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9/12/2013 <br />Issues <br />• The Residence at the COR Apartments <br />- If bonds can be paid off in June 2015, then HRA to provide F & C a <br />PAYGO TIF note <br />• 8 5 % of TIF generated, not to exceed $3M <br />- If current values for all other properties do not increase to at least <br />the base value, there will be no TIF for the F & C PAYGO TIF note <br />• This could affect them obtaining financing to pay off the TIF bonds <br />• 4 Year Rule <br />- If no qualifying activity in 4 years on a parcel, it is "knocked out" of <br />the TIF district <br />• Bring it back in when a qualifying activity happens <br />- Construction <br />- Allina, Falls Cafe & Office Building and existing town homes will <br />never be included in the TIF district since there would be no <br />qualifying activity (already constructed) <br />a <br />EHLERS <br />Options/Solutions <br />20 <br />• Amend Special Legislation <br />- Exempt district from 4 year rule <br />- Set base values at pay 2014 or pay 2015 values <br />- Keep base value of Allina, VA and COR apartments at the pay 2011 <br />certified value <br />• Obtain special legislation to create the Residence at the <br />COR Apartments as stand alone TIF district <br />- Decertify these parcels out of TIF 1-14 <br />EHLERS <br />10 <br />