CC PACKET 08282001 - Laserfiche WebLink

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The property which the HRA intends to acquire with tax increment revenue from the Chandler District is the Custom Liquidators property located at 2654 Kenzie Terrace in the City of St. Anthony (the "Custom Liquidators Property"). The Custom Liquidators Property is presently included in the area subject to the Redevelopment Plans pursuant to the Master Modification. II. STATEMENT OF NEED AND OBJECTIVES The acquisition of the Custom Liquidators Property will aid in the redevelopment of the Custom Liquidators Property in a manner beneficial to the residents of the City and consistent with the objectives of the HRA as stated in Redevelopment Plans and which will meet the needs specified in Redevelopment Plans. III. ADDITIONAL EXPENDITURE OF TAX INCREMENT Additional expenditures of tax increment authorized by this 2001 Amendment include costs associated with acquisition of the Custom Liquidators Property. At this time the HRA has identified the Property as property to be acquired by the HRA and amends the budget for-the Ctiaridler District to auihorize-the'expenditure of tax increment revenuefromAhe Chandler District in the amount of up to $800,000 to acquire and improve'the Custom - -, Liquidators Property. Such authorization represents a net increase of$600,000 in-authorized expenditures of tax increments from the Chandler District. ® The use of tax increment derived from the Chandler District to pay the costs of acquisition of the Custom Liquidators Property is hereby authorized. Such costs may be paid directly from tax increment derived from the Chandler District, or may be paid indirectly from tax increment derived from the Chandler District, by the payment of debt service on a loan or loans made by the City to the HRA or by the HRA to finance such cost. Any such loan made by the City or HRA will be repaid, with interest, from the tax increment derived from the Chandler District. Other than the loan or loans from the City or the HRA, 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 Chandler District authorized by this 2001 Amendment 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 Chandler District are located are Independent School District No. 282, Ramsey County, the HRA, and various metropolitan area authorities, including the Metropolitan Council, the Metropolitan Transit Commission, the • -2- .