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2006_0123_Packet
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2006_0123_Packet
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REQUEST FOR COUNCIL D�SCUSS�QNW��FCTIQN <br />DATE: 01123106 <br />ITEM NO: 2.d <br />Department Approval: City Manager Approval: Agenda Section: <br />�!]Y1�� � 1��� L� 4���,� <br />scri <br />1.0 REQUEST: <br />ion <br />In 2004 the City lost an arbitration case regarding TIF District 15, in which the City inadvertently (or <br />perhaps too eagerly) closed this district too soon - before the applicant could turn in the requests for <br />repayment on eligible expenses. The district was decertified on 1213112002; it was scheduled to run <br />through 1213112022. In the arbitration judge's decision, the City must pay between $42,500 annually (plus <br />7% interest) for the remaining life of the TIF note, estimated to be � 0 years. <br />Currently, because the City closed the district too soon, the remaining funds for this TIF repayment ri i u�1 <br />come out of the city wide property tax, then to the general fund, and finally to the repayment schedule. <br />2.0 REMEDY: <br />Staff has consulted with the city TIF finance and development attorney Jim Casserly who recommends that <br />the City request special legislation to allow the district to be reopened to pay off the remaining debt. <br />According to Mr. Casserly this has happened numerous �i»5� ;is the past with other flaws in T[F Districts <br />around the state. This would mean that new value and taxes from specifically from District 15 since the <br />creation of the district in 1997 would be used to used to pay the remaining debt rather than the city tax <br />payers as a whole. <br />The Co�zncil could request (by resolution) Rose�ille's State Senator and House Representatives to sponsor <br />bills that would remedy this issue by allowing the city to reopen the district, but only for the purpose of <br />repaying the remaining debt. <br />SUGGESTED COUNCILACTIONS: <br />Discuss and provide direction as to whether the State should be asked for special Rosevitle Legislation to <br />rectify this situation <br />Report Prepared by: Dennis Welsch, Co�n.Development Director (651-792-7071) <br />llinefro-inet.u�slRt�tievillelConiniDevlEeonomic Developmentl'I'ax ]ncrementl"iIF DistrictP]an1DiSTb'a��R�'I'3�TiF'rI�ITF.���S'; d�� <br />
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