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HomeMy WebLinkAbout12-01-2000ECONOMIC DEVELOPMENT COMMISSION AGENDA December 1" 2000 7:30 A.M. MOUNDS VIEW CITY HALL - CITY COUNCIL CHAMBERS 1. CALL TO ORDER A.M. 2. ROLL CALL (Present = P, Absent = A) Belting Marty Walther Carlson Field Coughlin (EDA Liaison) Goff Ericson (Staff) Johnson Parrish (taffy 3. APPROVE EDC MINUTES Sepptember 281h, 2000 Motion Acfion: Second Vote 4. SPECIAL BUSINESS A. Welcome New Community Development Director Jim Ericson—No Materials Attached 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. Term Expirations/Commission Vacancies —No Materials Attached D. Next Meeting --No Materials Attached 6. EDC BUSINESS A. Use of Pre-1997 Interest Earnings 7. ADJOURN A.M. Next Regularly Scheduled Meeting: To be Determined N:\DATA\GROUPS\ECONDEV\EDC\Agendas\Agenda00\12-1-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, Tom 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 4th 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, 27`h 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. NB—MV Chamber of Commerce Update N:\DATA\GROUPS\ECONDEV\EDC\Minutes\Min00\09-28-OO.doe Not Approved' Commissioner Belting indicated that the Chamber will be sponsoring a'Business After Hours" at Irondale High School on Thursday October 12, 2000. Commissioner Carlson discussed the goals and objectives of the event, and stated that this will kick off a fundraiser for Irondale High School to update equipment related to manufacturing careers. C. Walgreens Approval Coordinator Parrish told the Commission that Walgreens had been granted development stage approval of their PUD application. He indicated that once the PUD application received administrative approval and the final plat was finalized, the development could begin construction. D. Mermaid TIF Assistance and Development Review Coordinator Parrish updated the Commission on the current status of the Mermaid development. He indicated that the project would be reduced in scope due based on financial constraints. Based on plans submitted to the City, the hotel will be reduced from 96 to 70 rooms. Portions of the Banquet Center will be reduced as well. 6. EDC BUSINESS A. Annual Parcel Decertification Coordinator Parrish indicated that Mounds View's TIF policy requires an annual review of parcels that could potentially be decertified from existing TIF districts. The Commission discussed the fact that many potential projects, including Highway 10 redevelopment and safety improvements could be accomplished with TIF dollars. After reviewing parcels in the existing TIF districts, the following motion was made: Motion/Second: Johnson / Carlson moved not to decertify any parcels from existing TIF districts. Motion Carried: 7 Ayes 0 Nays B. Pooled Funds Budgetary Recommendation Coordinator Parrish indicated that the recently adopted TIF Policy requires the EDC to evaluate the use of "pooled increment" on an annual basis. The following was presented as a preliminary budget: 7050 Capital / Real Estate I Highway 10 Construction Improvements �bU,000 v .nnital / Real Estate Housinq Rehab Program $160,000 7060 Business Loans Business Improvement Partnership Loans I $25 000 � TOTAL After reviewing the budget prepared by staff, the following motion was made: Motion/Second: Carlson/Goff moved to recommend the budget as presented to the EDA Motion Carried: 7 Ayes 0 Nays C. Additional Agenda Items N:\DATA\GROUPS\ECONDEV\EDC\N4inutcs\MinOO\09-28-OO.doe Not Approved 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\EDC\Minutcs\MinOO\09-28-OO.doc Item No. 6A Meeting Date: December 1st, 2000 Type of Business: EB EB: EDC Business IN: Informational Item of Mounds View Staff 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 $2,276,116 in such earnings (note that this projection has been revised from the October report). 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 $2,276,116 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 l 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 TIF funds 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 of various 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, mobile home park revitalization, 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 Reconstruction 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. City of Mounds View Staff Report November 21s`, 2000 Page 2 4. Keep pre -1997 interest earnings in existing TIF funds to be spent on TIF eligible activities. 5. A combination of the aforementioned options. 6. Other suggestions. Policy Issues: The expenditure of public resources represents a significant policy decision. Accordingly, certain questions require consideration including: • Does the source of revenue (funds associated with TIF) align with proposed expenditures and/or fund? What are current community priorities and (Infrastructure, Redevelopment, Aesthetic Improvements? Redevelopment? Housing Development/Redevelopment? Other? Financial Considerations: needs? Parks and Trails? County Highway 10 Enhancements, Safety Concerns)? Street Revitalization? Future Residential and Business Spreadsheets highlighting available cash, future increment projections, and existing obligations for each of the three TIF districts has been included for your review as Attachment 1. Aside from the monetary amount of funds that could be transferred out, two other financial issues should be addressed. First, if funds are transferred out, would there be a revenue shortfall? If so, how would the revenue shortfall be funded? One option would be to borrow money from an existing City fund to be repaid with future increments. This is commonly referred to as an intertund loan. Second, the potential impact on existing TIF funds and related programs needs to be assessed. Spreadsheets highlighting the impact of transferring $2,276,116 (spreadsheets based on transferring out $2.6 million) out of the TIF districts have also been attached for your review as Attachment 2. Finance Director Bruce Kessel will be available to provide further clarification and to address any questions that the Commission may have. Finally, a long-term financial plan for future TIF funds should be considered regardless of whether funds are transferred. This may be done in conjunction with the forthcoming Economic Development Plan when economic development priorities and programmatic objectives are further articulated. Necessary Actions: Evaluate and recommend a use for pre -1997 interest earnings to the EDA Aaron Parrish, Economic Development Coordinator (763) 717-4029 Attachment 1: Existing TIF Projections Attachment 2: TIF Projections Illustrating the Impact of Transferring out $2.6 million. avv or DUMB Fla - ray Lit - RVB� NiN IN iN iN IN iN iNiN iN iN iN iN IN IN iNI ai z I b I b I b b b I Oo _ ll M MV'L ei M M M M O 'ct 4+ P M w h h f• M d' d' V V d� �f d' d' V N b N H Nor. T MIO d' d'iN V1 �Ioo.N Ted' 7 b W � G �I� !w wloo rn O�Im b Wino N � � - mW H 'Il W - N tO V hib VIIM M bi'!) � OiVI Or y _ .a w cil - �O'T .-+ Mid T NiO •+ d.!O � MIT M �p O r � O M d'Ia0 h I01 C O OI~ h WHO o �mIN 00 y y bIT ^ MSM N N oo b brd' M.v rn 04 a T hrN T N Ti0 N brM h Mrb ti . P. 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