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

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States Housing Act of 1937, as amended, Tit~e V of the Housing Act of 1949, as amended, any other similar present or tVture federal, state, or municipal legislation, or the regulations promulgated mider any of those acts, and satisfies the requirements of Section 469.1761. Ho~sing project means a project, or portion of a project, that meets all of the qual~fications of a housing district under this subdivision, whether or not actually establ!ished as a housing district. The City will cause the Developer to comply with the income restrictions pursuant to Minnesota Statutes, Section 469.174. In addition, Tax Increment Financing District No. 12 must meet the requirements of a qualified housing district as set forth in Section 3.28 h~reof. i Section 3.13 Duration of Tax Increment Fiiancing District No. 12. The Act allows "housing districts" to remain in existence for a period 6f 25 years from the receipt of the first Tax Increments. Even though Exhibit E indicates 20 yeats 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 ~rovisions of this Tax Increment Financing flm . Section 3.14 Estimated Impact of Tax Increrbent Financing. The estimated impact of Tax Increment Financing District No. 12 on the other I taxing jurisdictions is set forth on Exhibit D. In accordance with Minnesota Statutes, Sec~on 469.175, Subdivision 1, clause (6), alternative estimates of the impact have been made, ~ssuming in one case that the captured net tax capacity would be available without creation of th~ district and in the other case that none of the captured net tax capacity would be available witho~t creating the district. The details are set forth on Exhibit D. ! i In accordance with Minnesota Statutes, Sectidn 469.175, Subdivision 2, clause (b), the fiscal and economic implications of the district are set forth on Exhibit E. The overall impact on the general finances of the City, related to the distric~, is expected to be minimal. The district will contain 20 units of rental housing. It is the opinion of the City that fire protection service can be provided to the district with no identifiable bkdget impacts or the direct need for any additional capital equipment. If the Town Center ana Ramsey Crossings projects are entirely built out they would require the addition of an additioJal Community Service Officer and Patrol Officer. The Town Center project alone would not reqjuire the hiring of additional officers. The storm sewer, sanitary sewer and water systems of the ~ity will be improved in connection with the development in the district. In addition, the City wHl be widening Armstrong Boulevard and adding turn lanes and stop lights; however, those imprbvements were already planned as part of the City's Town Center project. It is anticipated that a ~ax increment note in an of amount of not to exceed $1,465,000 will be issued and will be pa~able, with no interest, solely from tax increments of the district. I i ! Section 3.15 Cash Flow and Other Financial Analvsis. See Exhibit E attached hereto. 1970490v2 -198- 7