10-27-2021 Council Packet - Laserfiche WebLink

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City of Little Canada, Minnesota Baker Tilly Municipal Advisors, LLC Page 3 Section F Duration of the TIF District Economic development districts may remain in existence 8 years from the date of receipt by the City of the first tax increment. The City anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2032, due to anticipated receipt of first increment in 2024). Modifications of this plan (see Section Z) shall not extend these limitations. Section G Property to be Included in the TIF District The TIF District is an area of land comprising of the parcel listed below that is located within the Project Area. A map showing the boundaries of the TIF District is shown in Exhibit I. Parcel ID Number Legal Description 062922210040 SECTION 6 TOWN 29 RANGE 22 EX N 390 FT; PART OF S 1/2 OF NE 1/4 OF NW 1/4 LYING ELY OF STP WW R/W & WLY OF C/L OF SPRUCE ST RD ESMT (SUBJ TO RD & ESMTS) IN SEC 6 TN 29 RN 22 The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District. The City will not be acquiring nor selling any property at this time. Section I Specific Development Expected to Occur Within the TIF District The proposed project is anticipated to consist of the construction of an approximate 74,500 square foot light industrial warehousing distribution facility by Atlas Real Estate Management (the “Developer”). The square footage of the completed building will comply with the requirements of an economic development district with at least 85% being used for a qualifying purpose and less than 15% will be office space. It is anticipated that the City will use the tax increment revenues from the project to finance a portion of the extraordinary soils, environmental and site improvement/development costs that are necessary for this project to proceed. In addition, the city may use tax increment for related administrative expenses, and any other eligible expenditures associated with development of the site that may include additional necessary public improvements. Construction of the project is expected to commence in early 2022. The facility is expected to be 100% assessed and on the tax rolls as of January 2, 2023 for taxes payable 2024. At the time this document was prepared there were no signed construction contracts with regards to the above described development. Section J Findings and Need for Tax Increment Financing In establishing the TIF District, the City makes the following findings: (1) The TIF District qualifies as an economic development district;