HomeMy WebLinkAbout2004-014 EDAR1
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Commissioner Kathleen Carmody introduced the following resolution and
moved its adoption:
Section 1. Recitals.
EDA RESOLUTION NO. 2004 -14
RESOLUTION APPROVING THE MODIFICATION OF THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
DISTRICT NO. 3
BE IT RESOLVED by the Board of Commissioners of the Brooklyn Center
Economic Development Authority, Minnesota as follows:
1.01. The Brooklyn Center Economic Development Authority, Minnesota (the
"Authority has heretofore established the Housing Development and Redevelopment Project
No. 1 (the "Project Area pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and
adopted a Redevelopment Plan therefor, as modified (the "Redevelopment Plan The Authority
also established the Tax Increment Financing District No. 3 (the "TIF District within the
Project Area and adopted a Tax Increment Financing Plan therefor (the "TIF Plan") all pursuant
to and in accordance with Minnesota Statutes, Sections 469.174 to 469.1799.
1.02. The Authority desires to modify the TIF Plan in order to make certain
administrative changes to the TIF Plan, such modification is attached hereto as Exhibit A.
1.03. The Authority has caused to be prepared a modification to the TIF Plan which is
attached hereto as Exhibit A. The modification to the TIF Plan does not increase the total
estimated tax increment expenditures, the amount of bonded indebtedness, capitalized interest, or
make any other changes described in Minnesota Statutes, Section 469.175, subd. 4, that would
require a new public hearing.
Section 2. Authority Approval.
2.01. The Authority finds that its objectives in encouraging development and
redevelopment within the Project Area and the TIF District would be advanced by adoption of
the modification to the TIF Plan.
2.02. The modified TIF Plan is hereby approved and adopted by the Authority.
November 8, 2004
Date 1 President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kay Lasman
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, Kay Lasman, Diane Niesen, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
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RESOLUTION NO. 2004 -14
STATE OF MINNESOTA
ss.
COUNTY OF HENNEPIN
I, the undersigned, being the duly qualified and acting Secretary of the Brooklyn Center
Economic Development Authority, Minnesota, DO HEREBY CERTIFY that I have carefully
compared the attached and foregoing extract of minutes with the original minutes of a meeting of
the Board of Commissioners of the Brooklyn Center Economic Development Authority,
Minnesota held on the date therein indicated, which are on file and of record in my office, and
the same is a full, true and complete transcript therefrom insofar as the same relates to a
Resolution Approving the Modification of the Tax Increment Financing Plan No. 03.
WITNESS my hand as such Secretary of the Brooklyn Center Economic Development
Authority, Minnesota this day of November, 2004.
Secretary
EDA RESOLUTION NO. 2004-14
Brooklyn Center Economic Development
Authority, Minnesota
Administrative Amendment
to
Tax Increment Financing Plan
for
Dated: November 4, 2004
Amendment Approved:
Prepared by:
SPRINGSTED INCORPORATED
85 E. Seventh Place, Suite 100
St. Paul, MN 55101 -2887
(651) 223 -3000
WWW. SPRINGSTED. COM
Exhibit A
Tax Increment Financing (Redevelopment)
District No. 3
EDA RESOLUTION NO. 2004-14
Introduction
The purpose of the Administrative Amendment to the Tax Increment Financing Plan for Tax
Increment Financing District No. 3 is to make a line -item adjustment to the estimated project
costs and sources of revenue. This amendment will not increase the overall size of the budget.
The section specifically being modified is Section G, Estimate of Costs and Section I Sources of
Revenue. This amendment does not reflect all the legislative changes that have occurred since
original adoption, and may not reflect fully the financial ramifications of all the TIF and property
tax system changes.
EDA RESOLUTION NO. 2004-14
TABLE OF CONTENTS
Section Page(s)
G. Estimate of Costs 1
I. Sources of Revenue 2
EDA RESOLUTION NO. 200€) ok /yn Center Economic Development Authority, Minnesota
G. Estimate of Costs
The estimate of public costs associated with District No. 3 is outlined in the following line item
budget:
Estimate of Public Costs
Land Acquisition
a. Commercial
b. Industrial
Public Improvements
a. Streetscape
b. Public Works /Storm water
Demolition and Relocation
Site Improvements /Site Preparation
Public Parking Facilities
Bond principal payments
Bond interest payments
Loan Principal Payments
Loan Interest Payments
Administrative, Legal, Engineering, and
Consulting Fees
Housing Development Account
Property Acquisition of Multi- family Units
Rehabilitation of Multi- Family Units
Acquisition of Blighted Single Family Housing
Rehabilitation of Blighted Senior Housing
Contingency
Other Increment Refund
SPRINGSTED
ORIGINAL
$7,000,000
8,000,000
4,500,000
3,500,000
0
0
0
29,000,000
20,000,000
2,900,000
5,000,000
1,000,000
MOD. 1
$7,000,000
8,000,000
4,500,000
3,500,000
0
1,000,000
0
29,000,000
20,000,000
2,900,000
5,000,000
MODIFIED
11 -8 -04
19,200.000
1,000,000
3,842,572
2,000,000
29,000,000
16,500,000
1,000,000
281,428
1,700,000
5,000.000
0 1,000,000
376.000
Total Estimated Project Costs 80,900,000 80,900,000 80,900,000
Any funds to be expended for off-site improvements outside the boundaries of District No. 3,
but within the boundaries of Housing Development and Redevelopment Project No. 1, would be
less than 25 percent of total tax increment generated by District No. 3, including administrative
costs, provided that tax increment deposited in the housing development account may be spent
on eligible housing activities located anywhere in the City, as provided in the Special Act.
The Authorit reserves the ri ht to administrativel ad'ust the amount of an of the items
listed above or to incorporate additional eligible items, so long as the total estimated
public cost is not increased.
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EDA RESOLUTION NO. 200ggkboklyn Center Economic Development Authority, Minnesota
I. Sources of Revenue
The major source of revenue to be used to finance public costs associated with the public
development projects in Housing Development and Redevelopment Project No. 1 is tax
increment generated as a result of the taxation of the land and improvements in District No. 03.
Tax increment financing refers to a funding technique that utilizes increases in valuation and
the property taxes attributable to new development to finance, or assist in the financing of public
development costs. Additional sources of revenue may include but are not limited to
investment income and land sales. This does not preclude the City, the Authority, or the
developer from using other funds, at its discretion, to pay such costs.
Estimated Sources of Revenue
Tax Increment revenue
Interest on invested funds
Bond proceeds
Loan proceeds
Sales /Lease Proceeds
Special assessments
Loan /Advance Repayments
Grants
Other
Transfers In
Total
SPRINGSTVD
ORIGINAL
$48,069,393
1,030,607
29,000,000
0
2,800,0000
0
0
0
0
0
MODIFIED
48,069,393
1,030,607
29,000,000
0
2,800,000
0
0
0
0
0
MODIFIED
11 -8 -04
$48,069,393
1,500,607
29,000,000
0
2,330,000
0
0
0
0
0
80,900,000 80,900,000 80,900,000
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