12-15-2021 Council Packet - Laserfiche WebLink

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CAPITAL PROJECT FUNDS-TIF Overview Capital Project funds are used to account for the financial resources to be used for the acquisition or construction of major capital facilities. The City of Little Canada has many Capital Project funds. The Capital Project funds are classified in two categories (Capital Project Funds-Other and Capital Project Funds-TIF). Capital Project Funds-TIF •TIF 2-1 Kandice Heights (Fund 464) •TIF 3-2 (Fund 440) •TIF 3-3 The Lodge (Fund 441) •TIF 5-1 St Jude (Fund 460) •TIF 6-1 Masterpiece Homes (Fund 470) •TIF 7-1 Suite Living (Fund 471) •TIF 7-2 Bix Produce (Fund 472) •TIF 7-3 Spruce Warehouse Project (Fund 473) Budgets are adopted on an annual basis for the Capital Projects Funds-TIF. The TIF budgets are based on the respective TIF Plans and Development Agreements. Currently, a TIF Management Plan is being updated by Ehlers. This Plan will be presented to Council early in 2022. The Plan will identify any opportunities for the use of TIF and opportunities as TIF Districts decertify starting in 2024. A summary of the TIF Funds are as follows: TIF 2-1 (Kandice Heights) (Fund 464): TIF 2-1 was decertified in 2017. This TIF district is a “pre-1990” district, which means that the remaining TIF dollars in this fund may be used to assist in development inside or outside the boundaries of the TIF district. 90% of the funds must be used on costs related to the demolition or rehabilitation of a blighted building. There are no outstanding obligations in this district. TIF 3-2 (Rice/Little Canada Road) (Fund 440): TIF 3-2 was decertified in 2017. The only obligation left in this district is a land for resale parcel (104 Little Canada Road) that is recorded in this district. TIF 3-3 (The Lodge) (Fund 441): Required Decertification Date: 12/31/2029 District Type: Housing District County TIF Number: 239 TIF 3-3 was established in 2002 to facilitate the construction of: •35-unit (approximate number) multi-family residential rental senior housing addition to the existing senior housing facility known as “Garden Terrace” designated for families of low and moderate income. •78-unit (approximate number) multi-family residential rental senior housing facility known as the “Village Square of Little Canada” designed for persons or families of low and moderate income and over approximately 14,000 square feet of commercial/retail space. (This information is from the TIF Plan completed by Ehlers in 2016). 2022 expenditures in this district include the annual Lodge PAYGO note repayment per the terms outlined in the development agreement. This PAYGO Note is expected to be repaid in 2024. 94