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LAKE ELMO CITY COUNCIL WORKSHOP MINUTES MARCH 11, 2014 Page 5 of 7 Tammy went back to Mayor’s question. Don’t know answer to that. But will work with planning staff to look at each parcel and figure out what type of development do they see on each. Then can calculate an estimate based on that. Dean adds that we have already done part of that. Determined base value of a district. Mayor asked about timeline for the bonds. Does it have an effect on city’s bond rating. Tammy answered that it depends on how much increment is generated. Ed Gorman asked about fiscal disparities part. Tammy answered that the EDA and City make a decision about whther or not fiscal disparities wil be payed out of the district or not. What will happen is we will show how much increment will generate if you have district pay for fiscal disparities or if rest of tax base pays for it. DeLapp commented about back in 80s and 90s when housing properties were going up, cities were factoring in every building going up 10% every year, but then property values weren’t increasing that much, so state changed 15 year limitation on TIF to 25. Would be a lot safer to get into it now with longer period of distirct. (?) Mayor thanked Tammy for presentation. Break at 8:24pm Resume at 8:39pm Mayor asked Mr. Zuleger to describe why we want ot have a TIF. Dean answered that the purpose of TIF is to use the increment you create to pay off the debt without affecting the entire city. The TIF district pays for itself. Has experience with 3 TIF districts, very seldom to have a distressed TIF district. Talked about Developer Agreement that we have in place, acts as a safety net. VI. Who Can Help? Strategic Partnerships Alyssa MacLeod presented. Went over downtown development partners; business owners, property owners, chamber of commerce, financial institutions, consumers, government, local service organizations and committees. Goes over a couple ways to bring these things together. Busienss Improvement District (BIDs) is one way. (get powerpoint). Went over the attributes of what a BID offers. Went over how to establish a BID. Ms. MacLeod also went over some additional programs. Main Street Programs. Estbalished in 1980 as a program of the National Trust for Historical Preservation, encouraging preservation based economic revitilzation. Program uses a 4 point approach, organization, promotion, blank, blank. Based on 8 guiding principles. It is a membership-based program that provides technical and financial assistance and training and resources. Provides a membership network and marketing benefits. Funding sources include city government, memberships and sponsorships, fundraisers and product sales, and retail and services fees. A lot of what they are based on is historic preservation, like our historic downtown. To be a part of it there is an intensive application process. Mr. Todd Streeter from Stillwater Chamber of Commerce has used model like this for the Stillwater Downtown Revitilization Project. He described their program which is a community symposium. Started in 2011, held a series of town hall sessions. Came up with 20 pages of ideas. Came up with 6 economic categories that merged the ideas. First one they are doing is downtown revitalization. Went over some of the opportunities and challenges due to the new lift bridge. Kicked off 6 subcommittees from main downtown revitalization committee to work on different areas. Opportunity for City and businesses to all work together. Other nice thing about this arrangement is that it’s a community driven process, there is community ownership. Mayor thanked Todd for his work and asked about some of the struggles Stillwater downtown is having? Mr. Streeter talked about Stillwater having many different parts. Some of the challenge is long held beliefs. Mantra of DRC is to create the best downtown, period. The other challenge is because it’s so tourist focused that looking at economic viability was a problem. There are seasonal businesses.