05-11-2022 Council Packet - Laserfiche WebLink

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transportation system including major state highways and federal interstate highways which allows easy mobility in any direction. The location of Little Canada and access to transportation is a very positive factor in making the City an ideal location for commercial/industrial development and redevelopment. BIX Produce relocated to the City of Little Canada in 2019 and is now our fourth largest employer with approximately 330 employees. BIX partners with over 30 local farmers and producers to source quality fruits, vegetables and other products and delivers a wide selection of locally grown products. BIX works closely with local purveyors to ensure that crops are picked at the peak of freshness. In 2022, Vision Loss Resources will be relocating to an existing building located at 3230 Spruce Street in Little Canada. Vision Loss Resources supports people with vision loss. They will continue to utilize 3230 Spruce Street for office, warehousing, and industrial manufacturing uses and will be investing over one million dollars in interior improvements. Another exciting project for 2022 will be the construction of a 74,500 square foot industrial distribution facility for Dart Transit. Due to the poor soil conditions on this site, significant subsurface improvements are required for a development of this nature to occur. In 2021, the City Council established an Economic Development Tax Increment Finance (TIF) District to provide assistance with the subsurface improvements and other extraordinary costs required to construct an industrial building on this site. The City is located in a region with a varied economic base which has resulted in an unemployment rate that has consistently remained near or below national and state averages. While the national unemployment rate stood at 5.3% at the end of 2021, the City has a regional unemployment rate of 4.0% according to the Minnesota Department of Economic Security. The City is in a strong financial position. Due to its strong mix of tax base and conservative fiscal policies, the City of Little Canada moved from 6th lowest to 4th lowest out of 19 municipal taxing jurisdictions in Ramsey County in 2021. The strength of the City’s financial condition is also reflected in its most recent bond rating of Aa+ from Standard & Poor’s that was achieved in 2014. LONG-TERM FINANCIAL PLANNING The Metropolitan Council requires all cities in the seven-county metropolitan area to have a Comprehensive Plan. The Metropolitan Council and state statutes require cities to update their plans every 10 years. The Little Canada Comprehensive Plan serves as a guide for orderly and economic private and public improvement. The scope of the plan is intended to include almost every factor that influences investments or improvements in the City. The City’s most recent Comprehensive Plan was approved in 2020. The City has long utilized Capital Improvement Planning (CIP) for facilities, equipment, and infrastructure to enable us to plan and fund needed capital expenditures. This is a ten-year program that is updated and approved annually. Expenditures beyond the ten-year period are included in the CIP to help ensure significant needs beyond the five-year period are planned for appropriately. The excess General Fund balance (balance available after complying with the General Fund Balance Policy) is annually allocated to the General Capital Improvement Fund (GCIF). 80% of Local Government Aid (LGA) received from the state of Minnesota also goes into the GCIF rather than the General Fund due to the potential volatility of this revenue source. The City also levies a substantial amount for the Infrastructure Fund in addition to pledging electric franchise fee revenues to help fund street and storm water system construction. By funding a large portion of depreciation from our Water and Sewer funds, we have also provided a stable source of revenue to address infrastructure needs in these areas. 5