06-05-2000 WS - Laserfiche WebLink

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Overall, the Mermaid scored a 23, on the current evaluation tool. This places the Mermaid’s project in the highest bracket. Later in the evening, the Council will consider revisions to the existing TIF policy. In conjunction with the proposed changes, a new evaluation tool will be considered. Based on the proposed evaluation tool, the Mermaid’s project scored in the following manner: Utilizing the proposed evaluation tool, the project scored 41.5, or on the high end of the moderate ranking. Specific strengths and weaknesses from both evaluations will be further discussed at the Work Session. The amount of assistance actually provided will be directly related to the assessed market value of the improvements upon completion of the project. For calculation purposes, a valuation of $6.7 million and $7.45 million have been used to determine the “projected increment.” If the Council decides to give preliminary approval to the application, the level of assistance not to be exceeded and the term in which assistance to be provided will also need to be discussed. The following highlights the proposed terms of TIF assistance based on information contained within the Mermaid’s application and staff analysis: TTeerrmm:: 90 % of Increment for the Duration of the District PPrroojjeecctteedd IInnccrreemmeenntt:: Estimated at $2.0-$2.5 Million For your reference, a copy of the application will be placed in your boxes. However, the 30 plus pages of exhibits and attachments have not included, but can be made available upon request. Representatives of the Mermaid and their attorney will also be on hand to address any questions that you may have. Necessary Actions: Review and comment on the Mermaid’s TIF Application ______________________________________ Aaron Parrish, Economic Development Coordinator (763) 717-4029 25-0 points Not Eligible 33-26 points Low 42-34 points (41.5) Moderate 50-43 points High PPooiinntt VVaalluuee RRaannkkiinngg