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City of Little Canada, MN Management Review & Analysis – Tax Increment Financing Districts 1  Executive Summary .......................................................................................................................................................................... 2 Overview ............................................................................................................................................................................................................................... 2 Summary of Existing TIF Districts ...............................................................................................................................................................................3 TIF as a Development Tool ........................................................................................................................................................................................... 4 TIF and Municipal Bond Ratings ..................................................................................................................................................................................5 Obligations of the TIF Districts ................................................................................................................................................................................... 6 Recent Legislation ............................................................................................................................................................................................................. 7 TIF Management Guide ................................................................................................................................................................... 9 Pooling TIF for Affordable Housing........................................................................................................................................................................... 9 Pooling TIF for Public Redevelopment Costs ....................................................................................................................................................... 10 Special Pooling Provision for Tax-Credit Eligible Rental Housing ................................................................................................................ 12 Excess Increment ............................................................................................................................................................................................................. 12 Four-Year Rule .................................................................................................................................................................................................................. 12 Five-Year Rule ................................................................................................................................................................................................................... 13 Administrative Expenses .............................................................................................................................................................................................. 14 Fiscal Disparities .............................................................................................................................................................................................................. 15 Assumptions ...................................................................................................................................................................................................................... 16 TIF District 2-1: Kandace Heights ................................................................................................................................................ 17 TIF District 3-2: Rice Street Redevelopment .......................................................................................................................... 21 TIF District 3-3: The Lodge/Garden Terrace .......................................................................................................................... 27 TIF District 5-1: St. Jude Medical ................................................................................................................................................ 35 TIF District 6-1: Masterpiece Homes ......................................................................................................................................... 43 TIF District 7-1: Suite Living ......................................................................................................................................................... 49 TIF District 7-2: Bix Produce ....................................................................................................................................................... 56 TIF District 7-3: Owasso Warehouse ........................................................................................................................................ 62  TABLE OF CONTENTS