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COR TIF District 1 -14 <br />• "Clock" for any TIF district does not start until the City <br />receives the first TIF distribution from the County <br />• To date no TIF received and none expected in 2014 <br />- Only 3 parcels that have increased value <br />• VA Clinic <br />• Allina Clinic <br />• The Residence at the COR Apartments <br />- All other parcels, pay 2014 value is less than pay 2010 value <br />(base value) <br />• By approximately 13% <br />EHLERS <br />01111l LC V.1 <br />10 <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 />• 85% 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 />Ramsey Office Plaza, NAU Country office building and existing town <br />homes will never be included in the TIF district since there would be <br />no qualifying activity (already constructed) <br />EHLERS <br />1/16/2014 <br />5 <br />