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2013.03.12 EDA Packet
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2013.03.12 EDA Packet
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9/7/2017 1:06:45 PM
Creation date
9/7/2017 1:06:45 PM
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Commissions
Meeting Date
3/12/2013
Document Type
Agenda/Packets
Commission Name
EDA
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2/26/2013 <br /> Current County Role Current County Activities <br /> • Provide Infrastructure • Roads and transit <br /> • Create Skilled Employees • Job training(Work Force Center) <br /> • steward Cultural&Natural Amenities • Work force housing(HRA,CDBG Program) <br /> • Contribute to Quality of Life • HRA financing tools <br /> • Historic Courthouse and libraries <br /> • Maintain Low Tax Rate <br /> • Parks and trails <br /> • Provide limited Financing Tools for projects of • Competitive tax rate <br /> regional significance <br /> Current County Activities Tax Increment Financing <br /> County Financing Current County Role <br /> 2011-2013 Greater MSP($50,000/yr) • Provides comments on proposed new districts or <br /> modifications of existing districts <br /> Pre 2010 Metro MSP No authority to approve or deny districts <br /> 2007 Development of regional • Supported recent city efforts to expand or modify <br /> website($8,500) existing TIF districts <br /> Property Tax Funding <br /> TIF Financial Impact(Pay 2012) <br /> • Districts captured less than 2%of total tax capacity <br /> Tax abatement • Loss of$1,700,000 in county tax <br /> Tax Abatement New Activities— Low Cost <br /> Current Policy • Legislative initiatives <br /> • Authority to abate up to 10%of net tax capacity <br /> ($2.74 million) • Business relationships <br /> • County policy cap of 2%of annual levy($1.7 • Business-friendly appointments to Boards <br /> million) <br /> • Cities must agree to not create or expand a TIF • CDBG funds for economic development <br /> district <br /> Financial Impact <br /> • Total of$5,689,018 abated over 16 years <br /> 2 <br />
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