PL PACKET 12182001 - Laserfiche WebLink

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The additional new expenditures of tax increment authorized hereby with respect to the development or redevelopment of certain property subject to the Redevelopment Plans are as follows: Property/Activity Expenditure New to Plan Purchase and removal of Hardee's property at 4004 Silver Lake Road to prepare for redevelopment $360,000 New to Plan Purchase and removal of Exhaust Pro property at 4000 Silver Lake Road to prepare for redevelopment $500,000 New to Plan Purchase and removal of Dick's Phillips 66 gas station property at 2700 Kenzie Terrace to prepare for redevelopment $500,000 In existing Plan Additional authorized expenditures with respect to the Apache Plaza redevelopment to pay for consultants fees and other redevelopment activities $200,000 TOTAL $1,560,000 The use of tax increment derived from the Chandler District to pay the costs described above is hereby authorized.. Such costs are in addition to any costs previously authorized by the Financing Plan for the Chandler District to be paid from the increment from the Chandler District. 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 Master Modification 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 Districts 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 Metropolitan Airports Commission and the Metropolitan Mosquito Control District(the local government units). After the establishment and during the continuation of the Chandler District, as a result of the Redevelopment Projects and the implementation of the Redevelopment Plans and the improvements in the Chandler District there has been an increase in the tax capacity of the taxable property in the Districts. If the tax increments derived from the Chandler District are not applied to pay the additional expenditures described herein, certain of the Districts would terminate earlier than would otherwise be the case assuming ad valorem taxes are paid with respect to the taxable property in the Districts in the anticipated amounts. Upon such termination such increased tax capacity would be available for taxation by the local governmental units. However, as a result of the Master Modification and this 2002 Amendment thereto such increase in tax capacity will not be available for taxation by the local governmental units until a later date with respect to certain of the Chandler District. 3