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HomeMy WebLinkAbout08-14-2000M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\08-14-00\Agenda -- EDA.doc CITY OF MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY MONDAY, AUGUST 14, 2000 AGENDA ROLL CALL: President Coughlin, Vice President Stigney, Commissioner Marty, Commissioner Quick, Commissioner Thomason 1. AGENDA ADDITIONS: 2. APPROVAL OF MINUTES A. July 24, 2000 3. SPECIAL ORDER OF BUSINESS: None 4. CONSENT AGENDA 5. EDA BUSINESS A. Consideration of Resolution 00-EDA-132 Approving Economic Development Project and Tax Increment Financing Amendments 6. REPORTS 7. ADJOURNMENT M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\08-14-00\Agenda -- EDA.doc PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting July 24, 2000 Mounds View City Hall 2401 Highway 10, Mounds View, MN 55112 7:43 P.M. CALL MEETING TO ORDER ROLL CALL: Coughlin, Quick, Stigney, and Thomason. NOT PRESENT: Marty. 1. AGENDA ADDITIONS A. Approve agenda of July 24, 2000 President Coughlin asked the Commission if anyone would like to add items to the agenda. MOTION/SECOND: Thomason/Quick. To approve the agenda of EDA for July 24, 2000, as presented. Ayes – 4 Nays – 0 Motion carried. 2. APPROVAL OF EDA MINUTES A. Approve minutes of June 12, 2000. President Coughlin noted Commissioner Thomason has requested the ability to abstain since she was not present at that meeting. MOTION/SECOND: Quick/Stigney. To approve the minutes of EDA for June 12, 2000, as presented. Ayes – 3 Nays – 0 Abstain - 1 (Thomason) Motion carried. 3. SPECIAL ORDER OF BUSINESS None. Mounds View EDA July 24, 2000 Regular Meeting Page 2 4. CONSENT AGENDA None. 5. EDA BUSINESS A. Consideration of Resolution Designating EDA Financial Advisor and Authorizing the Expenditure of Tax Increment Funds for Professional Services. Economic Development Coordinator Parrish stated the Office of the State Auditor’s TIF Division (OSA) has been conducting a review of Mounds View’s TIF records, reports, and practices for approximately a year. This was not an official audit, rather it was a review that many cities undergoing. Throughout the course of their evaluation, the OSA requested and the City produced a substantial number of documents. He advised that while a range of issues were addressed and reconciled, in the end the OSA’s primary concern was with the accounting and reporting of funds in the OSA’s TIF Authority Reports and the City’s Comprehensive Annual Financial Report. The OSA’s particular concerns are expressed in their two most recent letters. In essence, there was a disparity between the way expenditures were reported in the OSA’s 1998 Authority Report and the City’s 1998 Comprehensive Annual Financial Report (CAFR). The numbers are in agreement. Thus, the difference is in form rather than substance. It was suggested by the OSA that the City amend the TIF plans to incorporate transfers into the respective TIF budgets to prevent any future non-compliance situations. Additionally, in the process of researching information for the OSA, staff did identify a few deficiencies that also need to be addressed. In particular, TIF budgets need to be clarified for reporting purposes and modified to reflect potential future expenditures. The City’s TIF attorney, James O’Meara, recommended the City retain the services of a financial consultant to address the issues identified by both the City and OSA. After discussions with several firms, Ehlers & Associates was the only firm identified with the capacity and expertise to adequately assist Mounds View on the above referenced matters. Ehlers & Associates provides a range of public financial advisory services, and are particularly well known for their expertise in the area of tax increment finance. Aside from this particular project, staff would like to solidify the relationship with Ehlers & Associates by designating them as public finance advisors to the EDA. MOTION/SECOND: Quick/Thomason. To Waive the Reading and Approve Resolution No. 00-EDA-131, a Resolution Authorizing the Expenditure of Tax Increment Funds for Professional Services and Designating EDA Financial Advisor. Vice President Stigney noted two firms that have been used in the past and asked if they had been Mounds View EDA July 24, 2000 Regular Meeting Page 3 contacted. Economic Development Coordinator Parrish advised that Community Partners has been used and were contacted but indicated a willingness to not become involved in this since it goes beyond their expertise. Casserly, Molzahn & Associates, which merged with Casman and Rowe, has limited their work somewhat in this regard as well. He stated Ehlers & Associates allows the City to get into the accounting and day-to-day activity and is highly regarded related to TIF activity. President Coughlin stated he has been impressed with the work of Ehlers & Associates and understands they have a high reputation in the field of TIF. Ayes – 4 Nays – 0 Motion carried. 6. REPORTS President Coughlin stated an EDC meeting will be held Thursday, July 27, 2000, at 7:30 p.m. and the meeting will be televised. No other reports were considered. 7. ADJOURNMENT President Coughlin adjourned the meeting at 7:50 p.m. Respectfully submitted, Recorded and transcribed by: Carla Wirth TimeSaver Off Site Secretarial, Inc. Item No. 5A Meeting Date: August 14th, 2000 Type of Business: EDA WK: Work Session; PH: Public Hearing; CA: Consent Agenda; EDA: EDA Business City of Mounds View Staff Report To: Mounds View Mayor and City Council From: Aaron Parrish, Economic Development Coordinator Item Title/Subject: Consideration of Resolution No. 00-EDA-132 Approving Economic Development Project and Tax Increment Financing Plan Amendments Date of Report: August 7, 2018 Background: Economic Development Authority Agenda Item 5A and Council Agenda Item 10C are one in the same. Accordingly, no additional information has been provided for the EDA’s consideration at this point. Should the proposed modifications be adopted, procedurally it is necessary for both the Council and EDA to do so. Economic Development Authority Resolution No. 00-EDA-132, Approving Economic Development Project and Tax Increment Financing Plan Amendments, has been included for your review. Necessary Actions: Consider Resolution 00-EDA-132 Approving Economic Development Project and Tax Increment Financing Plan Amendments. ______________________________________ Aaron Parrish, Economic Development Coordinator (763) 717-4029 Attachment #1: Resolution No. 00-EDA-132 Approving Economic Development Project and Tax Increment Financing Amendments N:\DATA\GROUPS\ECONDEV\EDA\Staff Reports\Staff 00\08-14 Item 5A.doc RESOLUTION NO. 00-EDA-132 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING ECONOMIC DEVELOPMENT PROJECT AND TAX INCREMENT FINANCING AMENDMENTS BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Mounds View Economic Development Authority (the “EDA”), as follows: Section 1. Recitals. 1.01. It has been proposed that the EDA amend the Project Plan for the EDA’s Mounds View Economic Development Project (the “Project”) and amend the tax increment financing plans for the tax increment financing districts heretofore established within the Project to reflect increased development goals, activities, expenses and bonded indebtedness; all pursuant to Minnesota Statutes, Sections 469.001 through 469.047, 469.090 through 469.108, 469.124 through 469.134, and 469.174 through 469.179, respectively (collectively, the “Plans”), and all as reflected in the certain document entitled in part “Amendments Relating to the Mounds View Economic Development Project of the Mounds View Economic Development Authority,” dated August 14, 2000, and presented for the Board’s consideration. 1.02. The Board has investigated the facts relating to the Plans and has caused the Plans to be prepared. 1.03. The EDA has performed all actions required by law to be performed prior to the adoption and approval of the Plans, and has also requested that the Mounds View City Council hold a public hearing on and thereafter consider approving the Plans. Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Board herby finds that the Plans are in the public interest and that the proposed development would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary; that the Plans conform to the general plan for the development or redevelopment of the City as a whole; and that the Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Mounds View Economic Development Project by private enterprise. 2.02. The Board further finds that the Plans are intended and, in the judgment of the Board, their effect will be, to promote the public purposes and accomplish the objectives specified in the tax increment financing plans and the Project Plan for the Mounds View Economic Development Project. 2.03. The bases, reasons, supporting and justifications for the findings made in the Plans and this Resolution include (a) the nature and location of the various properties to be improved, the deficiencies respecting those properties, and the development and redevelopment needs of the City, all of which necessitate tax increment and related public assistance in order to M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\08-14-00\Item No. 05A--Approving Economic Dev Project & TIF Amendments--Aaron Parrish.doc facilitate the desired improvements; (b) the extensive tax increment application materials and justifications provided by or on behalf of The Mermaid; and (c) the long period over which The Mermaid and the City have discussed and negotiated over this tax increment redevelopment project. Section 3. Approval and Adoption of the Plans. 3.01. The Plans, as presented to the Board on this date, are hereby approved, ratified, established, and adopted; provided that the foregoing approval is conditioned upon approval thereof by the City Council following its public hearing thereon. Adopted by the Board of Commissioners of the Mounds View Economic Development Authority on August 14, 2000. Commissioner _______ moved the adoption of the foregoing resolution, which motion was duly seconded by Commissioner ________, and upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: ______________________________________ Dan Coughlin, President ______________________________________ Michael Ulrich, Interim EDA Executive Director