Laserfiche WebLink
15 <br />a <br />E LER <br />S LEADERS IN PUBLIC FINANCE <br />To: Mike Morrison — City Managei <br />MI From: Stacie Kvilvang— Ehlers & Associates <br />LU Bate: August 26, 2008 <br />I <br />Subject: Emerald Park Financing <br />The City is moving forward with the process to make necessary improvements to <br />Emerald Park in the amount of approximately $1.5 million. At the July 29, 2008, City <br />Council work session, staff and consultants were directed to prepare the necessary <br />documents for the financing of the improvements. <br />As discussed, the City has the authority under Minnesota Statute 469 to issue <br />Abatement Bonds for the improvements. To meet the City's financing parameters, it is <br />anticipated that the City will issue abatement bonds with a 20 -year term. The City can <br />grant tax abatement for this term if the School District or County declines to participate <br />in the abatement, which is typical of these entities for park improvement projects. The <br />City will be submitting a resolution declining to participate in the abatement project to <br />the County for their review and consideration in September. <br />In order to grant tax abatement for a public improvement, the City is required to hold a <br />public hearing on the amount of the abatement to be granted, identify the properties <br />from which they will abate the City's portion of the taxes and describe the public <br />purpose for granting the abatement. <br />Attached to this report is a resolution calling the public hearing on October 1.4, 2008, a <br />listing of the Property Identification Numbers (PIN) in which the City will abate its <br />portion of taxes and a corresponding map showing these parcels. <br />Abating the taxes from these parcels to pay the debt service will have no impact on St. <br />Anthony property owners (no change in their taxes paid). Even though the annual <br />abatement is levied against the property owners in the City, the impact will have no <br />changes in taxes because the City has increased levy ability due to paying off two (2) <br />bond issues in 2008 and will have increased property valuation and tax capacity due to <br />the Chandler TIF District decertification at the end of 2010. <br />Please contact me at 651-697-8506 if you have any questions. <br />LOADERS IN PUBLIC FINANCE <br />3o6o Centre Pointe Drive Phone: 651-697-85o6 Fax: 651-697-8555 <br />Roseville, MN 55113-11o5 skvilvang@ehlers-inc.com <br />