10-27-1999 Council Agenda - Laserfiche WebLink

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0 2 W 2 To: City of Little Canada From: Rusty Fifield Subject: October 27 Meeting Date: October 20, 1999 EHLERS & ASSOCIATES INC I am involved with several items before the City Council and the Economic Development Authority on October 27. This memo briefly discusses the items on your agenda. 1. Bond Sale On October 27, we will receive bids for the sale of two issues: $470,000 G.O. Permanent Improvement Revolving Fund Bonds, Series 1999A and $790,000 G.O. Tax Increment Bonds, Series 1999B. The bids will be presented for your consideration on Wednesday. 2. Modifications to TIF District #3 -2 The City Council will conduct a public hearing on proposed modifications to the Plan for Tax Increment Financing District #3 -2. The modifications also involve changes to the Plan for Redevelopment Project Area #1. This TIF District was created in 1995 as part of the implementation process for the Development Guide for the Rice Street/Little Canada Road area. The modifications result from the "Goodyear" project that will redevelop the parcels south of the Rice Street/County Road C intersection. The primary intent of the modifications is to add these development parcels to the TIF District and to expand the budget to authorize tax increment expenditures for the project. Both the City Council and the EDA will adopt resolutions to approve the modifications. 3. Business Subsidies The City Council will conduct a public hearing on the proposed adoption of business subsidy criteria. In 1999, the State Legislature adopted new statutes on the granting of business subsidies by state and local government. In simplest terms, these statutes apply when the City gives special financial consideration to a business in an amount over $25,000. Before granting any business subsidies, the City is required to have adopted criteria for the subsidies. The proposed criteria comply with the statute and provide a broad foundation for future action. 4. TIF District Termination Two tax increment financing districts have passed the maximum duration allowed by State Law: TIF District No. 1 -1 (Thunder Bay) and No. 1 -2 (North Star Turf). At this meeting, the EDA will consider the adoption of a resolution decertifying the districts, directing the reimbursement of all remaining TIF eligible expense and directing the disbursement of any remaining funds to Ramsey County for redistribution. In 1996, the L E A D E R S I N P U B L I C F I N A N C E 3060 Centre Pointe Drive Roseville, MN 55113 -1105 Page 82 651.697.8506 fax 651.697.8555 rusty@ehlers-inc.com