HomeMy WebLinkAboutCC PACKET 12011998 Meeting Sheet
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Box: 37
Folder: CC PACKETS 1998
Document: CC PACKET 12011998
CITY OF ST. ANTHONY
CITY COUNCIL WORK SESSION AGENDA
December 1, 1998
7:00 PM
Council Chambers
PAGE(S)
I. CALL TO ORDER.
II. ROLL CALL.
III. DISCUSSION ON TIF ISSUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 - 17
IV. PERFORMANCE REPORT ON INVESTMENT PORTFOLIO . . . . . . . . 18 - 26
V. DISCUSSION ON UTILITY FUND/NON-OPERATING -
• REVENUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 - 29
VI. DISCUSS WATER FILTRATION FUNDS . . . . . . . . . . . . . . . . . . . . 30 - 32
VII. REVIEW OF ESTIMATED EXPENDITURES AND REVENUES
FOR 1998 GENERAL FUND . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
VIII. REVIEW ORDINANCE ON POLITICAL SIGNS . . . . . . . . . . . . . . . . . . . . 34
IX. REVIEW FUTURE AGENDA ITEMS . . . . . . . . . . . . . . . . . . . . . . . 35 - 36
X. DISCUSSION ON GOAL SETTING RETREAT
XI. UPDATE ON CENCO, ST. ANTHONY SHOPPING CENTER,
AND APACHE PLAZA.
XII. OTHER BUSINESS.
XIII. ADJOURNMENT.
III.-- DISCUSSION ON`TIFISSUE: - -=
}
MEMORANDUM
DATE: November 24, 1998
TO: Mike Mornson, City Manager
FROM: Roger Larson, Finance Director
ITEM: TIF REPORT/UPDATE
Bob Thistle, from Springsted, Inc., will be at the December Work Session to discuss
the effect that the Class Rate Changes (made by the Legislature over the last two years)
had on St. Anthony's TIF Districts.
A summary of his analysis if as follows:
Annual District Ending
Decrease Condition of Projected
District Increment District Fund Balance
Walbon ($ 5,100) Healthy $340,930 Expires 2012
Evergreen ($ 8,271) Healthy $ 62,991 Expires 2002
Hellickson ($ 3,154) Healthy $311,500 Expires 2020
Chandler ($11,884) Deficit ($832,029) Expires 2011
Apache ($15,580) Deficit ($326,152) Expires 2019
Kenzie ($35,607) Healthy $5,083,346 Expires 2009
Springsted's analysis confirms that the Class Rate Changes have created deficits in the
Chandler and Apache TIF Districts. Current legislation allows for the transfer of funds
between Districts to cover deficits created by the Class Rate Changes.
Since Chandler and Apache do not have sufficient increment to make their debt service
obligations, a transfer is necessary from Kenzie Terrace. Kenzie's debt was paid off on
2/1/98 and the District's project annual increment of$409,482 is sufficient to offset the
current deficits.
Recommendation: Council authorize the transfer of Tax Increment from the Kenzie
Terrace TIF District to Chandler as outlined in Exhibit E1 and Apache as outlined in
Exhibit F1.
City of St. Anth� Minnesota DO A
Summary of Existing Tax Increment Financing (TIF) Districts
1 2 3 4 5 6
City TIF# 1950 1952 58 7C 9G 1 H
County TIF# 1950 1952 Hsg.#3 2 3 4
County Hennepin Hennepin Ramsey Ramsey Ramsey Ramsey
School District# 282 282 282 282 282 282
Name/Description Kenzie Walbon Chandler Evergreen Apache Hellicksan
Dental
Type of TIF District Housing Red. Housing Soils Cond. Red. Red.
Date Certification Requested 6/28/82 7/9/85 10/10/85 10/2/89 4/26/93 4/26/93
Date Certified 9/28/82 8/19/85 10/23/85 6/8/90 10/18/93 10/18/93
1st Year Increment Collected 1983 1987 1986 1990 1997 1995
Last Year of District(Estimated) 2008 2011 2010 2009 2018 2018
Base Inflation Factor(if applicable) NA NA NA NA NA NA
Current Tax Rate 133.770% 134.600% 140.929% 140.929% 140.929% 140.929%
Frozen Tax Rate NA NA NA 109.393% 132.452% 132.452%
Current Net Tax Capacity(a) 369,360 36,081 134,704 63,866 405,152 23,022
Less: Base Net Tax Capacity 36,633 4,509 29,292 858 307,130 3,176
Less: Fiscal Disparities 0 0 0 0 0 0
Equals: Retained Captured NTC 332,727 31,572 105,412 63,008 98,022 19,846
Times:Applicable Tax Rate(b) 133.770% 134.600% 140.929% 109.393% 132.452% 132.452%
Equals:Tax Increment 445,089 42,496 148,556 68,926 129,832 26,286
Projected Tax Increment(c) 409,482 37,396 136,672 60,655 114,252 23,132
(a) The NTC values shown above are as assessed in 1997 for taxes payable in 1998.
(b) Lessor of the current and frozen rate.
(c) Tax increment is estimated for class rate changes effective payable 1999.
Prepared by: Springsted Incorporated (11/23/98)
E B
City of St. Anthony, Minnesota
Tax Increment Financing (Housing) District No. 1952
Walbon
TIF#1952 Less Less $215,000
Tax Annual Projected Admin. Auditor Annual GO TIF Annual Maximum
Collection Period Tax Expenses Deduction Net Ref Bonds Surplus Cumulative Pooling
Year Ending Increment 10.00% 025% Revenue Series 1994A (Deficit) Balance 10000%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1997 02/01/98 (25,425)
1998 02/01/99 42,496 4,239 106 38,151 33.975 4,176 (21,249) 42,390
1999 02/01/00 37,396 3,730 93 33,573 37,835 (4,262) (25,511) 37,303
2000 02/01/01 37,396 3,730 93 33,573 36,435 (2,862) (28,373) 37,303
2001 02/01/02 37,396 3,730 93 33,573 0 33,573 5,200 37,303
2002 02/01/03 37,396 3,730 93 33,573 0 33,573 38,773 37,303
2003 02/01/04 37,396 3,730 93 33,573 0 33,573 72,346 37,303
2004 02/01/05 37,396 3,730 93 33,573 0 33,573 105,919 37,303
2005 02/01/06 37,396 3,730 93 33,573 0 33,573 139,492 37,303
_ 2006 02/01/07 37,396 3,730 93 33,573 0 33,573 173,065 37,303
2007 02/01/08 37,396 3,730 93 33,573 0 33,573 206,638 37,303
2008 02/01/09 37,396 3,730 93 33,573 0 33,573 240,211 37,303
2009 02/01/10 37,396 3,730 93 33,573 0 33,573 273,784 37,303
2010 02/01/11 37,396 3,730 93 33,573 0 33,573 307,357 37,303
2011 02/01/12 37,396 3,730 93 33,573 0 33,573 340,930 37,303
2012 02/01/13 0 0 0 0 0 0 340,930 0
528,649 52,733 1,315 474,601 108,245 366,356 527,334
(1) Collection year of tax increment. City# 1952
(2) Annual period ending date. County# 1952
(3) Projected tax increment revenues from TIF District#1952(as per Hennepin County). School District 282
(4) Maximum Administrative Expenses(as per TIF Plan). Type Red.
(5) Auditor deduction(as per MN Statute). Name/Description Walborn
(6) Total annual net revenue (3)-(4)-(5). Certified 8/19/85
(7) $215,000 G.O.Tax Increment Refunding Bonds,Series 1994A. 1st Collection 1987
(8) Annual cash flow(6)-(7). Last Collection 2011
(9) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City) Base Inflation% NA
(10) Maximum Pooling allowed including Administrative Expenses(as per MN Statute). TC Rate% 134.600% ` 1
TC Rate(Pay.Year) 1998 I W
Prepared by: Springsted Incorporated (11/23/98)
E0 C
City of St. Anthony, Minnesota
Tax Increment Financing (Housing) District No.X
Evergreen
TIF#7C Less Less
Tax Annual Projected Admin. Auditor Annual Evergreen Annual Maximum
Collection Period Tax Expenses Deduction Net Townhome Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue Pay-Go (Deficit) Balance 100.00%
(1) (2) (3) (4) (5) (6) (7) (8) (9) 110)
1997 02/01/98 70,883
1998 02/01/99 68,926 6,875 172 61,879 69,771 (7,892) 62,991 68,754
1999 02/01/00 60,655 6,050 152 54,453 54,453 0 62,991 60,503
2000 02/01/01 60,655 6,050 152 54,453 54,453 0 62,991 60,503
2001 02/01/02 60,655 6,050 152 54,453 54,453 0 62,991 60,503
2002 02/01/03 0 0 0 0 0 0 62,991 0
250,892 25,026 628 225,237 233,130 (7,892) 250,264
(1) Collection year of tax increment City# 7C
(2) Annual period ending date. County# 2
(3) Projected tax increment revenues from TIF District#7C(as per Ramsey County). School District 282
(4) Maximum Administrative Expenses(as per TIF Plan). Type Soils Cond
(5) Auditor deduction(as per MN Statute). Name/Description Evergreen
(6) Total annual net revenue (3)-(4)-(5). Certified 6/8/90
(7) Soils Correction Pay-as you-go(ends 2/1/01). 1st Collection 1990
(8) Annual cash flow(6)-(7). Last Collection 2009
(9) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City) Base Inflation% NA
(10) Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 109.393% -
TC Rate(Pay.Year) 1990
Prepared by: Springsted Incorporated (11/23/98)
TD
now
City of St. Anthony, Minnesota
Tax Increment Financing(Housing) District No. 1H
Hellickson Dental
TIF#1H Less Less
Tax Annual Projected Admin. Auditor Annual Limited Annual Maximum
Collection Period Tax Expenses Deduction Net Revenue Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue TIF Note (Deficit) Balance 2500%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1997 02/01/98 0
1998 02/01/99 26,286 2,622 66 23,598 23,598 0 0 6,555
1999 02/01/00 23,132 2,307 58 20,767 20,767 0 0 5,769
2000 02/01/01 23,132 2,307 58 20,767 20,767 0 0 5,769
2001 02/01/02 23,132 2,307 58 20,767 20,767 0 0 5,769
2002 02/01/03 23,132 2,307 58 20,767 20,767 0 0 5,769
2003 02/01/04 23,132 2,307 58 20,767 20,767 0 0 5,769
2004 02/01/05 23,132 2,307 58 20,767 20,767 0 0 5,769
2005 02/01/06 23,132 2,307 58 20,767 0 20,767 20,767 5,769
2006 02/01/07 23,132 2,307 58 20,767 0 20,767 41,533 5,769
2007 02/01/08 23,132 2,307 58 20,767 0 20,767 62,300 5,769
2008 02/01/09 23,132 2,307 58 20,767 0 20,767 83,067 5,769
2009 02/01/10 23,132 2,307 58 20,767 0 20,767 103,833 5,769
2010 02/01/11 23,132 2,307 58 20,767 0 20,767 124,600 5,769
2011 02/01/12 23,132 2,307 58 20,767 0 20,767 145,367 5,769
2012 02/01/13 23,132 2,307 58 20,767 0 20,767 166,133 5,769
2013 02/01/14 23,132 2,307 58 20,767 0 20,767 186,900 5,769
2014 02/01/15 23,132 2,307 58 20,767 0 20,767 207,666 5,769
2015 02/01/16 23,132 2,307 5B 20,767 0 20,767 228,433 5,769
2016 02/01/17 23,132 2,307 58 20,767 0 20,767 249,200 5,769
2017 02/01/18 23,132 2,307 58 20,767 0 20,767 269,966 5,769
2018 02/01/19 23,132 2,307 58 20,767 0 20,767 290,733 5,769
2019 02/01/20 23,132 2,307 58 20,767 0 20,767 311,500 5,769
2020 02/01/21 0 0 0 0 0 0 311.500 0
512,060 51,078 1,284 459,698 148,198 311,500 127,694
(1) Collection year of lax increment. City# 1H
(2)Annual period ending date. County# 4
(3) Projected tax increment revenues from TIF District#1 H(as per Ramsey County). School District 282
(4) Maximum Administrative Expenses(as per TIF Plan). Type Hellickson
(5)Auditor deduction(as per MN Statute). Name/Description Red.
(6) Total annual net revenue (3)-(4)-(5). Certified 10/18/93
(7) $130,000 Limited Revenue TIF Note issued by the HRA. 1 st Collection 1995
(8)Annual cash flow(6)-(7). Last Collection 2018
(9) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(10) Maximum Pooling allowed including Administrative Expenses(as per MN Statute). TC Rate% 132.452%
TC Rate(Pay.Year) 1993 r
v I
Prepared by: Springsted Incorporated (11/23/98)
TE
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.58
Chandler
TIF#58 Less Less- $2,650,000
Tax Annual Projected Admin Auditor Transfer Annual GO TIF Annual Maximum
Collection Period Tax Expenses Deduction from Net Bonds Surplus Cumulative Pooling
Year Ending Increment 1000% 025% TIF#1950 Revenue Series 1995B (Deficit) Balance 10000%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 415,962
1998 02/01/99 148,556 14,819 371 0 133,367 250,793 (117,426) 298,536 148,185
1999 02/01/00 136,672 0 342 0 136,330 249,775 (113,445) 185,091 136,330
2000 02/01/01 136,672 0 342 0 136,330 248,400 (112,070) 73,021 136,330
2001 02/01/02 136,672 0 342 0 136,330 251,735 (115,405) (42,384) 136,330
2002 02/01/03 136,672 0 342 0 136,330 249,475 (113,145) (155,529) 136,330
2003 02/01/04 136,672 0 342 0 136,330 251,825 (115,495) (271,024) 136,330
2004 02/01/05 136,672 0 342 0 136,330 253,545 (117,215) (388,239) 136,330
2005 02/01/06 136,672 0 342 0 136,330 249,615 (113,285) (501,524) 136,330
2006 02/01/07 136,672 0 342 0 136,330 250,255 (113.925) (615,449) 136,330
2007 02/01/08 136,672 0 342 0 136,330 255,210 (118,880) (734,329) 136,330
2008 02/01/09 136,672 0 342 0 136,330 254,210 (117,880) (852,209) 136,330
2009 02/01/10 136,672 0 342 0 136,330 252.480 (116,150) (968,359) 136,330
2010 02/01/11 136,672 0 342 0 136,330 0 136,330 (832,029) 136,330
2011 02/01/12 0 0 0 0 0 0 0 (832,029) 0
1,788,615 14,819 4,475 0 1,769,322 3,017,318 (1,247,996) 1,784,140
(1) Collection year of lax increment.
(2)Annual period ending date City# 58
(3) Projected lax increment revenues from TIF District#58(as per Ramsey County). County# Hsg #3
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5) Auditor deduction(as per MN Statute). Type Housing
(6)Transfer from TIF#1950. Name/Description Chandler
(7) Total annual net revenue (3)-(4)-(5)+(6). Certified 10/23/85
(8) $2,650,000 G.O.Tax Increment Bonds,Series 1995B. 1 st Collection 1986
(9)Annual cash flow(7)-(8). Last Collection 2010
(10) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City) Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 140.929%
TC Rate(Pay.Year) 1998
Prepared by: Springsted Incorporated(11/23/98)
E E1
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.58
Chandler(Annual Transfer From Kenzie)
TIF#58 Less. Less $2,650,000
Tax Annual Projected Admin Auditor Annual Transfer GO TIF Annual Maximum
Collection Period Tax Expenses Deduction Net from Bonds Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue TIF#1950 Series 19958 (Deficit) Balance 10000%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 415,962
1998 02/01/99 148,556 14,819 371 133,367 0 250,793 (117,426) 298,536 148,185
1999 02/01/00 136,672 0 342 136,330 0 249.775 (113,445) 185,091 136,330
2000 02/01/01 136,672 0 342 136,330 0 248,400 (112,070) 73,020 136,330
2001 02/01/02 136,672 0 342 136,330 42,385 251,735 (73,020) 0 136,330
2002 02/01/03 136,672 0 342 136,330 113,145 249,475 0 0 136,330
2003 02/01/04 136,672 0 342 136,330 115,495 251,825 0 0 136,330
2004 02/01/05 136,672 0 342 136,330 117,215 253,545 0 0 136,330
2005 02/01/06 136,672 0 342 136,330 113,285 249,615 0 0 136,330
2006 02/01/07 136,672 0 342 136,330 113,925 250,255 0 0 136,330
2007 02/01/08 136,672 0 342 136,330 118.880 255,210 0 0 136,330
2008 02/01/09 136,672 0 342 136,330 117,880 254,210 0 0 136,330
2009 02/01/10 136,672 0 342 136,330 116,150 252,480 0 0 136,330
2010 02/01/11 136,672 0 342 136,330 0 0 136,330 136,330 136,330
2011 02/01/12 0 0 0 0 0 0 0 136,330 0
1,788,615 14,819 4,475 1,769,322 968,363 3,017,318 (279,632) 1,784,140
(1) Collection year of lax increment.
(2)Annual period ending date. City# 58
(3) Projected tax increment revenues from TIF District#58(as per Ramsey County) County# Hsg.#3
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Housing
(6) Total annual net revenue (3)-(4)-(5). Name/Description Chandler
(7)Annual transfer from TIF#1950(Kenzie). Certified 10/23/85
(8) $2,650,000 G.O.Tax Increment Bonds,Series 19958. 1 sl Collection 1986
(9)Annual cash flow(6)+(7)-(8). Last Collection 2010
(10) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute). TC Rate% 140.929%
TC Rate(Pay.Year) 1998
V
Prepared by- Sprinqsted Incorporated(11/23/98)
E E2
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.58
Chandler(Lump Sum Transfer From Kenzie)
TIF#58 Less. Less, $2,650,000
Tax Annual Projected Admin. Auditor Annual Transfer GO TIF Annual Maximum
Collection Period Tax Expenses Deduction Net from Bonds Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue TIF#1950 Series 19958 (Deficit) Balance 10000%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 415,962
1998 02/01/99 148,556 14,819 371 133,367 968,359 250,793 850,933 1,266.895 148,185
1999 02/01/00 136,672 0 342 136,330 0 249,775 (113,445) 1,153,450 136,330
2000 02/01/01 136,672 0 342 136.330 0 248,400 (112,070) 1,041,380 136,330
2001 02/01/02 136,672 0 342 136,330 0 251,735 (115,405) 925,975 136.330
2002 02/01/03 136,672 0 342 136,330 0 249,475 (113,145) 812.830 136,330
2003 02/01/04 136,672 0 342 136,330 0 251,825 (115,495) 697,335 136,330
2004 02/01/05 136.672 0 342 136,330 0 253,545 (117,215) 580,120 136,330
2005 02/01/06 136,672 0 342 136,330 0 249,615 (113,285) 466,835 136,330
2006 02/01/07 136,672 0 342 136,330 0 250,255 (113,925) 352,910 136,330
2007 02/01/08 136,672 0 342 136,330 0 255,210 (118,880) 234,030 136,330
2008 02/01/09 136,672 0 342 136,330 0 254,210 (117.880) 116,150 136,330
2009 02/01/10 136,672 0 342 136,330 0 252,480 (116,150) 0 136,330
2010 02/01111 136,672 0 342 136,330 0 0 136,330 136,330 136,330
2011 02/01/12 0 0 0 0 0 0 0 136,330 0
1,788,615 14,819 4,475 1,769,322 968,359 3,017,318 (279.637) 1,784,140
(1) Collection year of tax increment.
(2)Annual period ending date. City# 58
(3) Projected tax increment revenues from TIF District#58(as per Ramsey County). County# Hsg #3
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Housing
(6)Total annual net revenue (3)-(4)-(5). Name/Description Chandler
(7) Lump sum transfer from TIF#1950(Kenzie). Certified 10/23/85
(8) $2,650,000 G.O.Tax Increment Bonds,Series 19958. 1 st Collection 1986
(9)Annual cash flow(6)+(7)-(8). Last Collection 2010
(10) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 140.929%
TC Rate(Pay.Year) 1998
lz�:1Q
Prepared by: Springsted Incorporated (11/23/98)
4b ( *-T
F
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.9G
Apache
TIF#9G Less Less $1,720,000
Tax Annual Projected Admin Auditor Transfer in Annual GO Taxable Annual Maximum
Collection Period Tax Expenses Deduction From Net TIF Bonds Surplus Cumulative Pooling
Year Ending Increment 1000% 025% TIF#1950 Revenue Series 1996A (Deficit) Balance 2500%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 157,637
1998 02/01/99 129,832 0 325 0 129,507 131,080 (1,573) 156,064 32,377
1999 02/01/00 114,252 0 286 0 113.966 206,080 (92,114) 63,950 28,492
2000 02/01/01 114,252 0 286 0 113,966 205,830 (91,864) (27,913) 28,492
2001 02/01/02 114,252 0 286 0 113,966 205,190 (91,224) (119.137) 28,492
2002 02/01/03 114,252 0 286 0 113,966 204,113 (90,146) (209.283) 28,492
2003 02/01/04 114,252 0 286 0 113.966 207.768 (93,801) (303,085) 28,492
2004 02/01/05 114,252 0 286 0 113.966 205,238 (91,271) (394,356) 28.492
2005 02/01/06 114,252 0 286 0 113.966 207,415 (93,449) (487,805) 28.492
2006 02/01/07 114,252 0 286 0 113.966 203,790 (89,824) (577,628) 28,492
2007 02/01/08 114,252 0 286 0 113,966 204,730 (90.764) (668,392) 28,492
2008 02/01/09 114,252 0 286 0 113,966 204,785 (90,819) (759,211) 28.492
2009 02/01/10 114,252 0 286 0 113,966 203,935 (89,969) (849,180) 28.492
2010 02/01/11 114,252 0 286 0 113,966 207,235 (93,269) (942,448) 28.492
2011 02/01/12 114,252 0 286 0 113.966 204,200 (90,234) (1,032,682) 28,492
2012 02/01/13 114,252 0 286 0 113,966 205,200 (91,234) (1,123,916) 28,492
2013 02/01/14 114,252 0 286 0 113,966 0 113,966 (1,009.950) 28,492
2014 02/01/15 114.252 0 286 0 113,966 0 113,966 (895,983) 28.492
2015 02/01/16 114,252 0 286 0 113,966 0 113.966 (782,017) 28,492
2016 02/01/17 114,252 0 286 0 113.966 0 113.966 (668,051) 28,492
2017 02/01/18 114,252 0 286 0 113,966 0 113,966 (554,085) 28,492
2018 02/01/19 114,252 0 286 0 113,966 0 113,966 (440,118) 28,492
2019 02/01/20 114,252 0 286 0 113.966 0 113,966 (326,152) 28,492
2,529,129 0 6,331 0 2,522.798 3,006,588 (483,789) 630,700
(1)Collection year of tax increment
(2)Annual period ending date. City# 9G
(3)Projected tax increment revenues from TIF District#913(as per Ramsey County). County# 3
(4)Maximum Administrative Expenses(as per TIF Plan) School District 282
(5)Auditor deduction(as per MN Statute) Type Red
(6)Transfer from TIF#1950(Kenzie) Name/Description Apache
(7)Total annual net revenue (3)-(4)-(5)+(6). Certified 10/18/93
(8)$1,720,000 G.O.Taxable Tax Increment Bonds,Series 1996A 1st Collection 1997
(9)Annual cash flow(7)-(8). Last Collection 2018
(10) 12131/97 ending balance including interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11)Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 132.452%
TC Rate(Pay Year) 1993
Prepared bv- Springsted Incorporated(11/23/98)
4b F1
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.9G
Apache(Annual Transfer From Kenzie)
TIF 09G Less Less $1,720,000
Tax Annual Projected Admin Auditor Annual Transfer in GO Taxable Annual Maximum
Collection Period Tex Expenses Deduction Net From TIF Bonds Surplus Cumulative Pooling
Year Ending Increment 10.00% 0 25% Revenue TIF#1950 Series 1996A (Deficit) Balance 2500%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 157,637
1998 02/01/99 129,832 0 325 129,507 0 131,080 (1,573) 156,064 32.377
1999 02/01/00 114,252 0 286 113,966 0 206,080 (92,114) 63,950 28,492
2000 02/01/01 114,252 0 286 113,966 27,913 205,830 (63,950) 0 28.492
2001 02/01/02 114,252 0 286 113,966 91,224 205,190 0 0 28,492
2002 02/01103 114,252 0 286 113,966 90146 204,113 0 0 28,492
2003 02101/04 114,252 0 286 113,966 93,801 207,768 0 0 28,492
2004 02/01/05 114,252 0 286 113,966 91,271 205,238 0 0 28.492
2005 02/01/06 114,252 0 286 113,966 93,449 207,415 0 0 28,492
2006 02/01/07 114,252 0 286 113,966 89,824 203,790 0 0 28.492
2007 02/01/08 114,252 0 286 113,966 90,764 204,730 0 0 28.492
2008 02/01/09 114,252 0 286 113,966 90,819 204,785 0 0 28.492
2009 02/01/10 114,252 0 286 113,966 89,969 203.935 0 0 28,492
2010 02/01/11 114,252 0 286 113,966 93,269 207.235 0 0 28,492
2011 02/01/12 114,252 0 286 113,966 90,234 204,200 0 0 28,492
2012 02/01/13 114,252 0 286 113,966 91,234 205,200 0 0 28,492
2013 02/01/14 114,252 0 286 113,966 0 0 113,966 113,966 28,492
2014 02/01/15 114,252 0 286 113,966 0 0 113,966 227,932 28,492
2015 02/01/16 114,252 0 286 113,966 0 0 113,966 341,899 28,492
2016 02/01/17 114.252 0 286 113.966 0 0 113,966 455.865 28,492
2017 02/01/18 114,252 0 286 113,966 0 0 113.966 569.831 28,492
2018 02101/19 114,252 0 286 113,966 0 0 113.966 683,797 28,492
2019 02101/20 114,252 0 286 113,966 0 0 113,966 797,764 28,492
2,529,129 0 6,331 2.522,798 1,123,916 3.006.588 640,127 630,700
(1)Collection year of tax increment
(2)Annual period ending date. City# 913
(3) Projected tax increment revenues from TIF District#9G(as per Ramsey County) County# 3
(4)Maximum Administrative Expenses(as per TIF Plan) School District 282
(5)Auditor deduction(as per MN Statute) Type Red
(6)Total annual net revenue (3)-(4)-(5). Name/Description Apache
(7)Annual transfer from TIF#1950(Kenzie) Certified 10/18/93
(8)$1,720,000 G.O Taxable Tax Increment Bonds,Series 1996A. 1st Collection 1997
(9)Annual cash flow(6)+(7)-(8) Last Collection 2018
(10) 12/31/97 ending balance including Interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11)Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 132.452%
TC Rate(Pay Year) 1993
f)rnnn rorl by ¢nrinnetorl Inr'nrnnrRtPrl/110I1QRl
E 0 F2
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No.9G
Apache(Lump Sum Transfer From Kenzie)
TIF 09G Less- Less $1,720,000
Tax Annual Projected Admin Auditor Annual Transfer in GO Taxable Annual Maximum
Collection Period Tax Expenses Deduction Net From TIF Bonds Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue TIF#1950 Series 1996A (Deficit) Balance 2500%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 157,637
1998 02/01/99 129,832 0 325 129.507 1,123,916 131,080 1,122.343 1,279.980 32,377
1999 02/01/00 114,252 0 286 113,966 0 206,080 (92,114) 1,187,866 28,492
2000 02/01/01 114,252 0 286 113,966 0 205,830 (91,864) 1,096,003 28,492
2001 02/01/02 114,252 0 286 113,966 0 205,190 (91,224) 1,004,779 28.492
2002 02/01/03 114,252 0 286 113,966 0 204,113 (90.146) 914,633 28,492
2003 02/01/04 114,252 0 286 113,966 0 207,768 (93.801) 820,831 28,492
2004 02/01/05 114,252 0 286 113,966 0 205,238 (91,271) 729,560 28.492
2005 02/01/06 114,252 0 286 113,966 0 207,415 (93,449) 636,111 28,492
2006 02/01/07 114,252 0 286 113,966 0 203,790 (89,824) 546,288 28,492
2007 02/01/08 114,252 0 286 113,966 0 204,730 (90,764) 455,524 28,492
2008 02/01/09 114,252 0 286 113,966 0 204,785 (90,819) 364,705 28,492
2009 02/01/10 114,252 0 286 113,966 0 203.935 (89,969) 274,736 28,492
2010 02/01/11 114,252 0 286 113,966 0 207,235 (93.269) 181,468 28,492
2011 02/01/12 114,252 0 286 113,966 0 204,200 (90,234) 91,234 28.492
2012 02/01/13 114,252 0 286 113,966 0 205,200 (91,234) 0 28,492
2013 02/01/14 114,252 0 286 113,966 0 0 113,966 113,966 28,492
2014 02/01/15 114,252 0 286 113,966 0 0 113,966 227,933 28.492
2015 02/01/16 114,252 0 286 113,966 0 0 113,966 341,899 28,492
2016 02/01/17 114,252 0 286 113,966 0 0 113.966 455,865 28,492
2017 02/01/18 114,252 0 286 113,966 0 0 113,966 569,831 28,492
2018 02/01/19 114,252 0 286 113,966 0 0 113,966 683,798 28,492
2019 02/01/20 114,252 0 286 113,966 0 0 113,966 797,764 28,492
2,529,129 0 6,331 2,522,798 1,123,916 3,006.588 640,127 630,700
(1)Collection year of tax Increment
(2)Annual period ending date. City# 9G
(3) Projected tax increment revenues from TIF District#913(as per Ramsey County) County# 3
(4)Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Red.
(6)Total annual net revenue (3)-(4)-(5). Name/Descnption Apache
(7) Lump sum transfer from TIF#1950(Kenzie) Certified 10/18/93
(8) $1,720,000 G.O.Taxable Tax Increment Bonds,Series 1996A. 1st Collection 1997
(9)Annual cash flow(6)+(7)-(8) Last Collection 2018
(10) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City) Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute) TC Rate% 132.452%
TC Rate(Pay Year) 1993
Prnnarpri by Cnrinnctpri Inrnrnnratari(11/?3/9R)
4b G
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No. 1950
Kenzie
TIF#1950 Less Less
Tax Annual Projected Admin. Auditor Annual Transfer Transfer Annual Maximum
Collection Period Tax Expenses Deduction Net To To Surplus Cumulative Pooling
Year Ending Increment 1000% 025% Revenue TIF#58 TIF#913 (Deficit) Balance 100.00%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 1,007,647
1998 02/01/99 445,089 44,398 1,113 399,578 0 0 399,578 1,407,226 443,976
1999 02/01/00 409,482 40,846 1,024 367,612 0 0 367,612 1,774,838 408,458
2000 02/01/01 409,482 40,846 1,024 367,612 0 0 367,612 2,142,450 408,458
2001 02/01/02 409,482 40,846 1,024 367,612 0 0 367,612 2,510,062 408,458
2002 02/01/03 409,482 40,846 1,024 367,612 0 0 367,612 2,877,674 408,458
2003 02/01/04 409,482 40,846 1,024 367,612 0 0 367,612 3,245,286 408,458
2004 02/01/05 409,482 40,846 1,024 367,612 0 0 367,612 3,612,898 408,458
2005 02/01/06 409,482 40,846 1,024 367,612 0 0 367,612 3,980,510 408,458
2006 02/01/07 409,482 40,846 1,024 367,612 0 0 367,612 4,348,122 408,458
2007 02/01/08 409,482 40,846 1,024 367,612 0 0 367,612 4,715,734 408,458
2008 02/01/09 409,482 40,846 1,024 367,612 0 0 367,612 5.083,346 408,458
2009 02/01/10 0 0 0 0 0 0 0 5,083,346 0
4,539,907 452,855 11,353 4,075,698 0 0 4,075,698 4,528,554
(1) Collection year of tax increment.
(2)Annual period ending date. City# 1950
(3) Projected tax increment revenues from TIF District#1950(as per Hennepin County). County# 1950
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Housing
(6)Total annual net revenue (3)-(4)-(5). Name/Description Kenzie
(7)Transfer to TIF#58. Certified 9/28/82
(8)Transfer to TIF#9G. 1 st Collection 1983
(9) Annual cash flow(6)-(7)-(8). Last Collection 2008
(10) 12/31/97 ending balance Including interest earnings-2/1/98 debt service payments(as per City) Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute). TC Rate% 133.770%
TC Rate(Pay.Year) 1998
lv
Prepared by: Springsted Incorporated (11/23/98)
E G1
City of St. Anthony, Minnesota
Tax Increment Financing(Housing)District No. 1950
Kenzie (Annual Transfer to Apache and Chandler)
TIF#1950 Less Less
Tax Annual Projected Admin. Auditor Annual Transfer Transfer Annual Maximum
Collection Penod Tax Expenses Deduction Net To To Surplus Cumulative Pooling
Year Ending Increment 10.00% 025% Revenue TIF#58 TIF#9G (DeficN) Balance 10000%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 1,007,647
1998 02/01/99 445,089 44,398 1,113 399,578 0 0 399,578 1,407,226 443,976
1999 02/01/00 409,482 40,846 1,024 367,612 0 0 367,612 1,774,838 408,458
2000 02/01/01 409,482 40,846 1,024 367,612 0 27,913 339,699 2,114,536 408,458
2001 02/01/02 409,482 40,846 1,024 367,612 42,385 91,224 234,003 2,348,539 408,458
2002 02/01/03 409,482 40,846 1,024 367,612 113,145 90,146 164,320 2,512,860 408,458
2003 02/01/04 409,482 40,846 1,024 367,612 115,495 93,801 158,315 2,671,175 408,458
2004 02/01/05 409,482 40,846 1,024 367,612 117,215 91,271 159,125 2.830,300 408,456
2005 02/01/06 409,482 40,846 1,024 367,612 113,285 93,449 160,878 2,991,178 408,458
2006 02/01/07 409,482 40,846 1,024 367,612 113,925 89,824 163,863 3,155,041 408,458
2007 02/01/08 409,482 40,846 1,024 367,612 118,880 90,764 157,968 3.313,009 408,458
2008 02/01/09 409,482 40,846 1,024 367,612 117,880 90,819 158,913 3,471,922 408,458
2009 02/01/10 0 0 0 0 116,150 89,969 (206,119) 3,265,803 0
2010 02/01/11 0 0 0 0 0 93,269 (93,269) 3,172,534 0
2011 02/01/12 0 0 0 0 0 90,234 (90,234) 3,082,300 0
2012 02/01/13 0 0 0 0 0 91,234 (91,234) 2,991,066 0
2013 02/01114 0 0 0 0 0 0 0 2,991,066 0
4,539,907 452,855 11,353 4,075,698 968,363 1,123,916 1,983,419 4,528,554
(1) Collection year of tax Increment.
(2)Annual period ending date. City# 1950
(3) Projected tax Increment revenues from TIF District#1950(as per Hennepin County). County# 1950
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Housing
(6) Total annual net revenue (3)-(4)-(5). Name/Description Kenzie
(7) Transfer to TIF#58. Certified 9/28/82
(8)Transfer to TIF#9G. 1st Collection 1983
(9)Annual cash flow(6)-(7)-(8). Last Collection 2008
(10) 12/31/97 ending balance Including Interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11) Maximum Pooling allowed including Administrative Expenses(as per MN Statute). TC Rate% 133.770%
TC Rate(Pay.Year) 1998
PranarP(l hv• Rnrinnsted Incomorated 01/23/98)
EYAMILT G2
City of St. nthony, Minnesota
Tax Increment Financing(Housing)District No.1950
Kenzie(Lump Sum Transfer to Apache and Chandler)
TIF#1950 Less: Less:
Tax Annual Projected Admin. Auditor Annual Transfer Transfer Annual Maximum
Collection Period Tax Expenses Deduction Net To To Surplus Cumulative Pooling
Year Ending Increment 10.00% 025% Revenue TIF#58 TIF#913 (Deficit) Balance 100.00%
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1997 02/01/98 1,007,647
1998 02/01/99 445,089 44,398 1,113 399,578 968,359 1,123,916 (1,692,697) (685,049) 443,976
1999 02/01/00 409,482 40.846 1,024 367,612 0 0 367,612 (317,437) 408,458
2000 02/01/01 409,482 40,846 1,024 367,612 0 0 367,612 50,175 408,458
2001 02/01/02 409,482 40.846 1,024 367,612 0 0 367,612 417,787 408,458
2002 02/01/03 409,482 40,846 1,024 367,612 0 0 367,612 785,399 408,458
2003 02/01/04 409,482 40,846 1,024 367,612 0 0 367,612 1,153,011 408,458
2004 02/01/05 409,482 40,846 1,024 367,612 0 0 367,612 1,520,623 408,458
2005 02/01/06 409,482 40,846 1,024 367,612 0 0 367,612 1,888,235 408,458
2006 02/01/07 409,482 40,846 1,024 367,612 0 0 367,612 2,255,847 408,458
2007 02/01/08 409,482 40,846 1,024 367,612 0 0 367,612 2,623,459 408,458
2008 02/01/09 409,482 40,846 1,024 367,612 0 0 367,612 2,991,071 408,458
2009 02/01/10 0 0 0 0 0 0 0 2,991,071 0
4,539,907 452,855 11,353 4,075,698 968,359 1,123,916 1,983,423 4,528,554
(1)Collection year of tax increment.
(2)Annual period ending date. City# 1950
(3) Projected tax increment revenues from TIF District#1950(as per Hennepin County). County# 1950
(4) Maximum Administrative Expenses(as per TIF Plan). School District 282
(5)Auditor deduction(as per MN Statute). Type Housing
(6)Total annual net revenue (3)-(4)-(5). Name/Description Kenzie
(7)Transfer to TIF#58. Certified 9/28/82
(8)Transfer to TIF#9G. 1st Collection 1983
(9)Annual cash flow(6)-(7)-(8). Last Collection 2008
(10) 12/31/97 ending balance including interest earnings-2/1/98 debt service payments(as per City). Base Inflation% NA
(11) Maximum Pooling allowed Including Administrative Expenses(as per MN Statute). TC Rate% 133.770%
TC Rate(Pay.Year) 1998
Prepared by: Springsted Incorporated(11/23/98)
MEMORANDUM
DATE: September 30, 1996
TO: Mayor and Councilmembers
Planning Commission Members
FROM: Michael Mornson, City Manager
ITEM: AMENDMENT TO THE CITY OF ST. ANTHONY
REDEVELOPMENT PLAN
On October 8th, the City Council and Housing and Redevelopment Authority (HRA) will call
for a public hearing to amend the City's Redevelopment Plan. On November 12th, the hearing
will be held. Prior to the hearing, the Planning Commission will review the amendment to the
Plan and submit a written opinion which'will be the minutes of the September 17, 1996
meeting.
The City of St. Anthony will hold a hearing to amend its Tax Increment Financing (TIF) and
Redevelopment Districts. The City does not intend to establish a new district, nor to extend
the life of the existing districts. The purpose of the amendment is to allow the City to make
additional expenditure of tax increment funds in order to facilitate additional residential and
commercial development. The benefit to the City will be an increase in property value and
jobs.
The following is a list of additional possible expenditures authorized by the St. Anthony City
Council and HRA.
eject Activity Funds That Could Be Authorized
Redevelop vacant property between $233,000
Industrial Custom Products and the
Amoco Station on 37th Avenue NE (new)
Bridge work along Silver Lake Road $100,000
between 37th Avenue NE and Silver
Lane - (new)
Old Clark Station property redevelop- $40,000
ment on Stinson Boulevard (existing) (up $10,000 from previous plan)
' 1
fAmendment of City Redevelopment Plan
Page 2
eject Activity Funds That Could Be Authorized
Redevelop bowling alley property $40,000
on Kenzie Terrace' (existing) (down$20,000 from previous plan)
Redevelop St. Anthony Shopping $60,000
Center area along New Brighton (up $25,000 from previous plan)
Boulevard and Kenzie Terrace (existing)
Redevelop vacant lots by Twin $75,000
City Federal (existing) (up $15,000 from previous plan)
Redevelop 10 residential lots $1.3 million
by Kenzie plus add Kentucky i (up $500,000 from previous plan)
Fried Chicken, pizza, video
properties and Firstar lot (existing)
Redevelop Apache Plaza area (existing) $820,000
(up $520,000 from previous plan)
Community Center site work (existing) $100,000
(issued bonds)
Street scape within the City (new) $250,000
Delete $500,000 for Lowry
Grove expenditure because of
change in ownership.
New expenditure total $1,533,000
In June, 1995, the City amended their Redevelopment Plan and as a result, the following
activities have occurred.
Prqject Money Authorized
Evergreen Twin Homes, 12 $150,000
value between$160,000 to $180,000
$1.9 million
l7
Amendment of City Redevelopment Plan
Page 3
Prqject Money Authorized
Arbors Townhomes, 16 $260,000
Valued at $180,000
$2.9 million
Industrial Custom Products $125,000
$1.2 million retained plus 65 jobs
Apache Plaza $300,000
$4.5 million, CUB Store plus 250 jobs plus $1.5 million in bond proceeds
Community Center $2.65 million
bonds issued
The City invested $835,000 in the 4 redevelopment projects from the 1995 amendment and
will increase or retain value of$10,500,000 and 315 jobs will be created.
Benefits of Using TIF in This Manner
1. Less cost to taxpayer by not having to set up new district.
2. Less cost to taxpayer by not being penalized LGA.
3. Less cost to taxpayer by not having to issue bonds.
4. Immediate gain in tax value to some properties not in the district.
Status of Existing TIF Districts
District
TIF Increment Terminates
*Chandler Housing $240,000 per year 2010
*Kenzie Terrace Housing $461,910 debt until 1999 2008
Evergreen Townhomes Housing $59,000 2001
Walbon Housing $35,000 debt until 2001 2011
Apache Plaza Commercial 2018
*The Chandler and Kenzie Terrace districts are the districts the City is using for the
expenditures.
IV.� PERFORMANCE REPORT ON INVESTMENT
PORTFOLIO.
MEMORANDUM
DATE: November 19, 1998
TO: Mike Mornson, City Manager
FROM: Roger Larson, Finance Director
ITEM: INVESTMENT PORTFOLIO REPORT
The following is a discussion of the City's investment procedures, rate of return,
market value and information relating to the investment of public funds.
What brokerage firms does the City do business with?
1) Dain Bosworth
2) 4/M Fund (Investment Insights)
3) Juran & Moody
4) John G. Kinnard
5) Dean Witter
6) Firstar St. Anthony Bank (Money Market Savings)
These brokerage houses are firms with strong local and national affiliations. The City
does not invest with out-of-state telephone solicitation brokers.
Types of Investments:
1) Certificates of Deposit
2) Commercial Paper
3) Fannie Mae's
4) Ginnie Mae's
5) Zero Coupon Bonds
6) Federal Home Loan Mortgages
7) Government Agencies
All municipal investments are governed by State Statues, which restricts the type of
investments that a public entity can invest.
These instruments are often referred to as safe investments, with a guaranteed rate of
return. If held to maturity, the investor receives the exact rate of return as stated
without loss of principal.
iq
The investment portfolio/rate of return: (12/31/97)
1) Money Market Savings $ 1,100,078 5.13%
2) General City Investments $ 2,091,196 6.32%
3) HRA Investments $ 2,629,579 7.52%
4) Water Filtration Funds $ 4,413,315 6.01%
$10,234,168
Value/Tracking of the portfolio:
At the end of 1997, the total fund balances on all City Funds totaled $12,581,163 of
which $10,234,168 was invested. The market value of the portfolio at year-end was
$10,346,263, which is $112,595 higher than the book value and is a sound indictor of
the quality of the investments.
The book value to market value is tracked monthly. Spreadsheets are used to compare
the current book value to market value to determine if capital gains are present and
should be realized.
Investment Policy: (See Attached)
The City's investment policy applies to the investment of long and short term operating
funds of the City of St. Anthony. The scope of the policy includes:
1) Objectives:
A) Safety of Principal
B) Liquidity
C) Yield
2) Standards of Care:
A) Prudent Person Rule
a) Not taking risk to jeopardize the safety of public
funds.
3) Ethics:
A) Conflicts of interest
4) Delegation of Authority:
A) Finance Director
B) City Manager
� o
5) Authorized Financial Institutions
6) Authorized Investments
7) Safekeeping
8) Investment Parameters
A) Diversification
B) Cash flow needs
C) Short & Long Terms Investments
Current/future market conditions:
Rand Winspear, from Juran & Moody who manages the City's HRA
investment portfolio, will be present to discuss current market conditions
and answer questions regarding municipal investments.
Rand's backround includes:
1) 13 years experience as a Finance Director for the
Cities of Cottage Grove, Oakdale and North St.
Paul.
2) Investment broker for 14 years.
3) Does business with 22 municipalities
INVESTMENT POLICY 2
I. Scope
. This policy applies to the investment of long term and short
term operating funds of the City of St . Anthony. Individual
investments are purchased using the polled approach for
efficiency and maximum investment opportunity. The City
will consolidate cash balances from all funds to maximize
investment earnings. Each individual fund' s cash balance
will continue to be reported separately in the general
ledger system. Investment income will be allocated to the
various funds based on their respective participation and in
accordance with generally accepted accounting principles .
II. Objective
The primary objectives, in priority order, of investment
activities shall be safety, liquidity, and yield.
A. Safety
Safety of principal is the foremost objective of the
investment program. Investments shall be undertaken in
a manner that seeks to ensure the preservation of
capital in the overall portfolio. The objective will
be to mitigate credit risk and interest rate risk.
1 . Credit risk. The City will minimize credit
risk. Credit risk is the risk of loss due to
the failure of the security issuer or backer
by:
a. Limiting investments to those types of
securities allowable by Minnesota Statute
and set forth as Authorized Investments.
b. Diversifying the investment portfolio so
that potential losses on individual
securities will be minimized.
2 . Interest rate risk. The City will minimize the
risk that the market value of securities in the
portfolio will fall due to changes in general
interest rates by:
a. Structuring the investment portfolio so
that securities will mature to meet cash
requirements for ongoing operations,
thereby avoiding the need to sell
securities prior to maturity.
b. Investing funds in those securities
allowable by Minnesota
. Statue #118A.
B. Liquidity INVESTMENT POLICY Z
The investment portfolio shall remain sufficiently
. liquid to meet all operating requirements that may be
reasonably anticipated. This is accomplished by
structuring the portfolio so that securities mature
concurrent with cash needs to meet anticipated demands.
Furthermore, since all possible cash demands cannot be
anticipated, the portfolio should consist of some
securities with the greatest liquidity. A portion of
the portfolio may be placed in money market funds that
offer same day liquidity for short-term funds and are
invested in those securities allowable by Minnesota
Statue.
C. Yield
The investment ,portfolio shall be designed with the
objective of attaining a market rate of return
throughout budgetary and economic cycles, taking into
account the investment risk constraints and liquidity
needs. The core of investments are limited to
relatively low risk securities in anticipation of
earning a fair return relative to the risk being
assumed. Securities shall be held to maturity with the
following exceptions :
1. A security with declining value may be sold
early to minimize loss of
principal .
2 . A capital gain in principal can be realized.
3 . A security swap would improve the quality,
yield or target duration in the portfolio.
4 . Liquidity needs of the portfolio require that a
security be sold.
III. Standards of Care
The standard of care to be used by the investment official
shall be the prudent person standard and shall be applied in
the context of managing an overall portfolio. Investment
officers, acting in accordance with written procedures and
this investment policy and exercising due diligence shall be
relieved of personal responsibility for an individual
security' s credit risk or market price changes, provided
deviations from expectations are reported in a timely
fashion and the liquidity and the sale of securities are
carried out in accordance with the terms of the City' s
Investment Policy attachment to the broker notification and
certifiction form.
Investments shall be made with judgment and care, under
. economic circumstances then prevailing with discretion and
intelligence.
2
. INVESTMENT POLICY 3
IV. Ethics and Conflicts of Interest
Officers and employees involved in the investment process
shall refrain from personal business activity- that could
conflict with the proper execution and management of the
investment program, or that could impair their ability to
make impartial decisions . Employees and investment
officials shall disclose any material interests in financial
institutions with which they conduct business . They shall
further disclose any personal financial/investment positions
that could be related to the performance of the investment
portfolio. Employees and officers shall refrain from
undertaking personal investment transactions with the same
individual with whom business is conducted on behalf of the
City.
V. Delegation of Authority
Authority to manage the investment program is granted to the
Finance Director who shall be designated as the investment
officer. The Finance Director shall develop and maintain
administrative procedures for the operation of the
investment program. The procedures shall include a bidding
process, monitoring diversification and risk as well as a
system of controls to regulate the activities of subordinate
officials . The Finance Director is authorized, as allowed
. under Minnesota Statute, to designed depositories and
broker-dealers for City funds. In the Finance Directors
absence, the City Manager shall be authorized to complete
transactions as the investment official .
VI. Authorized Financial Dealers and Institutions
The Finance Director will maintain a list of financial
institutions to provide investment services to the City.
All broker-dealers who desire to become qualified bidders
for investment transactions must supply the Finance Director
with audited financial statements, proof of National
Association of Securities Dealers certification, proof of
Minnesota registrations and completion of broker
notification and certification form as required by the
Minnesota Statue #118A prior to any investment transactions
with the City.
VII. Authorized Investments
The city is authorized under Minnesota Statute #118A to
invest in the following securities :
A. United States securities. Public funds may be
invested in governmental bonds, notes, bills,
(excluding mortgage backed securities) and other
3
INVESTMENT POLICY
securities, which are direct obligations or are
guaranteed or insured issues
of the United States, its agencies, its
instrumentalities, or organizations created by an
act of Congress.
B. State and local securities. Funds may be invested
in the following:
1 . Any security which is a general obligation of
any state or local
government with taxing powers which is rated A
or better by a national bond rating service.
2 . Any security, which is a revenue obligation of
any state or local government with taxing,
powers which is rated AA or better by a
national bond rating service.
3 . General obligations of the Minnesota housing
finance agency, which is a moral obligation of
the state of Minnesota and is rated A or better
by a national bond-rating agency.
C. Commercial papers. Funds may be invested in
commercial paper issued by United States corporation
or their Canadian subsidiaries that is rated in the
highest quality category by at least two nationally
recognized rating agencies and mature in 270 days or
less.
D. Time deposits . Fund may be invested in time
deposits that are fully insured by the Federal
Deposit Insurance Corporation or bankers acceptances
of United States banks.
Any change to the stature will be deemed to be incorporated
into this policy.
VIII.Insurance Coverage
Full insurance coverage will be required on investment
accounts at a minimum of $10, 000, 000 total per account . The
insurance coverage may be a combination of FDIC and SIPC
insurance. The level of insurance coverage will be adjusted
upward to cover the full value of the account, if the
account exceeds $10, 000, 000 .
IX. Safekeeping
Securities purchased shall be retained at the institution
where the securities are purchased.
4
INVESTMENT POLICY ;2 S
X. Investment Parameters
The City' s investments shall be diversified as to specific
maturity, issuer and institution in order to minimize
overall risk to the portfolio. Investments shall be
purchased to match expected cash flow needs, minimizing the
market risk associated with selling an investment before its
maturity date.
To the extent possible, the City shall attempt to match its
investments with anticipated cash flow requirements. Unless
matched to a specific cash flow, the City will directly
invest in securities with a stated maturity of more than
seven years.
Reserve funds and other longer-term investments may be
invested insecurities exceeding seven years if the maturity
of such an investment is make to coincide as nearly as
practicable with the expected use of such funds .
Because of the inherent difficulties associated with
accurately forecasting cash flow requirements, a portion of
the portfolio should be continuously invested in readily
available funds, such as money market funds.
XI. Reporting and Review
The investment officer shall prepare an investment report
and present it to the City Council one time per year.
The City auditor shall review all City investments and
report his findings in the City' s annual financial
statements.
5
Investment Policy/Mortgage Backed Securities
The portfolio shall exclude High Risk Securities as defined in Minnesota Statues,
Sections #I18A.04, 118A.05 and 118A.06 as follows:
1) Interest - only or Principal -only backed securities.
2) Any mortgage derivative security that:
A. has an expected average life greater than ten years;
B. has an expected average life which will extend more than four years
as the result of an immediate and parallel shift in the yield curve of
plus 300 basis;
C. has an expected average life which will shorten by more than six
years as the result of an immediate and sustained parallel shift in the
. yield curve of minus 300 basis points;
D. will have an estimated change in price of more than 17 percent, as the
result of an immediate and sustained parallel shift in the yield curve
of plus or minus 300 basis points.
3) In addition, the City of St. Anthony and Dain Bosworth, Inc., hereby
agree that on the request of either party Dain Bosworth, Inc., shall re-
purchase any and all securities, sold to the City of St. Anthony by a legal
representative from Dain Bosworth, Inc., at full face value of the purchase
price, which do not comply with Minnesota Statues #118A.04, 118A.05 and
118A.06 or the City of St. Anthony's Investment Policy.
We agree to conduct your investment transactions in accordance with Minnesota Statues
and the City of St. Anthony's Investment Policy's.
Authorized Representative Date
Dean Witter Reynolds, Inc.
V. DISCUSSION ON UTILITY FUND/
NON-OPERATING REVENUES.
•
•
z -7
MEMORANDUM
DATE: November 2, 1998
TO: Mike Mornson, City Manager
FROM: Roger Larson, Finance Director
ITEM: UTILITY FUND/NON-OPERATING REVENUES
The following is a recap of the Utility Funds water and sewer revenue for 1997. (It
should be noted that other than interest earnings, non-operating revenues do-not
subsidize water & sewer rates.):
On page 67 of the auditor's financial statement, the information is provided:
Water and Sewer Revenue $ 928,578
Expenditures $1,156,173
($ 227,595)
Non-Operating Revenues 447,204
NET INCOME $ 219,609
The format of presenting revenues, less expenditures, adding non-operating revenue is
commonly used in the accounting profession. Upon review of the above information,
an assumption could be made that non-operating revenues are subsidizing the water &
sewer rates.
However, a closer review of the numbers reveals that the revenues derived from
quarterly water and sewer billings is adequate to balance the Utility Fund budget.
Within the numbers presented above are revenues and expenditures which are
associated with the Water Filtration Fund. Presentation of the numbers without
including the Water Filtration numbers would be as follows:
Water & Sewer Revenue $ 928,578
Add:
Interest Earnings $ 21,856 (Water Sewer portion only)
Other Income $ 3,700
Credits 29,346
Total Revenues $ 983,480
1997 expenditures $1,156,173
Less:
Carbon filtration operation and maintenance ($ 94,240)
Depreciation for water/sewer mains & lines ($ 68,756)
Reimbursement for administration costs ($ 12,353)
Total Expenditures $ 980,824
*The City received reimbursement for administrative expenses associated with the
operation & maintenance of the Carbon Filtration Plant. The $12,353 is part of the
$114,232 listed as water reimbursements (monies derived from the MPCA agreement).
This analysis indicates that the Utility Rates for 1997 were adequate to balance the 1997
Operating Budget. It also reveals that there is commingling of the Water Filtration
numbers and the Water/Sewer numbers.
I think establishing a separate schedule for the Water Filtration numbers in the financial
statements would provide a clearer presentation of the numbers. If Council agrees, I
will advise the auditor accordingly.
z �
CITY OF ST. ANTHONY SCHEDULE 23
UTILITY FUND
STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996
1997
----���-------- - --- 1996
Water Sewer Totals Totals
Operating Revenues
Charges for Services $382,693 $545,885_ M $928,578 `_$920,577
Operating Expenses
Personal Services 192,629 94,916 287,545 276,925
Supplies 17,867 3,907 21,774 26,173
Contracted Services and Other 112,246 41,654 153,900 191,362
Filtration and Other Charges 94,240 94,240 92,260
Treatment Charges 502,404 502,404 452,218
Depreciation and Amortization 56,518✓ 39,792✓ 96,310 98,547
Total Operating Expenses 473,500 682,673 1,156,173 1,137,485
Operating Income (Loss) (90,807) (136,788) (227,595) (216,908)
Nonoperating Revenues
Reimbursements 114,232 3,700 117,932 100,117
Credits and Other 3,318 26,028 29,346 14,748
VAR
Investment Income N292,641 7,285 299,926_ 281,258
Total Nonoperating Revenues 410,191 37,013 447,204 396,123
Net Income (Loss) $319,384 ($99,775) 219,609 179,215
---------- ----------
41
---------- ----------
Retained Earnings Beginning of Year 5,285,788 5,037,234
Redistribution of Depreciation to
Contributed Capital 68,756 - 69,339
il
Retained Earnings End of Year $5,574,153 $5,285,788
-67-
,a
VI. DISCUSS WATER FILTRATION FUNDS.
•
•
3v
MEMORANDUM
DATE: November 2, 1998
TO: Mike Mornson, City Manager
FROM: Roger Larson, Finance Director
ITEM: WATER FILTRATION FUNDS
Attached is the annual review of water filtration funds. Presently we are in our eighth
year of the agreement with the MPCA. This agreement provides 90% funding for the
operation and maintenance of the carbon filtration plant through 3/31/01.
Upon completion of the 10 year funding agreement, the City is responsible for 100% of
the operation, maintenance, repairs and building replacement costs.
A concept review of the history of the funds include:
Initial settlement from the Army $3,000,000
. Less:
Attorney Fees ($ 500,000)
Plus:
Honeywell Settlement $ 500,000
Net Results $3,000,000
All of the money has been invested since the City received it with the exception of the
$1,185,000 temporary water filtration bond paid off in 1993.
In 1990, the City implemented a financial plan to build the funds to a level that would
provide annual interest earnings adequate to provide funding for operation and
maintenance and building capital improvements without reducing the principal.
The theory in place is to provide safe drinking water for the community and using the
lawsuit money to pay for it. The present financial plan is accomplishing that goal.
Expenditures in 1997 totaled $123,079, compared to interest earnings of$265,178.
The MPCA has indicated that the projected life to clean up the water could take as long
as 100 years. This means there are long term planning issues and the financial plan
needs to take in consideration the funds needed for building replacement costs (the
. original plant was constructed for slightly over $4,000,000).
31
The current plan that the City has in place provides interest earnings, which adequately
. cover the current operation and maintenance costs plus is providing substantial funding
(currently over $100,000 annually) for building replacement costs.
My recommendation would be to designate the interest earnings, which exceed the
annual operation and maintenance costs into a building replacement improvement fund.
This will define money for plant replacement costs without putting the burden on the
residents of St. Anthony, which has been the goal of the City Council since the
inception of the contaminated water problem.
In addition, the establishment of a long range building replacement fund provides the
opportunity for long term investment philosophy, which will increase the yield of the
portfolio.
4b
•
GAC Treatment Plant Projected Budget 4/1/91 4/1/92 411/93 4/1/94 4/1/95 4/1/98 411/97
3131/92 3/31/93 3137/94 3/31/95 3/31/98 3/31/97 3/31/98 St.Anthony
1991 Actual 1992 Actual 1993 Actual 1994 Actual 1995 Actual 1996 Actual 1997 Budget 1998 Budget 1999 Budael 2000 Budael 2001 Rudael
STATE COSTS $312.31 $343.13 $174.85 $234.62 $251.72 $5,000.00 $5,000.00 $5,000.00 $0.00
1)1.10111168
Natural Gas $3,270.21 $4.048.08 $3.897.51 $3,029.60 $4,220.46 $5,813.84 $4.13824 $5,500.00 $5.750.00 $6.000.00 $6,250.00
Electricity $5,300.87 $4,900.31 $6,610.01 $4,587.90 $2,085.32 $5,870.81 $4.809.82 $7,000.00 $7,250.00 $7,850.00 $8.250.00
Sewage 51.540.04 S].500.04 51.950.04 &1.750.00 S],750.40 52.251 M 52.500.04 S2.750.4G 53.250.40 53.540-00
Total Utilities $10,071.08 $10,448.39 $12,157.52 $9.967.50 $8,835.78 $13,934.85 $11,448.06 $15.250.00 $16.000.00 $111,900.00 $18,000.00
2)Labor
Operations $21,535.95 $20,436.91 $16,79120 $22.159.53 $18.307.74 $21,781.88 $20.24123 $42,500.00 $43.250.00 $44.500.00 $48.750.00
Administration 52,175.09 54.082.34 54.94241 S5280- 59105,21 S6-67S 59 57-093.90 59.540.00 59.250.44 x10.000.00 x19.750.00
Total Labor $23,711.03 $24,52921 $21,733.61 $27,440.52 $24,412.95 $28,457.47 $27,305.13 $51,000.00 $52,500 00 $54.500.00 $57.500.00
3)Activated Carbon $0.00 $85.380.00 $0.00 $71,541.40 $88,829.22 $70,897.40 $76.685.60 $98,500.00 $101,500.00 $104,500.00 $108,000.00
RemovatlReplacement
4)Consumables $307.38 $588.67 $931.71 $397.36 $950.02 $1.185.99 $1,792.94 $1,400.00 $1,350.00 $1,500.00 $1,550.00
5)Service Contracts $2,883.41 $1,07928 $1,11024 $1,143.38 $1,177.67 $1,21320 $1,249.68 - $1.800.00 $1,700.00 $1,800.00 $1,900.00
6)Laboratory Analysis $5,750.00 $8,952.00 $8,357.68 $4,410.00 $5.09200 $5,382.00 $4,368.00 $8,000.00 $8.25000 $8.500.00 $8.750.00
7)fAscellaneous/Pennil Fees $0.00 $0.00 $0.00 $150.00 $75.00 $85.00 $0.00 $0.00 $0.00 $0.00 $0.00
8)RepahMeplatement 5444 54 00 11044 54 Q4 5004 5044 SIM) 55.540 40 S6750- 57-090.44 117-254.04
Appretus
TOTAL GAC BUDGET PROJECTION $42,502.88 $128,955.65 $44,803.07 $115,39327 $127,347.29 $121.390.33 $123,079.13 $187,250.00 $193.050.00 $199,700.00 $202,950.00
Equipmentrrools- $9,33524
Federal Funding(90%) $38.252.59 $116,060.00 $40.142.76 $103,853.94 $114.612.58 $109,251.30 $110,77122 $168,525.00 $173,745.00 $179.730.00 $0.00
SL Anthony Share(10%) 54,254,2$ 512.695.58 54,490.31 $11539.33 &12734.73 $12.139.03 512.307.91 518.725.00 519305.00 519.970.00 5202.950,04
Total GAC Budget $42,502.88 $138,290.79 $44,603.07 $115,39327 $127.34729 $121,390.33 $123,079.13 $187,250.00 $193,050.00 $199.700.00 $202.950.00
TOTAL REVENUE EARNINGS
ArmyMoneywe812-31.90 Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget
Balance equals$3,541,553 $3.643.920.00 $3,848,223.00 $2,840.980.00 $3,008.259.25 $3.173,899.93 $3.352,194.66 $3,541.018.68 $3,734,755.25 $3,939,535.64 $4.155.937.86 $4,202.344.25
Actual Actual Actual Actual Actual Actual Actual
$4,024,721.00 $4,441,491.00 $3,644,881.00 $3,872,921.00 $4,150,316.00 $4,438,487.00 $4,812,734.00
3 cent per ($1,185,000.00)
gallon Bond Payment 711193
Assumes Interest earnings of 6%annually levy
-One time basis during first 10 yearshnaAmum reimbursement Is$10,000
W
VII. REVIEW ESTIMATED EXPENDITURES
AND REVENUES FOR 1998 GENERAL FUND.
•
Budget to Actual Projection:
Estimated
Revenues: Budget Actual
Property Taxes $1,567,767.00 $1,552,089.00
Licenses $11,100.00 $10,966.00
Permits $52,800.00 $98,183.00 Building Permit Revenue
Intergovernmental Revenues $1,084,301.00 $1,102,615.00 Police State Aid
Municipal Court Fines $100,000.00 $98,790.00
Miscellaneous Revenues $67,850.00 $87,029.00 LMCIT Dividend
Transfers $247.082.00 $244.092.00
Total Revenues $3,130,900.00 $3,193,764.00
Estimated
Expenditures: Budget Actual
Mayor/Council $53,800.00 $50,572.00
Intergovernmental Relations $16,400.00 $15,737.00
Cable Franshise $19,200.00 $18,548.00
General Management $107,700.00 $104,189.00
Elections $20,750.00 $15,563.00
Finance/Insurance $259,950.00 $220,515.00 Workers Comp Insurance
Finance/Assessing $33,600.00 $32,908.00
Legal $58,000.00 $52,062.00
Engineering/Planning/Zoning $8,500.00 $5,909.00
City Buildings $92,350.00 $90,468.00
Civil Defense $38,300.00 $35,386.00
Police Protection $1,267,400.00 $1,210,184.00
Fire Protection $458,550.00 $455,083.00
Inspections/Building Permits $22,600.00 $66,562.00
Animal Control $5,300.00 $3,977.00
Public Works $393,700.00 $372,817.00
Public Works/Maintenance&Repair $109,800.00 $105,443.00
Tree and Weed Care $28,700.00 $22,690.00
Parks $61,300.00 $59,167.00
Transfers to other Funds $75.000.00 $75.000.00
Total Expenditures $3,130,900.00 $3,012,780.00
$180,984.00
W
(Al
IX. REVIEW ORDINANCE ON POLITICAL SIGNS.
•
•
4®RAF34-
DRAFT
T CITY OF ST. ANTHONY
ORDINANCE 199?-?
AN ORDINANCE RELATING TO SIGNS,
AMENDING SECTION 1400.08, SUBD. 1 OF THE
1993 ST. ANTHONY CODE OF ORDINANCES
The City Council of the City of St. Anthony hereby ordains:
Section 1. Section 1400.08, Signs Requiring No Permits, Subd.1 , Political Signs will be
amended to read as follows:
Subd. 1. Political Signs. All political signs of any size may be posted from August 1 in a State
General election year until 10 days following the State General Election. For Local General
Elections (City and School), which are held the first Tuesday after the first Monday in
November of odd numbered years, all political signs of any size may be posted four weeks
prior to a Local General City election until five days following a Local General Election.
Political signs are not allowed to be placed within ten feet from the curb.
Section 2. This ordinance shall become effective as of the date of its publication.
First Reading:
Second Reading:
Adopted:
Mayor
ATTEST:
City Clerk
Publish: St. Anthony Bulletin
on
X: REVIEVFUTURE AGENDA ITEMS:
•
•
: S
Meeting Date Meeting Type Item/Issue
December 7 Regular Truth in Taxation hearing
Ord., re: storm water (3rd reading/adopt)
Political signs ord. (1s` reading)
December 16 Regular 6:00 PM - 7:00 PM interview Planning Commission
candidates
Resolution approving 1999 budget and tax levy
Appoint Planning Commissioners
. Park Commission report
Political signs ord. (2nd reading)
January 5 Work Session Res., 3 street improvement projects
-Call for hearing for 1999 street improvements
-Declare assessed cost
-Call hearing for proposed assessment
Res., 12 annual housekeeping resolutions (i.e., Mayor Pro
Tem; legal newspaper, Council's participation in outside
. organizations; etc.)
3�
ACTION request
Water Quality Task Force
Reminder on Goal Setting Retreat
WSB contract
January 12 Regular Political signs (3`d reading)
Housekeeping resolutions
1 CITY OF ST. ANTHONY
2 WORKSESSION MINUTES
3 November 4, 1998
4 7:00 p.m. -
5
6
7 I. CALL TO ORDER.
8 Meeting called to order at 7:01 p.m.
9
10 H. ROLL CALL.
11 Councilmembers Present: Ranallo, Marks, Faust, Cavanaugh, and Thuesen.
12 Councilmembers Absent: None.
13 Also Present: Michael Morrison, City Manager; Kim Moore-Sykes, Management Assistant;
14 Jay Hartman, Public Works Director; and Dick Johnson, Fire Chief.
15
16 III. OPUS UPDATE PRESENTATION ON APACHE PLAZA.
17 Jay Scott, Russ McGinty and Paul Delatto were present to report on the Apache Plaza. Mr.
18 Scott gave a historical prospective of the project to the present. He reported that Herberger's
19 has secured the old Montgomery Ward's space in Rosedale, which he felt would open
20 redevelopment opportunities that have been limited heretofore. Mr. Scott reported that Regal
21 Theaters is interested in constructing a large-theater complex and WalMart recently contacted
22 him about their renewed interest in the Apache Plaza site. He indicated that he has gotten
23 nothing firm from WalMart. He also reported that Herberger's has not indicated to him that
24 they are leaving Apache Plaza but that this situation does not prevent Regal Theaters from
5 starting their project.
6
27 Paul Delatto, representative for Regal Theaters, indicated that they are interested in moving
28 quickly with the construction of the theater complex. He reported that they could conceivably
29 have the theaters open by the 1999 holiday season. Mr. Scott reported that these large theater
30 complexes tend to encourage peripheral development, usually restaurants. Both responded
31 that they don't anticipate traffic being an issue as that the most popular times to go to a movie
32 is after 7:00 p.m., which is long after the workday rush-hour is over and on weekends. Mr.
33 Delatto also reported that show times are staggered so that ticket lines are controlled; parking
34 will be sufficient because again most stores are closed; and they sell 80% of the seating for any
35 movie, which limits their parking requirements.
36
37 Councilmember Cavanaugh asked if copies of the partnership agreement'between OPUS and
38 Regal Theaters are available. Mr. Delatto indicated that they have not yet formalized their
39 partnership with signed agreements but that if the City was favorable to their proposal,
40 negotiations could begin. Councilmember Cavanaugh requested that the Council be provided
41 with evidence of paperwork within six months or the City would need to put-the�property back
42 into circulation. He suggested that the City consider putting a moratorium on Apache Plaza.
43
44 Mr. Scott indicated that moratoriums do not really help to get redevelopment going on a
45 property. He also indicated that because Apache Plaza is not located'close enough to freeway
6 interchanges, it is difficult to attract any interest. Most retailers are looking for easy access
7 and high visibility.
ssivn; rilytt .SE. Anthony Shdo
ing Center �lieves
;. 2 �Ierc�a�ts tddisco�" ,
` City Manager indicated that the i
4 3• r� • W
$ Finance Director wilt be re�f� Fund estimates of revenue and 'as v ced
,expenditures for'1�8.
_ seemed
ff tR �YUSIl`tESS% t the
q .,. 1.. bty Manage PePf0 mance yor reported that he and Councilmember ssues are
1 1�2e�st whi-be con&�g the.,Cerformance review. Councilmember tted to
4fivanawughsuggestedihat the to sit in on the review session and
g : perhaps ft;could bier done as pging retreat. The Management Assistant
� ' .•s_ genii ted}the Cotzncihthat thereat is required to be an open meeting and private-
14 t1 at ail.perforihance reviews".e City Council;are closed meetings here the
t beca ItIie nature of the discVcted as private. - Only the City Manager n the
16 c2ai;request an open meeting.id that the Council provide him with ne where
17 cottunente ley,Nbvember 1e he will
ADI NMENT_ `
�Q The City Council ,iiorksession mee&0:20 p.m.
i 21 said the
22 Respectfu4y Submitted.by, j new fire
.ssues,
2 ailable land
' Z® Moore-Sykes t put together
2Y Management Assistant other
1e felt that
- �\rector
As might
6 P
he Fire
)blew
of know
i
er
e
Chief's
le.