Agenda - Council - 01/23/2007 - Laserfiche WebLink

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"Housing district" means a type of tax increment fmancing district which consists of a project, or a portion of a project, intended for occupancy, in part, by persons or families of low and moderate income, as defmed in chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state, or municipal legislation, or the regulations promulgated under any of those acts, and satisfies the requirements of Section 469.1761. Housing project means a project, or portion of a project, that meets all of the qualifications of a housing district under this subdivision, whether or not actually established as a housing district. The City will cause the Developer to comply with the income restrictions pursuant to Minnesota Session Laws 2005, 18t Special Session, Chapter 3, Article 7, Section 17. Section 3.13 Duration of Tax Increment Financing District No. 11. The Act allows "housing districts" to remain in existence for a period of25 years from the receipt of the first Tax Increments. Even though Exhibit E indicates 20 years of Tax Increments the City reserves the right to collect the full amount of Tax Increments for the maximum duration limit of the Act and to spend the Tax Increments in accordance with the provisions of this Tax Increment Financing Plan. Section 3.14 Estimated Impact of Tax Increment Financing. The estimated impact of Tax Increment Financing District No. 11 on the other taxing jurisdictions is set forth on Exhibit D. In accordance with Minnesota Statutes, Section 469.175, Subdivision 1, clause (6), alternative estimates of the impact have been made, assuming in one case that the captured net tax capacity would be available without creation of the district and in the other case that none of the captured net tax capacity would be available without creating the district. The details are set forth on Exhibit D. In accordance with Minnesota Statutes, Section 469.175, Subdivision 2, clause (b), the fiscal and economic implications of the district, including estimates of increment to be generated, are set forth on Exhibit E. The overall impact on the general finances of the City, related to the district, is expected to be minimal. The district will contain 151 units of senior rental housing. It is the opinion of the City that fire protection service can be provided to the district with no identifiable budget impacts or the direct need for any additional capital equipment. If the Town Center and Ramsey Crossings projects are entirely built out they would require the addition of an additional Community Service Officer and Patrol Officer. The Town Center project alone would not require the hiring of additional officers. The storm sewer, sanitary sewer and water systems of the City will be improved in connection with the development in the district. In addition, the City will be widening Armstrong Boulevard and adding turn lanes and stop lights; however, those improvements were already planned as part of the City's Town Center project. It is anticipated that a tax increment revenue note in an of amount of not to exceed $4,300,000 will be issued and will be payable, with no interest, solely from tax increments of the district. It is anticipated that general obligation tax increment bonds will not be issued to fmance the estimated Public Costs of the Development Program. 1954494v3 -168- 7