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CC PACKET 09121995
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CC PACKET 09121995
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12/30/2015 6:25:48 PM
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12/30/2015 6:25:42 PM
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SP Box #
22
SP Folder Name
CC PACKETS 1994-1998
SP Name
CC PACKET 09121995
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�1 MEMORANDUM <br /> DATE: August 29, 1995 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: HELLICKSON ADDITION/TIF PROJECT <br /> In July of 1993, the St. Anthony Housing and Redevelopment Authority (H.R.A.) entered.into <br /> a redevelopment agreement to upgrade an area of the City known as the Hellickson Addition. <br /> The intention of the H.R.A. and the City was to assist with redevelopment of the property <br /> located at 3901 Silver Lake Road. The objectives of the project included: <br /> A. Securing prompt renovation of the property which at the time <br /> included a portion which was not in use. <br /> B. Secure additional employment opportunities. <br /> C. Increase the valuation of the property which decreases the <br /> tax burden. <br /> Pursuant to the contract, the H.R.A. issued a Limited Revenue Tax Increment Note in the <br /> amount of$130,000.00 at an interest rate of 9% per annum. Under the terms of the agreement, <br /> on August 1st and February 1st of each year, the H.R.A. is to make payment to the developer <br /> from tax increment monies generated by the district. The note will mature February 1, 2005 or <br /> until payment of the bond is completed . <br /> In July of 1995, the City's tax settlement included tax increment revenues from the district <br /> totaling $6,845.12 (this is the first year the City received monies from this district). Based on <br /> the contract the H.R.A. entered into, a payment is now due the developer. <br /> Jerry Gilligan from Dorsey & Whitney has confirmed the terms of the agreement. It should be <br /> noted that it is recommended that 10% of each years revenues be retained to cover <br /> administrative expenses associated with the project. <br /> Recommendation: <br /> The Housing and Redevelopment Authority approve payment to Raymond A. Hellickson in the <br /> amount of $ 6,160.61 ($ 6,845.12 less 10% retainage = $ 6,160.61). <br />
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