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21 <br /> 85 E. SEVENTH PLACE,SUITE 100 <br /> SAINT PAUL,MN 55101-2887 <br /> 651-223-3000 FAX:651-223-3002 SPRINGSTED <br /> . + — Public Finance Advisors <br /> 'MEMORANDUM <br /> TO: Michael J. Mornson, City Manager <br /> Mayor and City Council, St. Anthony Village <br /> FROM: Paul T. Steinman, Vice President, Springsted <br /> Robert Thistle, Executive Vice President, Springsted <br /> DATE: May 8, 2000 <br /> SUBJECT: Hillcrest/Apache Redevelopment Proposal <br /> The purpose of this letter is to provide an outline of primary discussion points of the <br /> Hillcrest/Apache proposal for the City Council worksession on May 15, 2000. <br /> Our recommendation of the primary discussion points is as follows: <br /> • The Councils position on dropping certain parcels from the existing Tax <br /> Increment District and creating a new Tax Increment District proposed to <br /> include Apache Plaza and several surrounding parcels. <br /> ■ Early analysis indicates that dropping certain parcels from the existing District <br /> will not have a negative impact on the increment generated and therefor <br /> should not have a negative impact on the City's ability to pay its bonds <br /> backed by increments received from this District. <br /> ■ Creating a new District will require the City to make findings regarding its <br /> belief that the area proposed for the new District meets statutory tests for <br /> "substandard" and "blight". <br /> ➢ Recommendation - that the developer -guarantee coverage of any <br /> shortfall that may .occur in increment from the existing District thereby <br /> affecting the City's ability to pay debt service on the bonds in this District <br /> ➢ Recommendation — that an outside firm be used to conduct a blight <br /> analysis for statutory qualification of the proposed District. <br /> • The Councils position, on the amount of increment to provide to the <br /> developer for this project. <br /> ■ This is likely the most difficult public policy question that carries with it a very <br /> challenging range of additional issues. These are as follows: <br /> o Amount of increment relates to the quality of development. <br /> SAINT PAUL,MN • MINNEAPOLIS,MN 9 MILWAUKEE,WI • OVERLAND PARK.KS 9 WASHINGTON,DC • DES MOINES,IA <br />