Laserfiche WebLink
payment, this is the quickest way for the City to pay-off these obligations. At a minimum, enough properties need <br />to remain in the district to cover 20% of the principal payment of the bond over the life of the bond issue. <br />The TIF district adds value to the land and makes it more likely that the City will be able to sell land to a private <br />developer because it provides a means to finance the necessary public improvements. <br />A schedule of the proposed sources and uses of TIF District 14 is attached and a more detailed exhibit of current <br />obligations will be presented at the meeting. <br />Recommendation: <br />It is recommended that the City keep the existing TIF district in place, at least until existing obligations are met. <br />However, if the Council wishes to modify the district in some fashion, it is recommended that the City consider <br />removing parcels that are expected to develop in the later phases of the project. The district is limited to a 25-year <br />life and as parcels develop, much of their TIF revenue generating ability will have been diminished. A detailed <br />financial analysis of the districts ability to pay off currently obligated expenditures will need to be conducted. <br />A total decertification is not practical at this time because it would require pay-off of the Flaherty and Collins <br />project bonds. <br />Funding Source: <br />Professional services account in General Fund. <br />Council Action: <br />This item is on the regular Council agenda as a case with the following recommendation: <br />Direct staff to schedule this item for the regular meeting of December 11, and to bring forth recommendations for <br />modifications to TIF District 14 to remove selected parcels from the district, along with a financial analysis of the <br />district. <br />The action of the Council may be modified based upon work session discussion. <br />TIF Dist 14 Sources and Uses <br />2012 MN TIF Statutes <br />Disclosure 2011 <br />TIF Districts <br />TIF 14 Plan <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 11/08/2012 06:35 PM <br />Kurt Ulrich Kurt Ulrich 11/09/2012 11:13 AM <br />Form Started By: Kathy Schmitz Started On: 11/08/2012 04:18 PM <br />Final Approval Date: 11/09/2012 <br />