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13 <br />What does this do <br />• Allows for TIF to be generated in 2015 <br />— Based upon pay 2014 values this will be approximately $36,000 <br />— Will need to updated based upon pay 2015 values <br />• Allows TIF to be available for payment on a PAYGO note <br />to F & C for Residence at the COR Apartments (if <br />needed) <br />— They receive 85% of the TIF generated from their parcel <br />• If there is negative TIF from other parcels, then their TIF is prorated down <br />accordingly <br />EHLERS <br />L �nuhi <br />14 <br />4 Year Rule Issues <br />• 5 parcels of the 92 meet this requirement <br />— They are taxable parcels <br />• VA, Allina, Coborns & Residence at the COR Apartments <br />• 23 parcels owned by the City /HRA so 4 -year rule has no <br />impact <br />— Consist of City Hall, Parking ramp, transit station, parks /open space, <br />roads, storm ponds, etc. <br />— Not an issue since tax exempt uses and would never generate TIF <br />• Some will remain in the district and other will be "knocked down" <br />EHLERS <br />1/16/2014 <br />7 <br />