08-24-1988 Council Agenda - Laserfiche WebLink

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northwest associated consultants, inc. MEMORANDUM TO: File FROM: Dan Wilson DATE: August 16, 1988 RE: Little Canada TIF Economic Adjustment Factor Phone call to Ted Anderson at Ramsey County FILE NO: 758.09 - 88.16 758.09 - 88.21 I called Ted Anderson (298- 5298), the person at Ramsey County who deals with tax increment projects. Mr. Olson and the County had told him of any conversation with him when I requested their determination of the economic adjustment factor for the Gardner Bros. and Larry Lee projects. Changing the base year for Gardner Bros. evidently won't help us. The factor goes to 1.554 which is sufficiently high to kill the payment. I explained to Mr. Anderson, as I did with Mr. Olson, that we had the same problem with the Thunder Bay TIF project. I said that we solved that problem by Mr. Ward, the County Assessor, arriving at an average rate of increase for all like classification property in Little Canada. The adjustment factor to be used was 1.013 or a 1.3% increase in value. Mr. Anderson now maintains that the 1.013 was only an estimate provided in the interest of time. He said the County is currently determining the actual rate of increase.' He said they will take two more weeks to complete. I said that this isn't what I recalled. The purpose of my going to the County prior to the plan preparation was to arrive at an economic adjustment factor, so that the financial feasibility could be determined. Why would a City incurr major costs, make obligations and seek obligation from others if the adjustment factor given was not reliable and was subject to change? I asked if he informed communities that these numbers are subject to change and that just because the City has requested certification Page 71 4601 excelsior blvd., ste. 410, minneapolis, mn 55416 (612) 925 -9420