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HomeMy WebLinkAbout09/08/2022 EDAC PacketCITY OF LINO LAKES ECONOMIC DEVELOPMENT ADVISORY COMMITTEE MEETING Thursday, September 8, 2022 8:00 A.M. Community Room AGENDA 1. CALL TO ORDER AND ROLL CALL 2. APPROVAL OF MINUTES: August 4, 2022 3. DISCUSSION ITEMS A. Clearwater Creek Business Park, Draft TIF Plan B. Project Updates 4. ADJOURN DRAFT MINUTES CITY OF LINO LAKES ECONOMIC DEVELOPMENT ADVISORY COMMITTEE MINUTES I. CALL TO ORDER Mr. Grochala called the Economic Development Advisory Committee meeting to order at 8:03 A.M. on August 4, 2022. II. APPROVAL OF MINUTES Mr. Cravero made a MOTION to approve the June 2, 2022 meeting minutes. Motion was supported by Mr. Vojtech, passing unanimously. III. DISCUSSION ITEMS A. Anderson Companies, Lake and Main Mr. Grochala, Community Development Director, presented the staff report Mr. Tim Marcos, Anderson Companies, reviewed his project narrative and explained the layout and specific challenges with site. He explained that Anderson would like to get committees input commercial use, access and financial assistance. Mr. Grochala discussed potential transportation access options to the site and existing properties in the area. He explained that this must improve before redevelopment can occur. The Committee asked Mr. Grochala to clarify the costs associated with roadwork improvements, and who would have to pay for proposed roadwork improvements. DATE: August 4, 2022 TIME STARTED: 8:03 A.M. TIME ENDED: 9:13 A.M. MEMBERS PRESENT: Patrick Kohler, Chad Wagner Steve Marchek, Andrew Cravero Don Johnson, Blakely LaCroix, Nathan Vojtech MEMBERS ABSENT: Julie Jeffrey-Schwartz, Keith Hembre, Jim Schueller, STAFF PRESENT: Michael Grochala, Harrison Maxwell Economic Development Advisory Committee August 4, 2022 Page 2 DRAFT MINUTES Mr. Grochala stated that a traffic study must first be completed in order to properly assess the level of roadwork improvements that need to be done, and to accurately estimate the costs associated with such improvements. He noted that costs may be covered by the county, the developer, or the city. Mr. Grochala went on to state that the City does not put the entire burden of a city wide improvements on a single development project, otherwise development would never get done. This where sometimes city assistance comes into play. Mr. Vojtech asked Mr. Grochala and Mr. Marcos to clarify if the single family properties to the north of the site will be willing to sell. Mr. Marcos disclosed to the Committee that one of the property owners have been engaged in conversation with Anderson Companies on selling their property. However, he stated that Anderson Companies is abstaining from further discussions with property owners until they have a better idea of project feasibility. The Committee questioned the need for assistance with site cleanup since it was created by the current landowners. The Committee asked if there was demand for additional senior housing in the City. Mr. Marcos informed the committee that Anderson was working with a senior care provider. Their market study showed a strong need in the area. The Committed discussed the proposed project housing unit density. They opined that the proposed unit count was more in line with the comprehensive plan and were supportive of this change. Mr. Marcos explained the potential need for City assistance to make the project work. Mr. Grochala noted that redevelopment projects, particularly with land use changes, often need assistance to address gaps in financing. He pointed out, for example, that the cost of buying an existing single family home can’t readily be absorbed in the project proforma. The home why valued by the seller and no value to the buyer. Overall the committee was supportive of continuing to work with Anderson Companies on the redevelopment project. B. Project Updates Mr. Grochala updated the committee on current City projects. IV. ADJOURNMENT Mr. Vojtech made a MOTION to adjourn the meeting at 9:13 A.M. Motion was supported by Mr. Cravero, passing unanimously. Economic Development Advisory Committee August 4, 2022 Page 3 DRAFT MINUTES Respectfully submitted, Harrison Maxwell, Community Development Intern 1 ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala, Community Development Director EDAC MEETING DATE: September 6, 2022 TOPIC: Clearwater Creek Business Park – Draft TIF Plan 1-14 BACKGROUND Ryan Companies, US, Inc., has entered into a purchase agreement to acquire 33 acres north of Clearwater Creek, west of I-35E. They are also coordinating plans for development of the 10 acres south of Distribution Alternatives proposed by MSP Commercial. Ryan is proposing construction of 3 buildings totaling approximately 451,000 square feet of manufacturing, office and warehouse space with an estimated market value of $31,000,000. Development of the south parcel, by MSP would add approximately 130,000 square feet and an additional $8.5 million in taxable market value. Ryan Companies has submitted a request for Tax Increment Financing (TIF) to assist with what they consider extraordinary costs associated with the site development. TIF is a tool that uses the incremental increase in taxes generated by the development to defray the costs of eligible expenditures. These include soil corrections, site fill, public utility relocations, transmission line relocation and the street improvements. Ryan Companies application identified a financial gap of $6.65 million. Staff, with assistance from Baker Tilly, City Financial Advisor, have reviewed the request and are recommending assistance in the amount of $2,900,000 for the northern 33 acre development. A breakdown of the requested assistance and recommendation is provided in the following table: Estimated Total TIF Eligible Costs Identified Costs Recommendation Extraordinary Site Costs Soil Corrections/Lime Stabilization $1,000,000 $1,000,000 Site Fill $2,500,000 $200,000 Public Utility Relocation $300,000 $300,000 Aggregate Piers $1,000,000 $1,000,000 Subtotal Extraordinary Site Costs $4,800,000 $2,500,000 Offsite 21st Ave Road Extension Removals/Sitework $300,000 $150,000 Utilities $300,000 $100,000 Paving $200,000 $100,000 Landscaping/Street Lighting $100,000 $0 A&E/Mgmt/Inspections/Contingencies $200,000 $50,000 Subtotal Offsite 21st Ave Road Extension $1,100,000 $400,000 Total Ryan Project $5,900,000 $2,900,000 2 The Ryan project is expected to generate $3,444,854 in tax increment over the 9 year term of the district. The City would expect to retain 10% ($344,487) for administrative expenses and pooling purposes, leaving approximately $3.1 million available for project use. No consideration is being given to establishment of the south 10 acre development by MSP Commercial at this time. Baker Tilly has prepared a draft of the Tax Increment Financing Plan for District 1-14 based on the projections above. The plan establishes the objectives, district assumptions, budget and use of funding for the district. This will form the basis for any TIF assistance with Ryan Companies should they move forward with the project. Representatives from Baker Tilly will be present at the meeting to review the TIF District Plan and discuss the analysis performed. EDAC CONSIDERATION Recommendation to move forward with establishment of TIF District 1-14. ATTACHMENTS 1. Draft District Map 2. Concept Plan 3. Draft TIF Plan 1-14 4. Draft Project Schedule Legend Active Abandoned Sewer Gravity Mains Water Mains Parcels 0.2 PCT ANNUAL CHANCE FLOOD HAZARD Zone A Zone AE Zone X City Mask April 29, 2022 Map Powered By Datafi ± 1 in = 400 Ft Clearwater Creek Business Park Lino Lakes Spec Industrial • Concept Site Plan • 04.14.2022LEGENDEXISTING WETLAND AREA(±2.16 ACRES)FEMA - ZONE A(1% ANNUAL CHANCE FLOOD) Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and wholly-owned subsidiary of Baker Tilly Virchow Krause, LLP, an accounting firm. Baker Tilly Virchow Krause, LLP trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District No. 1-14 within Development District No. 1 (Clearwater Creek Industrial Development Project) City of Lino Lakes, Minnesota Lino Lakes Economic Development Authority Prepared by Baker Tilly Municipal Advisors, LLC Draft Dated: August 29, 2022 Anticipated Public Hearing: October 10, 2022 Anticipated Approval by City Council: October 10, 2022 Draft TABLE OF CONTENTS Section Page(s) A. Definitions ................................................................................................................................... 1 B. Statutory Authorization ............................................................................................................... 1 C. Statement of Need and Public Purpose ..................................................................................... 1 D. Statement of Objectives ............................................................................................................. 2 E. Designation of Tax Increment Financing District as an Economic Development District ............................................................................................... 2 F. Duration of the TIF District ......................................................................................................... 3 G. Property to be Included in the TIF District .................................................................................. 4 H. Property to be Acquired in the TIF District ................................................................................. 4 I. Specific Development Expected to Occur Within the TIF District .............................................. 4 J. Findings and Need for Tax Increment Financing ....................................................................... 4 K. Estimated Public Costs .............................................................................................................. 6 L. Estimated Sources of Revenue .................................................................................................. 7 M. Estimated Amount of Bonded Indebtedness .............................................................................. 7 N. Original Net Tax Capacity .......................................................................................................... 7 O. Original Tax Capacity Rate ........................................................................................................ 8 P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ......................... 8 Q. Use of Tax Increment ................................................................................................................. 9 R. Excess Tax Increment ................................................................................................................ 10 S. Tax Increment Pooling and the Five-Year Rule ......................................................................... 10 T. Limitation on Administrative Expenses ...................................................................................... 11 U. Limitation on Property Not Subject to Improvements - Four Year Rule ..................................... 11 V. Estimated Impact on Other Taxing Jurisdictions ........................................................................ 11 W. Prior Planned Improvements ...................................................................................................... 12 X. Development Agreements .......................................................................................................... 12 Y. Assessment Agreements ........................................................................................................... 12 Z. Modifications of the Tax Increment Financing Plan ................................................................... 13 AA. Administration of the Tax Increment Financing Plan ................................................................. 13 AB. Financial Reporting and Disclosure Requirements .................................................................... 14 Map of the Tax Increment Financing District ........................................................................ EXHIBIT I Assumptions Report .............................................................................................................. EXHIBIT II Projected Tax Increment Report ........................................................................................... EXHIBIT III Estimated Impact on Other Taxing Jurisdictions Report ....................................................... EXHIBIT IV Market Value Analysis Report ............................................................................................... EXHIBIT V Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 1 ESTABLISHMENT OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) DISTRICT NO. 1-14 Section A Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority" means the Lino Lakes Economic Development Authority. "City" means the City of Lino Lakes, Minnesota; also referred to as a "Municipality". "City Council" means the City Council of the City; also referred to as the "Governing Body". "County" means Anoka County, Minnesota "Development District" means Development District No. 1 in the City, which is described in the corresponding Development Program. "Development Program" means the Development Program for the Development District. "Project Area" means the geographic area of the Development District. "School District" means Independent School District No. 12, Minnesota. "State" means the State of Minnesota. "TIF Act" means Minnesota Statutes, Sections 469.174 through 469.1794, both inclusive. "TIF District" means Tax Increment Financing (Economic Development) District No. 1-14. "TIF Plan" means the tax increment financing plan for the TIF District (this document). Section B Statutory Authorization The Development District Act authorizes the City and Authority, upon certain public purpose findings by the City Council, to establish and designate development districts within the City and to develop and administer development programs therefore to meet the needs and accomplish the public purposes specified in Section C. In accordance with the purposes set forth in Section 469.124 of the Development District Act, the City Council and Authority have established the Development District comprising the area described in Section E and have adopted this Development Program. Section C Statement of Need and Public Purpose The City Council and Authority have determined that there is a need for the City to take certain actions they deem necessary in order to encourage, ensure and facilitate development and redevelopment by the private sector of underutilized, inappropriately used and unused land located within the corporate limits of the City. Such actions are necessary in order to provide additional employment opportunities for residents of the City and the surrounding area; to improve the tax base of the City, the County and the Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 2 School District, thereby enabling them to better provide needed public services; and to improve the general economy of the City, the County and the State. Section D Statement of Objectives The Authority seeks to achieve the following objectives through the establishment of TIF District No. 1-14; 1. redevelop blighted areas as identified 2. provide employment opportunities within the community. 3. improve the tax base of Lino Lakes and the general economy of the City and State; 4. implement relevant portions of the Comprehensive Plan. The Authority’s specific purpose in establishing TIF District No. 1-14 is to aid in the construction of 3 large warehousing/distribution facilities that will comprise of approximately 451,000 total square feet. The Authority intends to use increment generated by the new development to assist with financing a portion of the extraordinary site improvements and soil correction costs and significant offsite improvements that include streets, public utilities, and public improvements to gain access to the site and maximize building size on the development parcels. Section E Designation of Tax Increment Financing District as an Economic Development District Economic development districts are a type of tax increment financing district which consist of any project, or portions of a project, which the City finds to be in the public interest because: (1) it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; (2) it will result in increased employment in the state; or (3) it will result in preservation and enhancement of the tax base of the state; or (4) it satisfies the requirements of a workforce housing project as defined . The TIF District qualifies as an economic development district in that the proposed development described in this TIF Plan (see Section I) meets the criteria listed above in (2) and (3). Without establishment of the TIF District, the proposed development would not occur within the City. The proposed development will also result in increased employment and enhancement of the tax base in both the City and the State. Tax increments from an economic development district must be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or other assistance in which at least 85% of the square footage of the facilities to be constructed are used for any of the following purposes: (1) manufacturing, production, or processing of tangible personal property; (2) warehousing, storage and distribution of tangible personal property, excluding retail sales; (3) research and development related to the activities listed in (1) or (2) above; Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 3 (4) telemarketing if that activity is the exclusive use of the property; (5) tourism facilities (see M.S. Section 469.174, Subd. 22); (6) space necessary for and related to the activities listed in (1) through (5) above; (7) a workforce housing project that satisfies the requirements under Minnesota Statutes, Section 469.176, subdivision 4c, paragraph (d). Tax increments from the TIF District will be used to provide financial assistance to the proposed development (see Section I), in which over 85% of the square footage of the facilities to be constructed will be used for warehousing, storage and distribution of tangible personal property, excluding retail sales as listed in (2) above. In addition, the parcels to be included within the district have qualified for inclusion under the provisions of chapter 473H in the previous five calendar years before the filing of the request for certification only and therefore the project must meet the following qualifications: (1) a district in which 85 percent or more of the planned buildings and facilities (determined on the basis of square footage) are a qualified manufacturing facility or a qualified distribution facility or a combination of both; or (2) a housing district. A distribution facility means buildings and other improvements to real property that are used to conduct activities in at least each of the following categories: (i) to store or warehouse tangible personal property; (ii) to take orders for shipment, mailing, or delivery; (iii) to prepare personal property for shipment, mailing, or delivery; and (iv) to ship, mail, or deliver property. A manufacturing facility includes space used for manufacturing or producing tangible personal property, including processing resulting in the change in condition of the property, and space necessary for and related to the manufacturing activities. To be a qualified facility, the owner or operator of a manufacturing or distribution facility must agree to pay and pay 90 percent or more of the employees of the facility at a rate equal to or greater than 160 percent of the federal minimum wage for individuals over the age of 20. The proposed project will be a qualified distribution facility. Section F Duration of the TIF District Economic development districts may remain in existence 8 years from the date of receipt by the Authority of the first tax increment. The City anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2031, due to anticipated receipt of first increment in 2025). Modifications of this plan (see Section AA) shall not extend these limitations. Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 4 Section G Property to be Included in the TIF District The TIF District is an approximate 37-acre area of land comprising of the parcels listed below that is located within the Project Area. A map showing the boundaries of the TIF District is shown in Exhibit I. Parcel ID Number Legal Description 24-31-22-31-0004 Outlot A 24-31-22-24-0009 Outlot A 24-31-22-24-0008 Lot 2, Block 2 24-31-22-24-0002 24 - 31 - 22 - 24 * The parcels listed above are anticipated to be replatted and will comprise of the new industrial building development with 3 separate buildings. The area encompassed by the TIF District shall also include all street or utility right-of-ways located upon or adjacent to the property described above. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District. It will not be acquiring any property at this time and will not be selling the property to facilitate development. Section I Specific Development Expected to Occur Within the TIF District The proposed project is anticipated to include the construction of approximately 451,000 square feet of light industrial warehousing space to be constructed in 2 phases within 3 buildings – each building will be approximately 189,000, 147,000 and 115,000, respectively. Tax increment is a financing tool the City is planning to use for financing of a portion of the eligible costs associated with construction of the project to offset extraordinary costs. The square footage of the completed buildings will comply with the requirements of an economic development district with at least 85% being used for a qualifying purpose (industrial warehousing, distribution, manufacturing project). It is anticipated that the City will use the tax increment to finance a portion of the site development, soils correction, infrastructure, public improvement and other related costs that are necessary for this project to proceed. In addition, the city may use tax increment for related administrative expenses, and any other eligible expenditures associated with development of the site that may include additional necessary public improvements. Construction of the project is expected to commence in 2023 and continue in 2024 and be 100% assessed and on the tax rolls as of January 2, 2025 for taxes payable in 2026. At the time this document was prepared there were no signed construction contracts with regards to the above described development. Section J Findings and Need for Tax Increment Financing In establishing the TIF District, the City makes the following findings: (1) The TIF District qualifies as an economic development district; See Section E of this document for the reasons and facts supporting this finding. Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 5 (2) The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the TIF Plan. Factual basis: Proposed development not expected to occur: The project includes the development of new large industrial buildings comprising of approximately 451,000 square feet in an undeveloped area of the City. The proposed developer of the site has submitted information to the city demonstrating that the development of this site is not financially feasible without the assistance provided in this TIF Plan. The City has determined that the proposed development would not occur but for the financial assistance provided in this TIF Plan because of the high cost of construction at the site due to the need for significant site development, soils correction and public improvement infrastructure costs necessary for development to occur. Specifically, soils correction/lime stabilization, aggregate piers, site preparation and site fill, public utility relocation and offsite road extension. Due to the high costs of investment for the proposed project, including site improvements, public improvements, soil correction, and infrastructure costs that would be incurred by the developer in conjunction with development of the project, the developer has stated that the project as proposed would not occur without the financial assistance provided by the City, as it would not be economically feasible without financial assistance. The City finds the use of tax increment necessary to finance a portion of the site improvement, public infrastructure, soil correction and infrastructure costs to facilitate development of the project and developer investment. The City anticipates providing financial assistance on a pay-as-you-go basis. Therefore, the City has determined that the proposed development would not occur but for the financial assistance provided in this TIF Plan because of the increased costs related to development within the TIF District and construction of the project. The cost of construction of the project and availability of revenues to support repayment of debt has created a financial gap that requires a level of public assistance. No higher market value expected: The project to be constructed within TIF District No. 1-14 requires significant investment to be financially feasible. To commence construction of the new industrial project, assistance with financing a portion of those costs will be necessary. The financial assistance provided under this TIF Plan will help offset the costs of the improvements. Given the nature of this project, there is no reasonable expectation of any development occurring that would generate as much market value increase as is estimated to be generated by the proposed development by the new business. Therefore, the City has concluded that substantial development at this particular site--and hence any significant increase in market value--is not reasonably expected to occur unless the City provides tax increment assistance as described in this Tax Increment Plan. To summarize the basis for the City’s findings regarding alternative market value, in accordance with Minnesota Statutes, Section 469.175, Subd. 3(d), the City makes the following determinations: a. The City's estimate of the amount by which the market value of the site will increase without the use of tax increment financing is $0 (for the reasons described above), except some unknown amount of appreciation. Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 6 b. If the proposed development to be assisted with tax increment occurs in the District, the total increase in market value would be approximately $35,960,717, including the value of the building (See Exhibit II). c. The present value of tax increments from the District for the maximum duration of the district permitted by the TIF Plan is estimated to be $2,692,001 (See Exhibit V). d. Even if some development other than the proposed development were to occur, the Council finds that no alternative would occur that would produce a market value increase greater than $33,268,716 (the amount in clause b less the amount in clause c) without tax increment assistance. (3) The TIF Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for development of the Project Area by private enterprise. Factual basis: The proposed development is the construction of a new large warehousing and distribution facility in the Project Area that is expected to retain existing jobs as well as create new jobs in the City, plus create new tax base for the City and the State. The development meets the City’s economic development goals in terms of tax base expansion, job retention, and wage levels. (4) The TIF Plan conforms to general plans for development of the City as a whole. Factual basis: The City Council has determined that the development proposed in the TIF Plan conforms to the City comprehensive plan. (5) The City is electing the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subdivision 3(b) (see Section P). Section K Estimated Public Costs The estimated public costs of the TIF District are listed below. Such costs are eligible for reimbursement from tax increments of the TIF District. Estimated Public Costs Estimated Amount Land/Building acquisition $0 Site Improvements/Preparation costs $2,672,614 Utilities $0 Other public improvements $600,000 Construction of affordable housing $0 Administrative expenses $172,240 Total Estimated Public Costs $3,444,854 Interest expenses $0 Total Costs $3,444,854 The City reserves the right to administratively adjust the amount of any of the items listed above or to incorporate additional eligible items, so long as the total estimated public costs ($3,444,854) do not increase. The City also reserves the right to fund any of the identified costs with any other legally Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 7 available revenues, such as grants and/or loans, but anticipates that such costs will be primarily financed with tax increments. Section L Estimated Sources of Revenue Estimated Sources of Revenue Estimated Amount Tax Increment revenue $3,444,854 Interest on invested funds Total $3,444,854 The City anticipates providing financial assistance to the proposed development through pay-as-you-go financing in which the City will provide funding to the development. As revenues are collected from the TIF District in future years, a portion will be retained by the City and the remaining funds will be provided as reimbursement for certain identified costs as necessary within the TIF District to assist with financing the public costs incurred (see Section K). The City reserves the right to finance any or all public costs of the TIF District using pay-as-you-go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The City also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including, but not limited to, special assessments, utility revenues, federal or state funds, and investment income. The projected tax increment report is included as Exhibit III. Section M Estimated Amount of Bonded Indebtedness The maximum principal amount of bonds (as defined in the TIF Act) secured in whole or part with tax increment from the TIF District is $3,444,854. The City currently plans to finance the public costs through pay-as-you-go financing. The City reserves the right to issue an interfund loan or issue bonds in any form, including without limitation any interfund loan with interest not to exceed the maximum permitted under Section 469.178, subd. 7 of the TIF Act. Section N Original Net Tax Capacity The County Auditor shall certify the original net tax capacity of the TIF District. This value will be equal to the total net tax capacity of all property in the TIF District as certified by the State Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive, this value is based on the previous assessment year. For districts certified between July 1 and December 31, inclusive, this value is based on the current assessment year. The Estimated Market Value of all property within the TIF District as of January 2, 2022, for taxes payable in 2023, is $699,300. Upon establishment of the TIF District, it is estimated that the original net tax capacity of the TIF District will increase as a result of the property reclassifying as commercial-industrial. Each year the County Auditor shall certify the amount that the original net tax capacity has increased or decreased as a result of: (1) changes in the tax-exempt status of property; (2) reductions or enlargements of the geographic area of the TIF District; Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 8 (3) changes due to stipulation agreements or abatements; or (4) changes in property classification rates. Section O Original Tax Capacity Rate The County Auditor shall also certify the original tax capacity rate of the TIF District. This rate shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be for the same taxes payable year as the original net tax capacity. In future years, the amount of tax increment generated by the TIF District will be calculated using the lesser of (a) the sum of the current local tax rates at that time or (b) the original tax capacity rate of the TIF District. It is anticipated the request for certification of the District will occur after June 30, 2023 and the local tax rates for taxes levied in 2023 and payable in 2024 will apply. The payable 2024 rates are not available at the time of drafting of the TIF Plan. For purposes of estimating the tax increment generated by the TIF District, the sum of the local tax rates for taxes levied in 2021 and payable in 2022 of 105.106% have been used and are shown below: 2021/2022 Taxing Jurisdiction Local Tax Rate City of Lino Lakes 40.154% Anoka County 29.605% ISD 12 31.074% Other 4.273% Total 105.106% Section P Projected Retained Captured Net Tax Capacity and Projected Tax Increment The City anticipates that the building construction will be completed by December 31, 2024 creating a total tax capacity for TIF District No. 1-14 of $609,740 as of January 2, 2025. The captured tax capacity as of that date is estimated to be $344,365 and the first full year of tax increment is estimated to be $361,948 payable in 2026. A complete schedule of estimated tax increment from the TIF District is shown in Exhibit III. The estimates shown in this TIF plan assume that commercial class rates remain at 1.5% of the estimated market value up to $150,000 and 2.0% of the estimated market value over $150,000 and assume 2% annual increases in market values. Each year the County Auditor shall determine the current net tax capacity of all property in the TIF District. To the extent that this total exceeds the original net tax capacity, the difference shall be known as the captured net tax capacity of the TIF District. For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F and Chapter 276A, the original net tax capacity of the TIF District shall be determined before the application of fiscal disparity. In subsequent years, the current net tax capacity shall either (a) be determined before the application of fiscal disparity or (b) exclude the product of any fiscal disparity increase in the TIF District (since the original net tax capacity was certified) times the appropriate fiscal disparity ratio. The method Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 9 the Authority elects shall remain the same for the life of the TIF District, except that a single change may be made at any time from method (a) to method (b) above. The Authority elects method (b), or M.S. Section 469.177, Subdivision 3(b). The County Auditor shall certify to the Authority the amount of captured net tax capacity each year. The Authority may choose to retain any or all of this amount. It is the Authority's intention to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known as the retained captured net tax capacity of the TIF District. Exhibit II gives a listing of the various information and assumptions used in preparing a number of the exhibits contained in this TIF Plan, including Exhibit III which shows the projected tax increment generated over the anticipated life of the TIF District. Section Q Use of Tax Increment Each year the County Treasurer shall deduct 0.36% of the annual tax increment generated by the TIF District and pay such amount to the State's General Fund. Such amounts will be appropriated to the State Auditor for the cost of financial reporting and auditing of tax increment financing information throughout the state. Exhibit III shows the projected deduction for this purpose over the anticipated life of the TIF District. The City has determined that it will use 100% of the remaining tax increment generated by the TIF District for any of the following purposes: (1) pay for the estimated public costs of the TIF District (see Section K) and County administrative costs associated with the TIF District (see Section T); (2) pay principal and interest on tax increment bonds or other bonds issued to finance the estimated public costs of the TIF District; (3) accumulate a reserve securing the payment of tax increment bonds or other bonds issued to finance the estimated public costs of the TIF District; (4) pay all or a portion of the county road costs as may be required by the County Board under M.S. Section 469.175, Subdivision 1a; or (5) return excess tax increments to the County Auditor for redistribution to the City, County and School District. Tax increments from property located in one county must be expended for the direct and primary benefit of a project located within that county, unless both county boards involved waive this requirement. Tax increments shall not be used to circumvent levy limitations applicable to the City. Tax increment shall not be used to finance the acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the State or federal government, or for a commons area used as a public park, or a facility used for social, recreational, or conference purposes. This prohibition does not apply to the construction or renovation of a parking structure or of a privately- owned facility for conference purposes. If there exists any type of agreement or arrangement providing for the developer, or other beneficiary of assistance, to repay all or a portion of the assistance that was paid or financed with tax increments, such payments shall be subject to all of the restrictions imposed on the use of tax increments. Assistance Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 10 includes sale of property at less than the cost of acquisition or fair market value, grants, ground or other leases at less then fair market rent, interest rate subsidies, utility service connections, roads, or other similar assistance that would otherwise be paid for by the developer or beneficiary. Section R Excess Tax Increment In any year in which the tax increments from the TIF District exceed the amount necessary to pay the estimated public costs authorized by the TIF Plan, the City shall use the excess tax increments to: (1) prepay any outstanding tax increment bonds; (2) discharge the pledge of tax increments thereof; (3) pay amounts into an escrow account dedicated to the payment of the tax increment bonds; or (4) return excess tax increments to the County Auditor for redistribution to the City, County and School District. The County Auditor must report to the Commissioner of Education the amount of any excess tax increment redistributed to the School District within 30 days of such redistribution. Section S Tax Increment Pooling and the Five-Year Rule At least 80% of the tax increments from the TIF District must be expended on activities within the district or to pay for bonds used to finance the estimated public costs of the TIF District (see Section E for additional restrictions). No more than 20% of the tax increments may be spent on costs outside of the TIF District but within the boundaries of the Project Area, except to pay debt service on credit enhanced bonds. All administrative expenses are considered to have been spent outside of the TIF District. Tax increments are considered to have been spent within the TIF District if such amounts are: (1) actually paid to a third party for activities performed within the TIF District within five years after certification of the district; (2) used to pay bonds that were issued and sold to a third party, the proceeds of which are reasonably expected on the date of issuance to be spent within the later of the five-year period or a reasonable temporary period or are deposited in a reasonably required reserve or replacement fund. (3) used to make payments or reimbursements to a third party under binding contracts for activities performed within the TIF District, which were entered into within five years after certification of the district; or (4) used to reimburse a party for payment of eligible costs (including interest) incurred within five years from certification of the district. Beginning with the sixth year following certification of the TIF District, at least 80% of the tax increments must be used to pay outstanding bonds or make contractual payments obligated within the first five years. When outstanding bonds have been defeased and sufficient money has been set aside to pay for such contractual obligations, the TIF District must be decertified. The Authority anticipates that a portion of the tax increments may be spent outside of the TIF District (including allowable administrative expenses); and the Authority reserves the right to allow for tax increment pooling from the TIF District in the future. Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 11 Section T Limitation on Administrative Expenses Administrative expenses are defined as all costs of the City other than: (1) amounts paid for the purchase of land; (2) amounts paid for materials and services, including architectural and engineering services directly connected with the physical development of the real property in the project; (3) relocation benefits paid to, or services provided for, persons residing or businesses located in the project; (4) amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued pursuant to section 469.178; or (5) amounts used to pay other financial obligations to the extent those obligations were used to finance costs described in clause (1) to (3). Administrative expenses include amounts paid for services provided by bond counsel, fiscal consultants, planning or economic development consultants, and actual costs incurred by the County in administering the TIF District. Tax increments may be used to pay administrative expenses of the TIF District up to the lesser of (a) 10% of the total tax increment expenditures authorized by the TIF Plan or (b) 10% of the total tax increments received by the TIF District. Section U Limitation on Property Not Subject to Improvements - Four Year Rule If after four years from certification of the TIF District no demolition, rehabilitation, renovation of property or other site preparation, including qualified improvement of an adjacent street, has commenced on a parcel located within the TIF District, then that parcel shall be excluded from the TIF District and the original net tax capacity shall be adjusted accordingly. Qualified improvements of a street are limited to construction or opening of a new street, relocation of a street, or substantial reconstruction or rebuilding of an existing street. The City must submit to the County Auditor, by February 1 of the fifth year, evidence that the required activity has taken place for each parcel in the TIF District. If a parcel is excluded from the TIF District and the City or owner of the parcel subsequently commences any of the above activities, the City shall certify to the County Auditor that such activity has commenced and the parcel shall once again be included in the TIF District. The County Auditor shall certify the net tax capacity of the parcel, as most recently certified by the Commissioner of Revenue, and add such amount to the original net tax capacity of the TIF District. Section V Estimated Impact on Other Taxing Jurisdictions Exhibit IV shows the estimated impact on other taxing jurisdictions if the maximum projected retained captured net tax capacity of the TIF District was hypothetically available to the other taxing jurisdictions. The City believes that there will be no adverse impact on other taxing jurisdictions during the life of the TIF District, since the proposed development would not have occurred without the establishment of the TIF District and the provision of public assistance. A positive impact on other taxing jurisdictions will occur when the TIF District is decertified and the development therein becomes part of the general tax base. The fiscal and economic implications of the proposed tax increment financing district, as pursuant to Minnesota Statutes, Section 469.175, Subdivision 2, are listed below. Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 12 1. The total amount of tax increment that will be generated over the life of the district is estimated to be $3,457,300. 2. To the extent the facility in the proposed TIF District generates any public cost impacts on city- provided services such as police and fire protection, public infrastructure, and borrowing costs attributable to the district, such costs will be levied upon the taxable net tax capacity of the City, excluding that portion captured by the District. The City does not anticipate issuing tax increment revenue bonds in conjunction with this project but reserves the right to issue bonds as necessary to facilitate development. 3. The amount of tax increments over the life of the district that would be attributable to school district levies, assuming the school district’s share of the total local tax rate for all taxing jurisdictions remained the same, is estimated to be $1,022,131. 4. The amount of tax increments over the life of the district that would be attributable to county levies, assuming the county’s share of the total local tax rate for all taxing jurisdictions remained the same is estimated to be $973,811. 5. No additional information has been requested by the county or school district that would enable it to determine additional costs that will accrue to it due to the development proposed for the district. Section W Prior Planned Improvements The City shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. There have been no building permits issued in the last 18 months in conjunction with any of the properties within the TIF District. Section X Development Agreements If within a project containing an economic development district, more than 10% of the acreage of the property to be acquired by the City is purchased with tax increment bonds proceeds (to which tax increment from the property is pledged), then prior to such acquisition, the City must enter into an agreement for the development of the property. Such agreement must provide recourse for the City should the development not be completed. The City anticipates entering into an agreement with the Developer relating to the project. Section Y Assessment Agreements The City may, upon entering into a development agreement, also enter into an assessment agreement with the developer, which establishes a minimum market value of the land and improvements for each year during the life of the TIF District. The assessment agreement shall be presented to the County or City Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 13 to the land, and so long as the minimum market value contained in the assessment agreement appears to be an accurate estimate, shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the office of the County Recorder of each county where the property is located. Any modification or premature termination of this agreement must first be approved by the City, County and School District. The City does not anticipate entering into an assessment agreement. Section Z Modifications of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; increase in the amount of bonded indebtedness to be incurred; determination to capitalize interest on the debt if it was not part of original plan; increase in that portion of the captured net tax capacity to be retained by the City; increase in the total estimated public costs; or designation of additional property to be acquired by the City shall be approved only after satisfying all the necessary requirements for approval of the original TIF Plan. This paragraph does not apply if: (1) the only modification is elimination of parcels from the TIF District; and (2) the current net tax capacity of the parcels eliminated equals or exceeds the net tax capacity of those parcels in the TIF District's original net tax capacity, or the City agrees that the TIF District's original net tax capacity will be reduced by no more than the current net tax capacity of the parcels eliminated. The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of the TIF District. The geographic area of the TIF District may be reduced but not enlarged after five years following the date of certification. Section AA Administration of the Tax Increment Financing Plan Upon adoption of the TIF Plan, the City shall submit a copy of such plan to the Minnesota Department of Revenue. The City shall also request that the County Auditor certify the original net tax capacity and net tax capacity rate of the TIF District. To assist the County Auditor in this process, the City shall submit copies of the TIF Plan, the resolution establishing the TIF District and adopting the TIF Plan, and a listing of any prior planned improvements. The City shall also send the County Assessor any assessment agreement establishing the minimum market value of land and improvements in the TIF District and shall request that the County Assessor review and certify this assessment agreement as reasonable. The County shall distribute to the City the amount of tax increment as it becomes available. The amount of tax increment in any year represents the applicable property taxes generated by the retained captured net tax capacity of the TIF District. The amount of tax increment may change due to development anticipated by the TIF Plan, other development, inflation of property values, or changes in property classification rates or formulas. In administering and implementing the TIF Plan, the following actions should occur on an annual basis: (1) prior to July 1, the City shall notify the County Assessor of any new development that has occurred in the TIF District during the past year to ensure that the new value will be recorded in a timely manner. (2) if the County Auditor receives the request for certification of a new TIF District, or for modification of an existing TIF District, before July 1, the request shall be recognized in Draft City of Lino Lakes and Lino Lakes Economic Development Authority Baker Tilly Municipal Advisors, LLC Page 14 determining local tax rates for the current and subsequent levy years. Requests received on or after July 1 shall be used to determine local tax rates in subsequent years. (3) each year the County Auditor shall certify the amount of the original net tax capacity of the TIF District. The amount certified shall reflect any changes that occur as a result of the following: (a) the value of property that changes from tax-exempt to taxable shall be added to the original net tax capacity of the TIF District. The reverse shall also apply; (b) the original net tax capacity may be modified by any approved enlargement or reduction of the TIF District; (c) if laws governing the classification of real property cause changes to the percentage of estimated market value to be applied for property tax purposes, then the resulting increase or decrease in net tax capacity shall be applied proportionately to the original net tax capacity and the retained captured net tax capacity of the TIF District. The County Auditor shall notify the City of all changes made to the original net tax capacity of the TIF District. Section AB Filing TIF Plan, Financial Reporting and Disclosure Requirements The City will file the TIF Plan, and any subsequent amendments thereto, with the Commissioner of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes, Section 469.175, subdivision 4A. The City will comply with all reporting requirements for the TIF District under Minnesota Statutes, Section 469.175, subdivisions 5 and 6. Draft Exhibit I Map of Tax Increment Financing (Economic Development) District No. 1-14 Draft Exhibit II Assumptions Report City of Lino Lakes, Minnesota Tax Increment Financing (Economic Development) District No. 1-14 Clearwater Creek Business Park Project Draft TIF Plan Exhibits: 451,000 SF 3 Bldgs valued at $70/SF Type of Tax Increment Financing District Economic Development Maximum Duration of TIF District 8 years from 1st increment Projected Certification Request Date 01/07/23 Decertification Date 12/31/33 (9 Years of Increment) 2022/2023 Base Estimated Market Value *$699,300 PID: 24-31-22-31-0004 24-31-22-24-0009 24-31-22-24-0008 24-31-22-24-0002 Original Net Tax Capacity $13,986 Assessment/Collection Year 2023/2024 2024/2025 2025/2026 2026/2027 Base Estimated Market Value $699,300 $699,300 $699,300 $699,300 Increase in Estimated Market Value 0 18,116,700 29,637,020 31,853,746 Total Estimated Market Value 699,300 18,816,000 30,336,320 32,553,046 Total Net Tax Capacity $13,986 $375,570 $605,976 $650,311 City of Lino Lakes 40.154% Anoka County 29.605% ISD # 12 31.074% Other (61 - 36012B)4.273% Local Tax Capacity Rate 105.106% Payable 2022 Frozen Tax Capacity Rate 105.106% Fiscal Disparities Contribution From TIF District 42.1968% Administrative Retainage Percent (maximum = 10%) 5.00% Pooling Percent 0.00% Bonds Loan/Note Bonds Dated NA Note Dated 08/01/23 Bond Issue @ 0.00% (NIC) NA Note Rate 4.00% Eligible Project Costs NA Note Amount $3,300,000 Present Value Date & Rate 08/01/23 4.00% Net PV Amoun 2,691,987 Notes * Base market values for parcels within district. Tax capacity calculated at 1.5%/2% class rate. Assume property will be classified as commercial/industrial upon project completion. Projections assume no future changes to class rates or tax rates, and include 2% annual market value inflator. Development includes construction commencing in 2023 and complete in 2024Draft Exhibit III Projected Tax Increment Report City of Lino Lakes, MinnesotaTax Increment Financing (Economic Development) District No. 1-14Clearwater Creek Business Park ProjectDraft TIF Plan Exhibits: 451,000 SF 3 Bldgs valued at $70/SFLess: Less: Retained Times:Less: Annual Less: Less:P.V.Annual Total Total Original Fiscal Captured Tax Annual State Aud. Revenue Admin. Pooling AnnualAdmin.Period Market Net Tax Net Tax Disp. @ Net Tax Capacity Gross Tax Deduction Net of Retainage Retainage NetRetainageEnding Value * Capacity Capacity ** 42.1968% Capacity Rate *** Increment 0.360% OSA Deduction 5.00% 0.00% Revenue 08/01/23(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)4.00%12/31/23 699,300 13,986 13,98600 105.106%000000012/31/24 699,300 13,986 13,98600 105.106%000000012/31/25 18,816,000 375,570 13,986 152,577 209,007 105.106% 219,679791 218,888 10,9440 207,944 10,05212/31/26 30,336,320 605,976 13,986 249,801 342,189 105.106% 359,662 1,295 358,367 17,9180 340,449 15,82512/31/27 32,553,046 650,311 13,986 268,509 367,816 105.106% 386,597 1,392 385,205 19,2600 365,945 16,35612/31/28 33,204,107 663,332 13,986 274,003 375,343 105.106% 394,508 1,420 393,088 19,6540 373,434 16,04912/31/29 33,868,189 676,614 13,986 279,608 383,020 105.106% 402,577 1,449 401,128 20,0560 381,072 15,74712/31/30 34,545,553 690,161 13,986 285,324 390,851 105.106% 410,808 1,479 409,329 20,4660 388,863 15,45112/31/31 35,236,464 703,979 13,986 291,155 398,838 105.106% 419,203 1,509 417,694 20,8850 396,809 15,16112/31/32 35,941,194 718,074 13,986 297,103 406,985 105.106% 427,766 1,540 426,226 21,3110 404,915 14,87512/31/33 36,660,017 732,450 13,986 303,169 415,295 105.106% 436,500 1,571 434,929 21,7460 413,183 14,595$3,457,300 $12,446 $3,444,854 $172,240$0 $3,272,614 $134,111* Total Taxable Value based on new estimated land and building value of $70/square foot for 451,000 square feet between all buildings** Original net tax capacity based on existing taxable land value of one property and calculated based on reclassification to commercial-industrial class rates*** Total Combined Local Tax Capacity Rate of City, County, School District and other taxing jurisdictions for taxes payable 2022Draft Exhibit IV Estimated Impact on Other Taxing Jurisdictions ReportCity of Lino Lakes, MinnesotaTax Increment Financing (Economic Development) District No. 1-14Clearwater Creek Business Park ProjectDraft TIF Plan Exhibits: 451,000 SF 3 Bldgs valued at $70/SFWithoutProject or TIF DistrictWith Project and TIF DistrictProjectedHypothetical2021/20222021/2022 Retained New Hypothetical Hypothetical Tax GeneratedTaxable 2021/2022 Taxable Captured Taxable Adjusted Decrease In by RetainedTaxingNet Tax Local Net Tax Net Tax Net Tax Local Local CapturedJurisdictionCapacity (1) Tax Rate Capacity (1) + Capacity = Capacity Tax Rate (*) Tax Rate (*) N.T.C. (*)City of Lino Lakes29,439,929 40.154% 29,439,929 $415,295 29,855,224 39.595% 0.559% 164,438Anoka County482,873,486 29.605% 482,873,486 415,295 483,288,781 29.580% 0.025% 122,843ISD # 1247,053,418 31.074% 47,053,418 415,295 47,468,713 30.802% 0.272% 127,920 Other (2)--- 4.273% --- 415,295 --- 4.273% --- --- Totals105.106%104.250% 0.856% * Statement 1: If the projected Retained Captured Net Tax Capacity of the TIF District was hypothetically available to each ofthe taxing jurisdictions above, the result would be a lower local tax rate (see Hypothetical Adjusted Tax Rate above)which would produce the same amount of taxes for each taxing jurisdiction. In such a case, the total local tax ratewould decrease by 0.856% (see Hypothetical Decrease in Local Tax Rate above). The hypothetical tax that theRetained Captured Net Tax Capacity of the TIF District would generate is also shown above.Statement 2: Since the projected Retained Captured Net Tax Capacity of the TIF District is not available to the taxing jurisdictions,then there is no impact on taxes levied or local tax rates. (1) Taxable net tax capacity = total net tax capacity - captured TIF - fiscal disparity contribution, if applicable. (2) The impact on these taxing jurisdictions is negligible since they represent only 4.07% of the total tax rate.Draft Exhibit V Market Value Analysis Report City of Lino Lakes, Minnesota Tax Increment Financing (Economic Development) District No. 1-14 Clearwater Creek Business Park Project Draft TIF Plan Exhibits: 451,000 SF 3 Bldgs valued at $70/SF Assumptions Present Value Date 08/01/23 P.V. Rate - Gross T.I.4.00% Increase in EMV With TIF District $35,960,717 Less: P.V of Gross Tax Increment 2,692,001 Subtotal $33,268,716 Less: Increase in EMV Without TIF 0 Difference $33,268,716 Annual Present Gross Tax Value @ Year Increment 4.00% 1 2025 219,679 201,782 2 2026 359,663 317,656 3 2027 386,598 328,312 4 2028 394,509 322,145 5 2029 402,578 316,090 6 2030 410,809 310,147 7 2031 419,204 304,313 8 2032 427,767 298,585 9 2033 436,501 292,963 $3,457,326 $2,692,001 Draft Exhibit VI Documentation related to the findings of a Workforce Housing TIF District Draft City of Lino Lakes, Minnesota Creation of a Tax Increment Financing Plan for Tax Increment Financing (Economic Development) District (Clearwater Creek Business Park II) Schedule of Events Date Event Responsible Party June/July, 2022 Developer Submits TIF Application to City Evaluate Developer information and drafting of TIF Plan City, Attorney, Baker/Tilly Establishment of TIF Plan and TIF District Monday, August 1 City Council work session to discuss TIF Application and Process City Thursday, September 2 EDAC reviews draft TIF Plan Monday, September 6 City Council work session to review draft TIF Plan City, Baker/Tilly Prior to Friday, September 9 County and School District receive impact letters & draft TIF plan (at least 30 days prior to public hearing) Baker/Tilly Monday, Sept 12 City Council calls for public hearing to be held on Monday, Oct 10 City, Attorney Wednesday, Sept 14 (if necessary) City Planning and Zoning Commission reviews draft TIF plan City, Attorney Monday, October 3 City Council work session to discuss TIF Application and Contract City, Attorney, Baker/Tilly Thursday, October 6 EDAC reviews contract for private development. City Tuesday, Sept 27 Deadline: Sept 20 Publication of notice of public hearing in Quad Community Press Baker/Tilly Monday, October 10 at 6:30 pm City Council holds public hearing, and adopts resolution approving TIF Plan and TIF District City, Attorney, Baker/Tilly Monday, October 10th after CC meeting EDA adopts resolution approving TIF Plan and TIF District PH on Business Subsidy and approves contract for private development City, Attorney, Baker/Tilly After October 10, State filing and request for County certification Baker/Tilly