accumulated approximately $2.5 million, a�d �s expeeted �o <br />accum�laie an additional $450,000 per year through 2016 hnlding a11 other factars constant. <br />Alt.�ough not forrnally design.al:ed for any speeific parcel or purpase, t�i� Distriet has been <br />tentatively earmarlced to help f�i:her general redeveloprz�e�t costs i� th� greater Twin Lakes <br />Redevelopment Aarea wh�ch may include; public iz�frastructure, land wr�te-downs, environmental <br />remediation, or other eligible eosts. <br />