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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In <br />specific circumstances, the services of a professional should be sought. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member <br />of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. © 2018 Baker Tilly <br />Virchow Krause, LLP <br /> <br /> Term of district <br />o Estimated maximum 8.5 years <br />o May be less with future value growth <br /> Boundaries of proposed district <br />o 1 parcel with parcel id 31-31-22-43-0018 <br />o Will be split and portion in district (removal of future commercial site) <br /> Budget of projected revenues and expenditures <br />o Total estimated increment of $3,701,133 <br />o Finance TIF note of $3,218,000 (subject to approval of pooling) <br />o City withholding (admin or other) of $185,058 <br />o May be surplus that would be returned to County <br />o Based on 9 years (only collect full years) <br /> Estimated Impact to other taxing entities <br />o County share of revenues: $1,089,103 <br />o School share of revenues: $1,136,840 <br />o City share of revenues: $1,321,21 <br /> Estimated total decrease in combined tax rate upon district decertification <br />o (1.110%) <br /> <br />The projected tax increment revenues that may be generated from the TIF District are shown in the chart below. <br /> <br /> <br />The boundaries of the TIF District only include the residential properties (senior building and detached <br />townhomes) following a split of the existing property. The future restaurant and commercial pad sites are not <br />within the boundaries of the TIF District. Therefore, the estimated new taxable values and projected tax <br />increment revenues included in this analysis do not account for any taxes or increment from the future <br />restaurant and commercial properties. <br /> <br />Contract for Private Development <br />As stated, adoption of the TIF Plan for the TIF District provides the City with the authority to use tax increment <br />revenues for implementation of the proposed project but does not obligate the City to use tax increment. The <br />Contract for Private Development provides the terms for which the City and developer need to comply. Meeting <br />those terms will allow the developer to receive tax increment financing as reimbursement for certain projects. A <br />brief summary of the terms of the Contract are stated below: <br /> <br />1. Purchase of Land <br /> Developer to purchase 17 acres of property required for the Minimum Improvements (which includes <br />future restaurant location. <br /> Purchase of two existing businesses Liquor store and Insurance, 49 Club property <br /> Developer shall also purchase house on County Road J west of the proposed development site. <br /> <br />2. Minimum Improvements <br /> Developer to build senior housing building with approximately 93 units of independent living, 50 units of <br />assisted living, and 56 units of skilled nursing units. <br /> Developer to build 20 detached town homes adjacent to the senior housing building. <br /> Developer to build club house (TIF assistance will not be provided for club house). <br /> The skilled nursing units must consist of no more than 20% of the senior housing building. <br /> The assisted living units must have kitchen facilities and bathrooms. <br /> The assisted living units must not have 24-hour nursing care. <br /> Entry monument sign at SE quadrant of site with Provision for City of Lino Lakes entrance sign. <br /> <br />3. Public Improvements <br /> Developer to dedicate all required County Road right-of-way to public at no cost (to be dedicated on plat). <br /> Developer to construct County Road turn lane improvements, as shown on approved PUD development <br />stage plan, subject to review and modification by City/County.