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<br />The total 2007 General Fund operational , budget was adopted at $10,514,794 compared to <br />$10,162,600 in 2006. Personnel accounted for more than half (59.80%) of the total <br />budget. <br /> <br />TIF District 1. This redevelopment district has hot had any additional development in <br />2006. This district is funding previous financial obligations, is financially sound and will <br />be decertified no later than December 2011. <br /> <br />TIP District 2. This redevelopment district has had growth in the past year. Projects for <br />Harber Industries and K & K Sharp were completed in 2006. The redevelopment effort <br />has continued with the acquisition of the Ann Parks building and the pending acquisitions <br />of Dekok and Brown. The environmental clean-up for St Paul Terminals is complete and <br />the newly. acquired parcels will be demolished and redeveloped. There is little vacant <br />land in this TIF district but the City continues to acquire blighted and under-utilized <br />properties to redevelop the area. I purchase agreement was executed with Zero-Zone to <br />purchase additional land adjacent to there site for future expansion. This district is <br />financially sound and will be decertified no later than 2012. <br /> <br />TIF District 4. This redevelopment district has had significant growth in the past year. <br />Rivenwick Village continues to develop andthis project will increase revenue for the <br />district in 2007. The development is taking place along Riverdale Drive adjacent to <br />infrastructure put in during a previous TIF Project in the district. Both the Slumberland <br />and Ramsey Office Condo projects were completed in 2006 and they will start generating <br />TIF revenue in 2008. TIF District No.4 is financially sound and will decertify no later <br />than 2013. <br /> <br />'rIF District 6. This district was decertified in 2006 and approximately $466,000 in tax <br />capacity will be on the City Tax Rolls for 2007. <br /> <br />'1'IF District 7. This redevelopment district has not had any additional development in <br />2005. This district consists of the Ramsey B & B Carpet building on Highway 10. This <br />project was constructed in 2000 has seen tenants lease the building on Highway 10. This <br />district has a de-certification date of2015, but legislative changes that have reduced TIF <br />revenue streams will lead to the extension of the duration of the district to accommodate <br />for the Revenue Note the City has with Ramsey B& B Carpet. <br /> <br />TIF District 8. The City platted Ebony Addition and the constructed the extension of <br />Ebony and McKinley Streets. This 4.2 acres lot has sparked interest from numerous <br />developers and should be developed in 2007. TIF District No.8 has seen tax increment <br />revenue fall short of expectations that were set prior to the class rate compression of <br />2002. The post-9/11 economy of past years slowed projected growth in the district but a <br />recent upturn in the economy has led to additional development over the past few years. <br />To address these concerns the City changed the fiscal disparities contribution for this <br />district to allow more increment to be generated from within the district. The projected <br />new development as well as general appreciation of market value should help this district <br />stabilize. This district only has 2 lots left to develop. This TIF District will be <br />decertified no later than 2028. <br /> <br />2006 Annual Report <br />-2- <br />