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} <br /> MEMORANDUM <br /> DATE: November 24, 1998 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: TIF REPORT/UPDATE <br /> Bob Thistle, from Springsted, Inc., will be at the December Work Session to discuss <br /> the effect that the Class Rate Changes (made by the Legislature over the last two years) <br /> had on St. Anthony's TIF Districts. <br /> A summary of his analysis if as follows: <br /> Annual District Ending <br /> Decrease Condition of Projected <br /> District Increment District Fund Balance <br /> Walbon ($ 5,100) Healthy $340,930 Expires 2012 <br /> Evergreen ($ 8,271) Healthy $ 62,991 Expires 2002 <br /> Hellickson ($ 3,154) Healthy $311,500 Expires 2020 <br /> Chandler ($11,884) Deficit ($832,029) Expires 2011 <br /> Apache ($15,580) Deficit ($326,152) Expires 2019 <br /> Kenzie ($35,607) Healthy $5,083,346 Expires 2009 <br /> Springsted's analysis confirms that the Class Rate Changes have created deficits in the <br /> Chandler and Apache TIF Districts. Current legislation allows for the transfer of funds <br /> between Districts to cover deficits created by the Class Rate Changes. <br /> Since Chandler and Apache do not have sufficient increment to make their debt service <br /> obligations, a transfer is necessary from Kenzie Terrace. Kenzie's debt was paid off on <br /> 2/1/98 and the District's project annual increment of$409,482 is sufficient to offset the <br /> current deficits. <br /> Recommendation: Council authorize the transfer of Tax Increment from the Kenzie <br /> Terrace TIF District to Chandler as outlined in Exhibit E1 and Apache as outlined in <br /> Exhibit F1. <br />