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Attachment B City of Falcon Heights Memorandum DATE: 20 January 1994 TO: Mayor and Councilmembers FROM: Susan Hoyt, City Administrator RE: Fund transfer from the tax increment district 1 construction fund to the infrastructure capital fund and to the Larpenteur Avenue capital fund Introduction In a meeting with the city's financial advisors, Steve Apfelbacher and Dave Maroney from Ehler's, staff reviewed the city's 1988 tax increment financing (TIF) plan to determine which current city projects are planned TIF expenditures and can be paid through the city's TIF district 1 construction funds. Three projects fall under the 1988 TIF plan and budget. These are: 1)Larpenteur Avenue reconstruction including design and engineering costs, 2) public street and utility improvements in the university Grove neighborhood in the vicinity of the 1666 housing district and 3) the acquisition and relocation of 2061 West Larpenteur (a Community Development Block Grant is covering the majority of these costs.) 1988 Tax Increment Plan The city's tax increment plan, adopted in March, 1988, states objectives for future expenditures of tax increment funds. This plan includes the construction of future public facilities (attachment A). At the time the plan was written, the public facilities to be constructed weren't specifically identified but included a wide range of improvement activities such as the acquisition and relocation, street reconstruction and municipal utility improvements. These proposed improvements were generally planned for the entire development district which includes the city's tax increment projects and some of the surrounding areas west of Arona Street. Along with the statement that future public facilities will be constructed, the plan includes an estimated budget that specifically identifies anticipated project expenditures. The city undertook some of these budgeted projects in 1993. These included the engineering costs associated with the reconstruction of Larpenteur Avenue and additional street and utility improvements in the proximity of the 1666 housing district 1 2, which is part of the Grove neighborhood. These retirement condominium units were constructed on vacant university land in the Grove neighborhood to provide alternative housing for seniors living in the Grove and surrounding area. In fact key organizers of the housing project and many 1666 residents originally lived in single family homes in the Grove neighborhood.