10-12-2016 Workshop Minutes - Laserfiche WebLink

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MINUTES OF THE WORKSHOP MEETING CITY COUNCIL LITTLE CANADA, MINNESOTA OCTOBER 12, 2016 Pursuant to due call and notice thereof a workshop meeting of the City Council of Little Canada, Minnesota was convened on the 12th day of October, 2016 in the Council Chambers of the City Center located at 515 Little Canada Road in said City. Mayor John Keis called the meeting to order at 6:00 p.m. and the following members of the City Council were present at roll call: CITY COUNCIL: Mayor Mr. John Keis Council Member Mr. Tom Fischer Council Member Mr. Christian Torkelson Council Member Mr. Mike McGraw Council Member Mr. Rick Montour ALSO PRESENT: City Administrator Mr. Joel Hanson Finance Director Ms. Sharon Provos Ehlers Ms. Jeanne Vogt City Clerk Ms. Heidi Heller The purpose of this evening's meeting is for the City Council to discuss the updated management review and analysis of Little Canada's Tax Increment Financing Districts that was prepared by Jeanne Vogt from Ehlers. DISCUSS THE The City Administrator stated that the last Tax Increment Financing (TIF) UPDATED Districts analysis was done in early 2012, and there are a lot of compliance MANAGEMENT rules to follow. He explained that the Council has some decisions to snake REVIEW AND by the end of 2016. Ms. Vogt explained that the analysis looks at what ANALYSIS OF has happened in the districts and what will happen in the future in order to TAX INCREMENT give City the tools and resources to make decisions. She reviewed each of FINANCING the five existing districts in the City. She explained that there are three DISTRICTS WITH basic types of debt financing: External bond, where the City has put the EHLERS money up front and is repaying the bond. The risk is on the City, but the City puts protections in place; PAYGO (Pay As You Go) puts the risk on the developer, and only pays the developer the amount agreed on to the extend increments are available; Interfund Loan is internal borrowing