10-10-2007 Council Agenda - Laserfiche WebLink

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Ehlers & Associates, Tax Increment City of Little Canada The following summary for Tax Increment Financing found in the complete TIF Inc. E H LE RS LEADERS IN PUBLIC FINANCE Financing District Overview — TIF District No. 5 -1 contains an overview of the basic elements of the Tax Increment Financing Plan District No. 5 -1. More detailed information on each of these topics can be Plan. Proposed action: Establishment of Tax Increment Financing District No. 5 -1 (District) and the adoption of a Tax Increment Financing Plan (TIF Plan) therefore. Establishment of Development District No. 5 and the adoption of a Development Program therefore. Adoption of an Interfund Loan Resolution. Adoption of a Modified Business Subsidy Policy and Criteria to include a specific job and wage floor. Type of TIF District: A scattered -site renewal and renovation district Parcel Numbers: 07.29.22.33.0005 07.29.22.31.0011 07.29.22.33.0006 07.29.22.23.0011 07.29.22.33.0007 07.29.22.23.0012 07.29.22.33.0004* 07.29.22.23.0010* 07.29.22.32.0050 07.29.22.31.0001* *A portion of these parcels will be included in the district. Subdivision will occur prior to certification of the District Proposed Development: The TIF district will be created to facilitate the development of approximately 9.995 net acres located off Rice Street and County Road B2 by St. Jude Medical and to facilitate the construction of various public improvements located at the corner of Highway 36 and Rice Street. Please see Appendix A of the TIF Plan for a more detailed project description. Maximum duration: The duration of the District will be 15 years from the date of receipt of the first increment (16 years of increment). The date of receipt of the first tax increment is expected to be 2010. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2025, or when the TIF Plan is satisfied. Estimated annual tax increment: Up to $509,676 Authorized uses: The TIF Plan contains a budget that authorizes the maximum amount that may be expended: Land /Building Acquisition/Relocation $850,000 Site Improvements/Preparation $400,000 Public Utilities $1,400,000 Public Parking Facilities $0 Streets and Sidewalks $760,200 Interest $2,850,000 Administrative Costs (up to 10%) $642,000 PROJECT COSTS TOTAL 56,502,200 See Subsection 2 -10, pages 2 -6 and 2 -7 of the TIF Plan for the full budget authorization. Additional uses of funds are authorized which include interfund loans and bonded indebtedness. - 4 -