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Options: <br />The City of Mounds View has many options going forward with TIF. These can <br />be broadly summarized as the following three: <br />1. Undertake major new projects. This could be done several ways: <br /> <br />a. Make expenditures on a major project with the sale of bonds as the <br />financing vehicle. Principal and interest would need to be repaid by <br />the close of the districts in 2014 and 2015. There would be risk <br />from additional property tax changes by the State. <br /> <br />b. Make expenditures on a major project with internal loans as the <br />financing vehicle. Principal and interest would need to be repaid by <br />the close of the districts in 2014 and 2015. There would be risk <br />from additional property tax changes by the State. <br /> <br />c. Reach a new pay-as-you-go agreement with a developer. The <br />developer would shoulder the risk from additional property tax <br />changes by the State. <br /> <br />2. Fund annual EDA operations and handle within the EDA new <br />redevelopment projects as they arose. Annual transfers from the TIF <br />districts would support the EDA. In most years the transfer would be less <br />than the TIF increment and the excess TIF would have to be refunded to <br />Ramsey County. The City would wait for projects that have the greatest <br />advantages for the City. <br /> <br />3. Selectively decertify certain parcels from the TIF districts. This would <br />reduce TIF revenue while adding value back to the tax base for the city, <br />county, and school district; thereby reducing overall tax rates. The <br />reductions would be calculated to retain TIF revenue in above known <br />obligations so that some new projects could be undertaken. However, any <br />major project would require the creation of a new TIF district under the <br />current, more restrictive TIF laws. <br /> <br />Specific Opportunities: <br />1. County Highway 10 corridor redevelopment. Todd Halunan from URS will <br />present the plans to the City Council on May 3rd. Their cost estimate was <br />$6,500,000 in 2002 for the complete plan implementation. Taking out all <br />of the intersection realignments would reduce the cost to about <br />$3,500,000. <br /> <br />2. Commercial Property Acquisitions. To promote redevelopment and further <br />the goals of the County Highway 10 plan, the City could acquire <br />commercial properties either through willing sellers or by eminent domain. <br />These parcels range in value but would all be considered “high” value, <br />such as Moundsview Square (2003 market value of $3,700,000), the <br />Simon Properties north of Amoco (2003 market value of $750,000), or the <br />former Gas-N-Splash site (2003 market value of $552,000). Other <br />opportunities could be considered.