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n0 <br />Little Canada City Council Members <br />Joel I- Ianson, City Administrator <br />= toet't. Todd Hagen, Financial Advisor <br />Cc: Mark Ruff, Financial Advisor <br />Jeanne Vogt, Financial Specialist <br />Date: June 14, 2011 <br />TIF 5 -1 (St. Jude) Administrative Modification <br />Bacicaround <br />This TIF district was originally created in October 2007 to assist with the development and expansion <br />of the St. Jude medical facility on Rice Street and County Road B2 and to facilitate the construction <br />of various public improvements located at the corner of Rice Street and Highway 36. In June 2008, <br />the City signed an agreement with St. Jude for the construction of a 170,000 square foot medical <br />facility. <br />The TIF plan stated three of the original parcels would need to be re- platted, with only a portion of <br />those parcels located within the boundaries of the TIF district, As of today, two of the parcels have <br />been re- platted. Ramsey County has requested additional clarification for the third, which is located <br />within the manufactured home park. <br />Administrative Modification <br />This Administrative Modification does not require a public hearing. A public hearing would be <br />required if the modification included any of the following: expanded the boundaries of the district, <br />increased the amount of bonded indebtedness to be incurred, increased the captured net tax capacity, <br />designated additional property to be acquired by the City, or changed the cost of the project. <br />The goals of the Administrative Modification are three -fold: <br />I. Clarify the TIF boundaries of the portion of the parcel located within the manufactured home <br />park with a metes and hounds legal description for Ramsey County; <br />2. Better reflect the anticipated cash flow of the TIF district (hut does not change the overall cost <br />of the project); and <br />3. Clarify subsequent changes in legislation of how budgets should be reported in the TIF plan. <br />Upon approval of this modification, Ehlers will forward all necessary documents to the Ramsey <br />County Auditor so certification of the district can he completed. <br />LERS <br />LEAOEBS IN PUBLIC FINANCE: <br />1 <br />3060 Centro Pointe Drive <br />Roseville, MN 551 'I 3-1105 <br />Phone): 651-697-8508 <br />.:ay 651- 697 -8555 <br />thrgentirD,ehlers- inc.corn <br />