CC PACKET 07281992 - Laserfiche WebLink

Home Browse Search

II. STATEMENT OF NEED AND OBJECTIVES The inclusion of the Additional Property in the area subject to the Redevelopment Plan will aid in the redevelopment of the Additional Property in accordance with the Redevelopment Project and in a manner beneficial to the residents of the City and consistent with the objectives of the HRA as stated in the Redevelopment Plan, all of which will meet the needs specified in the Redevelopment Plan. III. ADDITIONAL EXPENDITURE OF TAX INCREMENT The public redevelopment costs proposed to be paid by the HRA or City with respect to the Additional Property and the other area subject to the Redevelopment Plan from tax increment derived from the District consists of the acquisition of a portion of the Additional Property, the construction of streetscape improvements and pedestrian improvements on Kenzie Terrace and of landscape buffers and features. The total costs of such land acquisition and improvements is presently estimated to be $1,000,000. The proposed land to be acquired and the location of the proposed improvements are shown on Exhibit A hereto. The use of tax increment derived from the District to pay the public redevelopment costs with respect to the Additional Property described herein is hereby authorized. Such costs are expected to be paid directly.from tax increment derived from the District or by the payment of debt service on loans by the HRA or City to the account of the HRA for the District. Any such loan will be repaid, with interest, from tax increments derived from the District. Other than any such loans, it is not expected that any obligations will be issued by the City or HRA to finance such costs. IV. FISCAL AND ECONOMIC IMPLICATIONS OF ADDITIONAL EXPENDITURES It is estimated fiscal and economic implications of the additional expenditures of tax increment revenue derived from the District for the public redevelopment costs described in III. above will be as follows: - The local governmental units other than the City which are authorized by law to levy ad valorem property taxes in the area where the District is located and Independent School District No. 282, Hennepin County, the HRA, and various metropolitan area authorities, including the Metropolitan Council, the Metropolitan Transit Commission, the Metropolitan Airports Commission and the Metropolitan Mosquito Control District (the local government units). -2-