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Item No. 66 <br />Meeting Date: October 261h, 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: Proposed Modifications to the Tax Increment Redevelopment Plans for Tax <br />Increment Financing Districts Nos. 1, 2, 3, within the Mounds View Economic <br />Development Project Area <br />Date of Report: October 16, 2000 <br />Background: <br />As the Commission is aware, for over a year the Office of the State Auditor has been reviewing Mounds <br />View's TIF records. While they have examined a range of issues, a particular emphasis has been placed <br />on the use of TIF for the Community Center. Aside from the concerns expressed by the OSA, City staff <br />identified some areas of our TIF administration that could be improved. In particular, the TIF budgets <br />reported in the OSA's annual "TIF Authority Reports" are not an accurate representation of what is <br />contained within Mounds View's TIF plans and subsequent modifications. <br />To address this issue, the EDA's financial advisor, Ehlers and Associates, was retained to evaluate and <br />determine existing TIF budgets based on the original TIF plans, subsequent modifications to the districts <br />and their respective budgets, and the 1994 Mounds View Economic Development Project. This analysis <br />has recently been completed and is included for your reference as Attachment 1. Please note that the <br />budgets included in Attachment may undergo some slight alterations prior to EDA review. <br />While the attached documents are essentially a restatement of what currently exists, we have elected to <br />go through the process of modifying the districts via the public hearing process for clarification purposes. <br />The EDC has typically evaluated and made a recommendation to the EDA when TIF districts are going to <br />be amended. While this situation is somewhat unique, it would still be appropriate for the EDC to evaluate <br />the proposed modifications. <br />Necessary Actions: <br />Evaluate and make a recommendation to the EDA regarding the proposed modifications to the Tax <br />Increment Redevelopment Plans for Tax Increment Financing Districts Nos. 1, 2, 3, within the Mounds <br />View Economic Development Project Area. <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br />NADATA\GROUPS\ECONDEV\EDC\StaffReports\S 000\10-0.doc <br />