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

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(a) (i) parcels consisting of 70 percent of the area of the district are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures; (ii) 20 percent of the buildings are structurally substandard; and (iii) 30 percent of the other buildings require substantial renovation or clearance to remove existing conditions such as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety, and general well- being of the community; and (b) the conditions described in clause (a) are reasonably distributed throughout the geographic area of the district. (2) For purposes of detennining whether a building is structurally substandard, whether parcels are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures, or whether noncontiguous areas qualify, the provisions of Section 469.174, Subdivision 10, paragraphs (c), (e), and (f) apply. Section 3.13 Duration of Tax Increment Financing District No. 13. The Act allows "renewal and renovation districts" to remain in existence for a period of 15 years from the receipt of the first Tax Increments. Section 3.14 Estimated Impact of Tax Increment Financing. The estimated impact of Tax Increment Financing District No. 13 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 hnpact 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 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 various retail facilities. 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 Ramsey Crossings 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 Tax Increment Bonds and a pay as you go tax increment revenue note in an aggregate amount of not to exceed $10,318,000 will be issued and will be payable solely from tax increments of the district. The Tax Increment Bonds will be issued as general obligations of the City. Section 3.15 Cash Flow and Other Financial Analysis. See Exhibit E attached hereto. 1971165v3 -228- 7