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<br />Item No: 3 <br />Meeting Date: November 3, 2014 <br />Type of Business: Work Session <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: James Ericson, City Administrator <br />Item Title/Subject: Review Proposed TIF-Funded Capital Improvement Projects <br /> <br />Introduction: <br /> <br />The five-year Capital Improvement Program (CIP) includes several projects for 2014 and <br />2015 which receive funding either wholly or partially through tax increment finance (TIF) <br />dollars. 2015 will be the last year during which increment is collected from the older <br />districts, with TIF District 1 having already expired in 2013 and TIF District 3 to expire at the <br />end of 2014. If any unobligated TIF funds are not spent on their identified capital projects, <br />the remaining monies will be absorbed into the street program—unless the Council acts to <br />repurpose the dollars ahead of time. <br /> <br />Discussion: <br /> <br />The individual projects outlined in the 2014 and 2015 portion of the CIP are as follows: <br /> <br />Line # Year Project TIF Funds <br />002 2014 Street & Utility Imps - Closeout F + Const. G + Design H 500,000 <br />003 2014 Mustang Drive Pavement Rehab and Stormwater Imp. 500,000 <br />021 2014 CSAH 10 Gateway Features and Median enhancements 300,000 <br />037 2015 CSAH 10 Trail - Segment 11 (CR H2 - Woodale) 250,000 <br />038 2015 CSAH 10 Trail - Segment 6 (Red Oak Dr. - PV Dr) 450,000 <br />039 2015 CSAH 10 Median Enhancements and Gateway Features 360,000 <br /> Total proposed expenditures: $2,360,000 <br /> <br />According to Finance Director Beer, between the existing TIF balance and the increment to <br />be collected in 2015, there is approximately $1,100,000 remaining of unobligated TIF funds <br />that can be spent before the end of 2015. Based on this anticipated amount, the proposed <br />budget for 2015 includes the following capital expenditures: <br /> <br /> 2015 Area H Street Project $250,000 <br /> Mustang Drive Mill & Overlay $450,000 <br /> Trail Segments 6 & 11 $350,000 <br /> TOTAL: $1,050,000 <br /> <br />Because of the deficiency of TIF funds, no expenditures are noted for corridor <br />enhancements relating to the median or gateway/entryway signage.