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Item No. 6A <br />Meeting Date: August 24`h, 2000 <br />Type of Business: EB <br />EB: EDC Business <br />IN: Informational Item <br />City of Mounds View Staff Report <br />To: Economic Development Commission <br />From: Aaron Parrish, Economic Development Coordinator <br />Item Title/Subject: Annual Review of Potential Parcels to be Decertified from TIF Districts <br />Date of Report: August 16, 2000 <br />Background: <br />Mounds View's TIF Policy states that the EDC will review potential parcels for decertification on an annual <br />basis. To do so, a map highlighting parcels of propertywithin TIF districts 1-3 has been included foryour <br />review. Based on existing programs such as the housing replacement and business loans, and planned <br />projects such as Highway 10 redevelopment and associated infrastructure improvements, it may not be <br />fiscally prudent to decertify parcels at this particular point in time. Additionally, it is not possible to decertify <br />certain parcels due to existing bond and pay-as-you-go obligations. <br />However, at one point the EDA had contemplated decertifying both the Real Life Cooperative and Holiday <br />Gas Station. The following highlights the fiscal implications of such an action: <br />The above estimated 12 year revenue impact is not adjusted for inflation or other extraneous influences, <br />so the fiscal implications may be higher or lower based on a variety of variables. As the above projections <br />indicate, the revenue that could be lost is considerable. <br />Necessary Actions: <br />Conduct annual review of parcels within TIF districts. <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br />NADATA\GROUPS\ECONDEV\EDC\Staff Repoi1s\Staff00\08-6A.doc <br />PROJECTED <br />ESTIMATED 12 <br />EXISTING USE <br />2001 <br />YEAR REVENUE <br />INCREMENT <br />IMPACT <br />[W063023431DO38 <br />Real Life <br />$27,433 <br />$329,196 <br />Cooperative <br />Holiday Gas <br />$35,748 <br />$428,976 <br />Station <br />The above estimated 12 year revenue impact is not adjusted for inflation or other extraneous influences, <br />so the fiscal implications may be higher or lower based on a variety of variables. As the above projections <br />indicate, the revenue that could be lost is considerable. <br />Necessary Actions: <br />Conduct annual review of parcels within TIF districts. <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br />NADATA\GROUPS\ECONDEV\EDC\Staff Repoi1s\Staff00\08-6A.doc <br />