10-10-07 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL OCTOBER 10, 2007 Todd Hagen, Ehlers & Associates, appeared before the Council and reviewed the actions to be taken by the Council in establishing TIF District 5-1 and adopting the TIF Plan, establishing Development District No. 5 and adopting a Development Program, adopting an Interfund Loan Resolution, and adopting a Modified Business Subsidy Policy and Criteria. Hagen noted that Ramsey County has had a 45 day review period to determine whether they wanted to include any improvements to County roads and add dollars to the project. No comments were received from the County. Hagan further noted that the County and School District taxing jurisdictions have received notice of the creation of the TIF District No. 5- I and have made no comments. Hagan noted that TIF District No. 5-1 is proposed as a scattered site renewal and renovation district. The two project areas include the St. Jude Medical site and the Viking Drive site. Captured TIF dollars will be utilized to fund public infrastructure improvements. Both areas have had to meet the requirements for a renewal and renovation district. Hagen referred to the reports prepared by the City's Building Official and SEH which indicated that the project areas meet the required tests. Hagan indicated that TIF District No. 5-1 is proposed as a 15-year district. He reported that the Planning Commission has reviewed the proposed TIF plan and program and found it to be in compliance with the City's Comprehensive Plan. Hagan also noted that the infrastructure improvements planned meet the test findings necessary for a renewal and renovation district. With regard to the Interfund Loan Resolution, Hagen pointed out that this is similar to a reimbursement resolution related to a bond issue, allowing the City to pay itself back through TIF. Blesener noted that County and School District taxing jurisdictions are asked to comment given that TIF would capture the additional tax dollars generated by the new development over the base dollars currently being collected. Hagen noted that these taxing jurisdictions have the right to comment, but the decision as to whether or not to capture the tax increment is the City's decision. Blesener noted the benefit that the St. Jude Medical expansion generates for the area in terms of jobs alone. He also noted that the School District is selling excess property to St. Jude to accommodate their expansion. Hagen noted that Ramsey County approached St. Jude offering assistance in terms of a low interest loan. Blesener suggested that the County use these dollars for upgrading the Rice Street bridge over Highway 36. The City Administrator noted that the bridge project will be an expensive one and these would not be nearly enough dollars. 3