HomeMy WebLinkAbout10-27-2000ECONOMIC DEVELOPMENT C(
October 27th 21
7:30 A.M.
MOUNDS VIEW CITY HALL - CITY C
1. CALL TO ORDER
2. ROLL CALL (Present = P, Absent = A)
1
Belting
Carlson
Field
Goff
Johnson Parrish (statr)
3. APPROVE EDC MINUTES
September 28th, 2000
Action: Motion
Second
Vote
4. SPECIAL BUSINESS
5. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON
A. Report of Commissioners and Staff —No Materials Attached
B. Chamber of Commerce Update —No Materials Attached
C. Meeting times for November and December Meetings —No Materials Attached
D. Term Expirations/Commission Vacancies —No Materials Attached
6. EDC BUSINESS
A. Use of Pre -1997 Interest Earnings
B. Proposed Modifications to the Tax Increment Redevelopment Plans for Tax
Increment Financing Districts Nos. 1, 2, 3, within the Mounds View Economic
Development Project Area
7. ADJOURN A.M.
Next Regularly Scheduled Meeting: To be Determined
N:\DATA\GROUPS\ECONDEV\EDC\Agendas\Agenda00\I0-27-OO.doc
Not Approved
Minutes of the Economic Development Commission
City of Mounds View
Ramsey County, Minnesota
Regular Meeting
September 28th, 2000
City of Mounds View,
Council Chambers
2401 Highway 10, Mounds View, MN 55112
CALL TO ORDER:
The meeting was called to order at 7:35 a.m. by Chairperson Tom Field.
2. ROLL CALL:
Members Present: Dr. Greg Belting, Cindy Carlson, Tom Field, Torri Johnson, Rosemary
Goff, Sean Walther, and Wendy Marty.
Members Absent: EDA Liaison Dan Coughlin
Staff Present: City Administrator Kathleen Miller, Economic Development Coordinator
Aaron Parrish, and Community Development Director Rick Jopke
3. APPROVAL OF MINUTES:
Motion/Second: Goff moved to approve the minutes for July 27th 2000.
Motion Carried: 7 Ayes 0 Nays
4. SPECIAL BUSINESS
Chair Field welcomed Mounds View's new City Administrator Kathleen Miller. City Administrator
Miller and members of the Commission introduced themselves.
5. REPORT OF COMMISSIONERS, STAFF AND EDA LIAISON
A. Commissioner and EDA Liaison Reports
Chair Field opened for discussion the possibility of changing the meeting date to something
other than the 0 Thursday of the month. After evaluating possibilities, the following motion
was made:
Motion/Second: Carlson / Belting moved have the next EDC meeting on Friday October, 27th at
7:30 am.
Motion Carried: 7 Ayes 0 Nays
Subsequent to the motion, the possibility of combining the November and December
meetings was discussed. The Commission agreed to evaluate this possibility at its next
meeting.
B. N& -MV Chamber of Commerce Update
N:\DATA\GROILJPS\ECONDEV\EDC\Nlinutes\MinOO\09-28-OO.doe
Nol Apr•�roved'
Coordinator Parrish discussed two items that the EDA has referred to the EDC for review.
First, he indicated that the EDA would like the EDC to evaluate potential options for the use
of pre -1997 interest earnings. Second, Coordinator Parrish indicated that the EDA has
directed the EDC to update the 1986 Economic Development Plan.
Adjournment
There being no further business before the Commission, this meeting of the Economic
Development Commission adjourned at 8:35 a.m.
Respectfully Submitted,
Aaron Parrish
Economic Development Coordinator
N:\DATA\GROUPS\ECONDEV\BDC\Minutes\MiriOO\09-28-OO.doc
Item No. 6A
Meeting Date: October 26", 2000
Type of Business: EB
EB: EDC Business
IN: Informational Item
City of Mounds View Staff Report
To: Economic Development Commission
From: Aaron Parrish, Economic Development Coordinator
Item Title/Subject: Evaluate and Recommend Use of Pre -1997 Interest Earnings
Date of Report: October 16, 2000
Background:
The Office of the State Auditor has determined that interest earnings on TIF funds prior to July 1, 1997,
herein referred to as pre -1997 interest earnings, are not subject to TIF restrictions. Mr. Jim O'Meara, the
EDA's TIF attorney, has reaffirmed this position. Subsequently, the EDA has directed the EDC to
evaluate potential options for the use of these funds. There is approximately $2,666,389 in such
earnings. However, this number can fluctuate based on a two factors. First, the number may decrease if
escrow earnings on refunded debt are taken out. Second, the figure may increase if items such as
interest earned on business loans and land acquisition purchased or entered into before July 1, 1997 are
included. At this point, it is recommended that t$2,666,389 be used since this is currently reported to the
OSA.
Ehlers and Associates, the EDA's Financial Advisor, has advised that the pre -1997 interest earnings be
transferred into a new or different fund. This will enable the pre -1997 interest earnings to be
distinguished from existing TIF funds. Additionally, it was suggested that a majority of the money not be
obligated and/or spent immediately. This is due to some issues currently outstanding with the Office of
State Auditor. More specifically, the OSA has been evaluating Mounds View's use of TIF for the
acquisition and renovation of the Community Center. If the EDA is found to be in non-compliance, one of
the potential penalties is repayment of all or part of funds associated with the non-compliant activity.
Additionally, the pre -1997 earnings have been accounted for with TIFfunds for several years. Depending
upon OSA interpretation, they may consider these funds tax increment. If that is the determination, then
these funds would have the same restrictions associated with TIF. Accordingly, it would be fiscally
prudent to wait for the OSA to evaluate TIF reports reflecting changes relative to the use of pre -1997
interest earnings prior to spending a significant amount of funds on non -TIF activities.
Preliminary Options:
After a review ofvarious planning initiatives and existing community needs, some preliminary options for
pre -1997 interest earnings could include:
1. Establishing a fund to provide for any future safety improvements, infrastructure, and/or
redevelopment associated with County Highway 10.
2. Establishing a fund for variety of future economic development and housing projects /
improvements throughout the City. This could include a revolving loan fund, funding for
economic development once the current TIF districts expire, housing programs and
replacement, or a range of other activities.
3. Transfer revenue to existing funds such as the General Fund or Special Revenue Funds
including the Cable TV, Community Center, DARE, Park Dedication, Special Projects (Street
Reconstructions etc...), Street Light, Surface Water, Vehicle and Equipment, and the
Lakeside Park Funds. Additional revenue would then be used to expand the activities of the
designated fund.
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Item No. 66
Meeting Date: October 261h, 2000
Type of Business: EB
EB: EDC Business
IN: Informational Item
City of Mounds View Staff Report
To: Economic Development Commission
From: Aaron Parrish, Economic Development Coordinator
Item Title/Subject: Proposed Modifications to the Tax Increment Redevelopment Plans for Tax
Increment Financing Districts Nos. 1, 2, 3, within the Mounds View Economic
Development Project Area
Date of Report: October 16, 2000
Background:
As the Commission is aware, for over a year the Office of the State Auditor has been reviewing Mounds
View's TIF records. While they have examined a range of issues, a particular emphasis has been placed
on the use of TIF for the Community Center. Aside from the concerns expressed by the OSA, City staff
identified some areas of our TIF administration that could be improved. In particular, the TIF budgets
reported in the OSA's annual "TIF Authority Reports" are not an accurate representation of what is
contained within Mounds View's TIF plans and subsequent modifications.
To address this issue, the EDA's financial advisor, Ehlers and Associates, was retained to evaluate and
determine existing TIF budgets based on the original TIF plans, subsequent modifications to the districts
and their respective budgets, and the 1994 Mounds View Economic Development Project. This analysis
has recently been completed and is included for your reference as Attachment 1. Please note that the
budgets included in Attachment may undergo some slight alterations prior to EDA review.
While the attached documents are essentially a restatement of what currently exists, we have elected to
go through the process of modifying the districts via the public hearing process for clarification purposes.
The EDC has typically evaluated and made a recommendation to the EDA when TIF districts are going to
be amended. While this situation is somewhat unique, it would still be appropriate for the EDC to evaluate
the proposed modifications.
Necessary Actions:
Evaluate and make a recommendation to the EDA regarding the proposed modifications to the Tax
Increment Redevelopment Plans for Tax Increment Financing Districts Nos. 1, 2, 3, within the Mounds
View Economic Development Project Area.
Aaron Parrish, Economic Development Coordinator
(763) 717-4029
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TABLE OF CONTENTS
(for reference purposes only)
SECTION I -MODIFICATION TO THE TAX INCREMENT REDEVELOPMENT PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. I ............................ 1-2
INTRODUCTION.............................................................1-2
DESCRIPTION OF PROPERTY IN TAX INCREMENT FINANCING DISTRICT NO. I .... 1-2
ESTIMATE OF COST.........................................................1-2
ESTIMATED AMOUNT OF LOAN/BONDED INDEBTEDNESS ...................... 1-2
SOURCES OF REVENUE ...................................................... 1-2
ADMINISTRATION OF TAX INCREMENT REDEVELOPMENT DISTRICT ............ 1-3
APPENDIX A - BOUNDARY MAP OF DEVELOPMENT DISTRICT AND
TAX INCREMENT FINANCING DISTRICT NO. I ................................ A-1
APPENDIX B - BUDGET HISTORY AND ESTIMATE OF PROSECT COSTS FOR
TAX INCREMENT FINANCING DISTRICT NO. I ................................ B-1
City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 1 1-1
W. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax
Increment Account
(As Modified November 13, 2000)
Administration of the tax increment financing redevelopment district will be handled by the City of
Mounds View's E.D.A. Executive Director.
Consistent with Minnesota Statutes, Section 469.177, Subdivision 5, requiring that "tax increment
received with respect to any district shall be segregated by the authority in a special account or
accounts on its official books and records or as otherwise established by resolution of the authority
to be held by a trustee or trustees for the benefit of holders of the bond," the EDA will account for all
increment for all increment from the Tax Increment Districts in on or more accounts and subaccounts,
including the ability where deemed appropriate to establish one or more accounts for the proper
accounting and implementation of the Tax Increment Financing Districts and the portion of the Project
to be financed directly or indirectly with tax increment. The right to make appropriate transfers in and
out of such accounts is hereby reserved, along with the tight to make both external and internal interest
bearing borrowings, whether long term or short term, including transfers from other City of EDA
funds to cash flow tax increment obligations and other legitimate expenditures.
City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 1 1-3
BUDGET HISTORY AND MODIFIED ESTIMATE OF PROJECT COSTS
TAX INCREMENT FINANCING DISTRICT NO. I
APPENDIX B -I
As of October 13, 2600
Draft for Filing Fiscal Implications
MODIFICATION TO THE
TAX INCREMENT REDEVELOPMENT PLANS
for
TAX INCREMENT DISTRICT NO. 2,
(a redevelopment district)
MOUNDS VIEW
ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MOUNDS VIEW
RAMSEY COUNTY
STATE OF MINNESOTA
Originally Adopted: February 22, 1988
Modified on May 9, 1994
Modified on April 14, 1997
Modified on August 14, 2000
Public Hearing on the Modification: November 13, 2000
Prepared by:
EHLERS AND ASSOCIATES, INC.
3060 Centre Pointe Drive
Roseville, Minnesota 55113
Phone: (651) 697-8500
Fax: (651) 697-8555
E-mail: info@ehlers-inc.com
Web Site: www.ehiers-inc.com
SECTION I
MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR
TAX INCREMENT FINANCING DISTRICT NO. 12
INTRODUCTION
(As Modified November 13, 2000)
a v
The following is a modification to the ax Increment Redevelopment Plan (the "Plan") for Tax
IncrementDistric6 [o. Generally,ther re no substantive modifications tothe Tax Increment Plan
for Tax Increment Financing District The purpose of the modification is to attempt to bring
the Plan into compliance with the Office of the State Auditor requirements as they are understood at
this point in time. The following subsections are being modified in an attempt to clarify the Plan and
clarify and restate the budgets in the Office of the State Auditor's required format.
D. Description of Property in the Tax Increment Financing District No. 2
The modification affects no change in the geographical boundaries of Tax Increment Financing
District No. 2.
G. Estimate of Costs
(As Modified November 13, 2000)
The budget history and estimate of authorized public costs associated with this project are
outlined in Appendix `B", Budget History and Estimate of Project Costs.
H. Estimated Amount of Loan/Bonded Indebtedness
(As Modified November 13, 2000)
The City reserves the right to incur bonded indebtedness or other indebtedness as a result of the
Modified Plan. The projects have been financed by bond issues, inter -fund loans and transfers.
Additional indebtedness may be required to finance other authorized activities. The total
principal amount of bonded indebtedness or other indebtedness related to the use of tax
increment financing will not exceed -$36,000,000 without a modification to the Plan pursuant to
applicable statutory requirements.
See Appendix `B" of this Plan.
I. Sources of Revenue
(As Modified November 13, 2000)
The principal source of revenue to be used to finance public costs associated with the projects
in the redevelopment project is tax increment financing. The. City reserves the right to use
other sources of revenue legally applicable to the Modification to the Municipal Development
District Plan and the Modified Plan, including, but not limited to, general property taxes, state
aid for road maintenance and construction, proceeds from the sale of land, other contributions
from the developer, investment income, and undesignated municipal funds to pay for the es -
City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 2 1-2
Mounds View E.D.A.
APPENDIX B
TAX INCREMENT REDEVELOPMENT DISTRICT NO. 2
Budget History and Estimate of Project Costs
Hwy 10 Proj Budget Add Dist #4 Add Dist #1 Confirmation
Original Combination Budaet mod Mermaid Proi Modification
10/13/00 Prepared by: Ehlers & Associates
02/22/88
05/09/94
04/14/97
08/14/00
11/13/00
Tax Increment
$4,401,800
$4,401,800
$4,401,800
Interest on invested
$0
Bond Proceeds
$1,180,000
$28,075,000
$4,290,000
$3,205,819
$35,570,819
Loans Proceeds
$4,290,000
$3,205,819
$7,495,819
Real estate sales
$0
Special assessments
$0
Other Revenue & Increments
$56,491,600
$4,290,000
$4,705,819
$65,487,419
$0
$0
$0
Transfers
$56,491,600
$4,290,000
$4,705,819
$65,487,419
Total Sources
$5,581,800
$145,460,000
$17,160,000
$15,823,276
$178,443,276
Land/bldg
$715,000
$9,715,000
$2,419,369
$1,736,700
$13,871,069
Site prep
$700,000
$220,506
$920,506
Utilities
$50,000
$3,180,000
$698,807
$3,878,807
Parking
$0
$150,000
$150,000
Streets
$500,000
$500,000
Park
$0
$0
Social
$4,860,000
60,000
Interest reduction
$0
$0
Bond principal
$1,180,000
$28,075,000
$4,290,000
$3,205,81970,819
K$22,368,400
Bond interest
$1,186,600
$20,868,400
$1,500,000
Loan principal
$0
$4,290,000
$3,205,81995,819
Loan interest
$0
$0
Admin
$55,000
$595,000
$390,000
$100,000
$1,085,000
Other
$0
$0
Bond discounts
$25,000
$175,000
$175,000
Renovation
$0
$1,110,125
$433,992
$1,544,117
Congingencies
$300,000
$300,000
Project Costs
$20,000,000
$20,000,000
Demolition
1
$0
$110,000
$110,000
Soil Correction
$0
$126,320
$126,320
Transfers
$56,491,600
$4,290,000
$4,705,819
$65,487,419
Total Uses
3,211,600
145,460,000
$17,160,000
15,823,276
$178,443,276
Sources -Uses
$2,370,200
$0
$0
$0
$0
10/13/00 Prepared by: Ehlers & Associates
TABLE OF CONTENTS
(for reference purposes only)
SECTION I - MODIFICATION TO THE TAX INCREMENT REDEVELOPMENT PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 3 ............................
1-2
INTRODUCTION.............................................................1-2
DESCRIPTION OF PROPERTY IN TAX INCREMENT FINANCING DISTRICT NO. 3 ....
1-2
ESTIMATE OF COST.........................................................1-2
ESTIMATED AMOUNT OF LOAN/BONDED INDEBTEDNESS ......................
1-2
SOURCES OF REVENUE ......................................................
1-2
ADMINISTRATION OF TAX INCREMENT REDEVELOPMENT DISTRICT ............
1-3
APPENDIX A - BOUNDARY MAP OF DEVELOPMENT DISTRICT AND
TAX INCREMENT FINANCING DISTRICT NO. 3 ................................ A -I
APPENDIX B - BUDGET HISTORY AND ESTIMATE OF PROJECT COSTS FOR
TAX INCREMENT FINANCING DISTRICT NO. 3 ................................ B-1
City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 3 1-1
timated public costs.
Appendix B includes a detailed estimate of the Sources of Revenue being authorized for the
District.
W. Administration of the Tax Increment Financing Redevelopment District and Maintenance of the Tax
Increment Account
(As Modified November 13, 2000)
Administration of the tax increment financing redevelopment district will be handled by the City of
Mounds View's E.D.A. Executive Director.
Consistent with Minnesota Statutes, Section 469.177, Subdivision 5, requiring that "tax increment
received with respect to any district shall be segregated by the authority in a special account or
accounts on its official books and records or as otherwise established by resolution of the authority
to be held by a trustee or trustees for the benefit of holders of the bond," the EDA will account for all
increment for all increment from the Tax Increment Districts in on or more accounts and subaccounts,
including the ability where deemed appropriate to establish one or more accounts for the proper
accounting and implementation of the Tax Increment Financing Districts and the portion of the Project
to be financed directly or indirectly with tax increment. The right to make appropriate transfers in and
out of such accounts is hereby reserved, along with the tight to make both external and internal interest
bearing borrowings, whether long term or short term, including transfers from other City of EDA
funds to cash flow tax increment obligations and other legitimate expenditures.
City of Mounds View Modification to the Redevelopment Plan for Tax Increment District No. 3 1-3
APPENDIX B
BUDGET HISTORY AND MODIFIED ESTIMATE OF PROJECT COSTS
TAX INCREMENT FINANCING DISTRICT NO. 3
APPENDIX
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