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City Council Regular Meeting Minutes <br /> November 13, 2001 <br /> Page 3 <br /> are paid for with tax-increment proceeds: Community Center portion of the building(paid for by <br /> 2 the Kenzie Terrace tax-increment), and Apache Plaza. <br /> 3 <br /> 4 Mornson stated that the bad news was that they have a reduction in revenues. He added that the <br /> 5 good news was that there is additional increment beyond the bond payment to pay for the debt, <br /> 6 which means that they have the ability to transfer from a healthy Tax-increment District to a <br /> 7 non-healthy district to pay off the debt. <br /> 8 <br /> 9 Mornson added that, when they negotiated the tax-increment package with Super Valu, they <br /> 10 negotiated a Short-fall Agreement which states that, if there is ever any short-fall in any year <br /> 11 with the amount of increment that they need to pay off their debt, Super Valu is liable for that <br /> 12 debt. Mornson added that would be their first recourse. <br /> 13 <br /> 14 Mornson indicated that the only decision to make this evening was to determine if they wanted <br /> 15 to include the purchasing of the Hardee's property and the Exhaust Pro property, as well as the <br /> 16 Phillips 66 Gas Station in a redevelopment pattern. If so, Mornson continued,then they needed <br /> 17 to hold a hearing, put the properties in their budget, and then they would have the ability to <br /> 18 purchase the properties and remove them. <br /> 19 <br /> 20 Mayor Pro Tem Horst asked what needed to happen in terms of time-line. Mornson stated that <br /> 21 Paul Steinman, Springsted, Inc. would come forward to review his TIF Cash Flow Analysis. <br /> 0 Steinman stated that they came in after major tax-reform and examined the four active Tax- <br /> 24 increment Districts in the City if St. Anthony and estimated, to the best of their abilities, where <br /> 25 they are going from this point forward, given tax-reform. <br /> 26 <br /> 27 Review of the four active TIF Districts: <br /> 28 Kenzie Terrace (#1950) <br /> 29 Annual Tax Increment-2001 $452,590 <br /> 30 Annual Tax Increment- 2002 $423,628 <br /> 31 Community Center Bond Payment ($246,588) <br /> 32 Annual Surplus $177,040 <br /> 33 District Expires 2008 <br /> 34 Debt Paid Off 2010 <br /> 35 In 2008,remaining Fund Balance is $2,086,755 <br /> 36 paid to County(City receives <br /> 37 approximately 25-30%back). <br /> 38 <br /> 39 0 Apache/Cub Foods (#9-G) <br /> 40 Annual Tax Increment-2001 $231,279 <br /> 41 Annual Tax Increment-2002 $122,084 <br /> 42 Apache Bond Payment ($205,922) <br /> 43 Annual Deficit ($83,838) <br /> 1'Year of Deficit 2005 <br /> Debt Paid Off 2013 <br /> 46 Cumulative Deficit in 2013 ($734,657) <br /> 47 District Expires 2019 <br />