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02 <br /> Housing and Redevelopment Authority Meeting Minutes <br /> • June 24, 2003 - <br /> Page 2 <br /> 1 "tired properties" would generate considerable tax revenue for the City. She added that Autumn <br /> 2 Woods was already a part of the community; therefore, the City knew they were an enhancement <br /> 3 to the neighborhood. <br /> 4 <br /> 5 Chair Hodson invited residents to come forward at this time to address the HRA regarding this <br /> 6 item. No one came forward <br /> 7 <br /> 8 Chair Hodson stated that the City was fortunate to have had a previous HRA acquire this <br /> 9 property. He added that this needed to be happening continually in the redeveloping of Saint <br /> 10 Anthony Village to bring it back to being a competitive city. <br /> 11 <br /> 12 Commissioner Faust stated that in 1996 there were five properties that gave the City large <br /> 13 amounts of trouble, and the City had been able to obtain those properties. He felt this was <br /> 14 quintessential economic development by a local unit of government. He stated that taxes should <br /> 15 be affected for only three years; and it epitomized good planning, a bit of luck and willingness to <br /> 16 "bite the bullet"when needed. He, too, indicated pride in the previous Council. <br /> 17 <br /> 18 Chair Hodson closed the public hearing at 8:07 p.m. <br /> 19 <br /> Motion by Commissioner Faust to adopt H.R.A. Resolution 03-014, approving the sale of <br /> properties located on Kenzie Terrace owned by the St. Anthony Village HRA. <br /> 22 <br /> 23 Motion carried unanimously. <br /> 24 <br /> 25 IV. GENERAL POLICY BUSINESS OF THE H.R.A. <br /> 26 A. H.R.A. Resolution 03-013, re: Decertification of Kenzie Terrace Tax Increment District. <br /> 27 It was recommended by Ehlers and.Associates that the City of St. Anthony take action to <br /> 28 decertify the Kenzie Terrace Tax Increment Finance District for the following reasons: <br /> 29 <br /> 30 1. The bonds issued to finance the redevelopment would be callable February 1, <br /> 31 2004, and the City had adequate cash to pay the outstanding debt. Therefore, all <br /> 32 debt associated with the City Hall/Community Center Building would be retired. <br /> 33 In addition, by calling the bonds, interest expense of$235,315 would be saved. <br /> 34 2. Under the current law, other than for the City Hall/Community Center Bonds, the <br /> 35 increment from the District could not be used for other purposes outside of the <br /> 36 TIF District boundaries. <br /> 37 3. Decertifying the District would place the property back on the City's tax roles. <br /> 38 This would provide a significant increase to the City's tax capacity, and the City's <br /> 39 expenses would be spread across a larger tax base. Therefore, the tax burden <br /> 40 would decrease, and the impact of future debt would not be as significant. <br /> 41 4. Decertification of Kenzie reduced the tax impact of the costs associated with the <br /> 0 building of the new Public Works and Fire Station buildings. <br />