Agenda - Council - 05/24/1984 - Laserfiche WebLink

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I I I I I I i I I I I I I I I I I e Obtaining necessary approvals for development once the property is under contract. 7. Closing property sales. Coordinating and monitoring revitalization programs with respect to relocation, demolition, public improvements and cash flow. Creating a development program and tax increment finance plan as is required to suit the needs of the City and the developer since development is likely to occur in stages. 10. Issuing bonds related to the downtown revitalization program. The revitalization process will occur as property is acquired, cleared and disposed of for new construction or as existing structures are rehabilitated. The exact costs, revenues and the exact schedule for the amortization of loans or public indebtedness will be known. The implementation phase will result in redevelopment of targeted areas of the city. CONTINUING FISCAL ANALYSIS SUBSEQUEN_____~T TO THE VARIOUS STAGES OF REVITALIZATION: PHASE V While the first four phases of the process may be considered to be planning and implementation stages, the final phase may be classified as a management stage. If tax increment financing is chosen as a redevelopment tool, management of the project area will include an annual financial analysis of the tax increment financing district and updated reports regarding the economic feasibility for additional development in portions of the project area not yet developed. This phase will enable the City to constantly monitor activity in the tax increment financing district. Annually or semiannualIy, the City will know if a sufficient or surfeit of tax increment is available for the repayment of public redevelopment co~ts. The fiscal analysis of the project area will have two purposes: 1. Provide an indication of the financial status of the tax increment financing district and the ability of the tax increment financing district revenues to amortize current expenditures and existinK debt. Provide an indication of the potential for develo i~ and financing other projects in the tax increment financing district based on existing revenues. As a result of the management phase, the City will receive an annual report of the status of the tax increment financing district. This report will be designed to meet the annual disclosure requirements of the Tax Increment Financing Act (Minnesota Statute, Section 273.74, Subdivision 5). The report will contain the following information: the amount and the source of revenue in the account, the amounts and purpose of expenditures from the account, the amount of any pledge of revenues including principal and interest on any outstanding bonded indebtedness, the original assessed value of the district, the captured assessed value retained, the captured assessed value shared with other taxing districts, the tax increment -7-