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2012 EDC
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Item #: 5A <br /> MOUNDS Z�/rIE% T Meeting Date: March 9, 2012 <br /> ��/�/ Type of Business: EDC <br /> Administrator Review: <br /> City of Mounds View Staff Report <br /> To: Economic Development Commission <br /> From: Heidi Steinmetz, Economic Development Specialist <br /> Item Title/Subject: Tax Increment Financing (TIF) Presentation <br /> by Finance Director Mark Beer <br /> Introduction <br /> On March 9th, Mounds View Finance Director Mark Beer will provide the EDC with a "TIF <br /> 101" presentation. Below are the definitions of TIF, a TIF District and what TIF can be used <br /> for. <br /> What is TIF? TIF is the ability to capture and use most of the increased local <br /> property tax revenues from new development with a defined geographic area for a <br /> defined period of time without approval of the other taxing jurisdictions. <br /> What is a TIF District? A TIF District is a defined collection of parcels whose <br /> increased value will be captured and used. A TIF District is the location where the <br /> • "increment" is collected. <br /> What can TIF be used for? TIF must be used towards costs associated with new <br /> development on items such as the following: <br /> • Land Acquisition <br /> • Demolition and Relocation <br /> • Site Improvements <br /> • Utilities, Streets and Sidewalks <br /> • Environmental Cleanup <br /> • Parking <br /> • Buildings(but only for housing or new Economic Development TIF Districts) <br /> Background <br /> As shown on the attached map, the City of Mounds View has four TIF Districts (Districts 1, <br /> 2, 3 and 5). Districts 1, 2 and 3 will be expiring (or decertifying) in the next few years. <br /> Since there are unobligated TIF balances in each of the expiring districts, the EDA may use <br /> the unobligated TIF funds for Economic Development purposes. Attached is a spreadsheet <br /> showing Mounds View's unobligated TIF balances. Mark Beer will explain the spreadsheet <br /> during the EDC meeting. <br /> Respectfully Submitted, <br /> 4110 A;'6,6rA;1 <br /> Heidi Steinmetz, Economic Development Specialist <br />
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