HomeMy WebLinkAbout1999 01-28 PCP • PLANNING COMMISSION AGENDA
CITY OF BROOKLYN CENTER
JANUARY 28, 1999
STUDY SESSION
1. Call to Order: 7:30 p.m.
2. Roll Call 1998 Planning Commission
3. Approval of Minutes - December 3, 1998
December 17, 1998 (Joint Session with City Council)
4. Adjourn 1998 Planning Commission
5. Administer Oath of Office: Tim Willson, Graydon Boeck, Sean Rahn, Dianne Reem
6. Call to Order: 1999 Planning Commission
7. Roll Call 1999 Planning Commission
8. Election of 1999 Chair
9. Election of 1999 Chair Pro Tem
10. Chairperson's Explanation
The Planning Commission is an advisory body. One of the Commission's functions is
to hold public hearings. In the matters concerned in these hearings, the Commission
makes recommendations to the City Council. The City Council makes all final
decisions in these matters.
11. Tax Increment Financing Plan for Tax Increment Financing District No. 1
a. Resolution Regarding Confirmation that the Tax Increment Financing Plan for
Tax Increment Financing (Soils Condition) District No. 1 Conforms to the
Development Plan of the City.
12. Other Business
13. Adjournment
i
MEMORANDUM
S
TO: Planning Commission
FROM: Ronald A. Warren, Planning Commission Secretary /
DATE: January 25, 1999
SUBJECT: Tax Increment Financing Plan for Tax Increment Financing District No. 1
On Monday evening, January 14, 1999, the City Council adopted a resolution establishing
February 8, 1999, as a date for a public hearing on the creation of a Tax Increment Financing
district and the adoption of a Tax Increment Financing plan for that district. The district would
be TIF District No. 1, which would be a soils tax increment district. A soils district is one in
which TIF monies are primarily used to acquire property and to pay for the cost of remedial
action necessary for the correction of contaminated property.
The property under consideration includes the Joslyn pole yard property which is listed as a
federal "super fund site" and also three adjoining'sites including the former Davies Water
Company site, the Dale Tile site and an off-site accessory parking lot for the Highway 100
France Avenue North Racquet and Swim Club. A group known as Real Estate Recycling
proposes to redevelop this site in three phases with between 400,000 and 500,000 sq. ft. of
office/warehouse/light industrial uses.
The Planning Commission's responsibility is to comment on the Tax Increment Financing plan's
consistency with the City's general plan for development and redevelopment of the city.
Attached for the Commission's review is an area map showing the location of the properties
proposed to be included in the TIF district. Also attached is a copy of figure 2-3,the Land Use
Plan, from the Brooklyn Center Comprehensive Plan 2020 which has been submitted to the
Metropolitan Council for review. Page 2-30 (attached) relating to the Joslyn site and vicinity in
the southwest neighborhood comments on this site's being suitable for continued industrial use.
Other attachments include a January 7, 1999, memo from Brad Hoffman, Community
Development Director, which was prepared for the City Council relating to the proposed TIF
district. Also, the TIF plan prepared by Springstead Incorporated, the City's TIF consultant is
enclosed for the Commission's review.
1-28-99
Page 1
Mr. Tom Bublitz, Community Development Specialist, will be present at Thursday's Planning
Commission meeting as will Mr. Paul Hyde of Real Estate Recycling to answer any questions
and to discuss the proposed Tax Increment Finance district.
It appears that the proposed TIF district and TIF plan are consistent with the City's
Comprehensive Plan and the general goals for development and redevelopment of the city.
Therefore, a draft Resolution Regarding Confirmation that the Tax Increment Financing Plan for
Tax Increment Financing (Soils Condition) District No. 1 Conforms to the Development Plan of
the City is offered for the Planning Commission's consideration. Said resolution, if approved,
would be forwarded to the City Council for the public hearing on February 8, 1999
1-28-99
Page 2
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1 ,,, r A LEGEND: LAND USE ABBREVIATIONS:
4.�
Singieromily Rssidential
Q Two family Residential SF - Single family
- TF - Two family
Q Medium-Censiy Residential moR - medwmoensiy Residential
Q High-0eroiy Residential HDR - High0ensity Residential
I i RB - Retail Business
Reail Business O - Offiee•Setviee Business
Q Office/Service Business I - Industrial
Q Parks and Open Space P - Parks and Open Space
Q Industrial MA( - ANxed Use
- Primary Redevelopment Area
Q Public and Semi•Public �_-_I- Secondary Redevelopment Area
Undeveloped Aa or Iswe Area
O lowed rJ rRerter to Text)
Q Lake/Creek i,j- Critical Area Boundary
6 - Text Reierence
B o k l m e Figure 2-3
com r -- sive P a s RIM Land Use Plan
LAND USE. REDEVELOPMENT AND COMMUNfTY IMAGE PLAN
6. 53RD AVENUE CORRIDOR
Brooklyn Center initiated in 1996 a project to create a green buffer and pedestrian
path along 53rd Avenue from I-94 to Bryant Avenue. One north-south local street
would be shortened and looped, creating a new road parallel to 53rd, bordered with
new housing parcels and green space. The project will also improve pedestrian
access to the riverfront parkland. If this project is judged a success, the City will
discuss with other residents the possibility of extending it further west, perhaps to
Humboldt Avenue,which is also proposed for improvement in both Brooklyn Center
and Minneapolis. There may be an opportunity to collaborate with the City of
Minneapolis to implement fiuther improvements.
7. SOUTHWEST NEIGHBORHOOD
A. JOSLYN SITE AND VICINITY: The level of cleanup this site has undergone and
the amount of monitoring it will require make it suitable for continued
industrial rather than residential use. Furthermore, its proximity to the rail
line and other industrial uses seem to point toward continued industrial use.
However, the lakefront portion of the site, consisting mainly of wetlands and
floodplain, should remain as undeveloped open space.
The City should continue to assist in the removal of the small multiple-family
buildings between Lake Breeze Avenue and the Joslyn site, and their
replacement with new duplexes or possibly single-family units.
B. 47TH AVENUE: The row of apartments on the south side,although sandwiched
between industrial uses on the north and a channel of Ryan Lake on the south,
are in sound condition. In spite of their proximity to industry, they seem to
be viable sources of affordable housing, and, as such, should remain in place
for the time frame of this plan.
8. RIVERFRONT AMENITY AREAS
The City's Mississippi riverfront offers opportunities for upgrading
surrounding neighborhoods and increasing housing values. When waterfront
properties extend to the shoreline, as they do today, the amenity value of the
waterfront is reflected only in the values of those properties, while residents
just inland have no access to the waterfront, and share none of the increased
value it brings. Redeveloping these areas with common amenities spreads
their value over the entire neighborhood. For example, redevelopment of
residential areas along the riverfront on the west side of Lyndale Avenue with
higher-value detached or attached housing could help to diversify the City's
housing stock while capitalizing on views of the river and parkland on the east
JUNE 1998 2-30 BRW. INc.
0243.11
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MEMORANDUM
TO: Michael J. McCauley, City Manager
FROM: Brad Hoffman, Community Development Director
DATE: January 7, 1999
SUBJECT: Resolution Calling for Public Hearing on the Creation of Tax Increment Financing,
(Soils Condition) District and the Adoption of a Tax Increment Financing Plan
Therefor
Monday evening the City Council will have before them a resolution calling for a public hearing on
the creation of a soils tax increment district. If approved, the hearing would be held during the
Council meeting on the 8th of February. Notice of the hearing and copies of the plan as required will
be sent to the Robbinsdale School District and Hennepin County. The plan would also be reviewed
by the Planning Commission for their comment relative to the plans consistency with the City's
Comprehensive Plan.
The Tax Increment District if approved would encompass four(4)current parcels including the Joslyn
Pole Yard site. (See attached map). The four (4) parcels have a combined market value of
$2,005,600 with a net tax capacity of$68,621. The district as a soils district would have a statutory
potential life of up to twenty(20) years. In a soils district,TIF monies are primarily used to acquire
property, and pay for the cost of removal or remedial action of the contamination that qualifies the
property as a soils district. The Joslyn Pole Yard is listed as a federal"superfund site"because of the
creosote contamination of the soil and ground water. An estimated total of$8,600,000 in necessary
qualified site preparation costs have been identified that exceed the otherwise fair market value of the
land. Of the $8.6 million $6.4 million is directly related to soil cleanup and the balance is the
additional cost of building acquisition and removal.
At the public hearing the Council will concurrently consider a development agreement with Real
Estate Recycling. Real Estate Recycling is a small firm that specializes in the redevelopment of
polluted sites. The firm is headed by Paul and Mac Hyde along, with Jeff Hall. They propose to
develop the site in three (3) phases corresponding, to three (3) reconfigured parcels. The uses will
be office/warehouse/light industrial uses consistent with the area's I-2 zoning. When fully developed
the site would have between 400,000 and 500,000 square feet of new construction and would
generate upwards of 600 full time jobs. The market value of the development dependent upon the
mix will range from$18,000,000 to$25,000,000. To date there has been significant interest in the
site by potential users.
The City of Brooklyn Center has applied for grants to assist in this project from the Department of
Trade and Economic Development and the Met Council. We have received notice from both DTED
Michael J. McCauley
=: January 7, 1998
Page 2
and the Met Council that this project has been funded for Phase I. The two grants total
approximately$2.1 million dollars.
The development agreement as it is currently being drafted would provide the following financial
assistance to the developer. First, all costs of the development would be financed by the developer.
TIF assistance would be"pay as you go"meaning the developer would receive the assistance if there
is available TIF generated by the project. If the developer isn't successful in developing the site in
a manner significant enough to generate TIF funding the maximum TIF funding potential would not
be realized by the developer. Second, the City would agree to a maximum of ten (10) full years of
TIF assistance per phase of the development. In other words, when the developer has completed the
first building they would start the ten (10)year clock on that phase and the completion of the second
building would start the next ten(10)year clock. However,all phases would have to start within five
(5) years. When the ten (10) year clock on Phase I expires that parcel would'be removed from the
TIF district reverting back to the tax roles. The intent is to limit the actual TIF payment to a
maximum of ten(10)year of total development although the impact of staging,the district would give
the district a potential lifetime of 15 years. Third, the total maximum TIF assistance from all
development that could potentially be received is$4 million in today's dollars paid over the 10 year
period at 8%. Fourth, to the extent that new grants are received from any source that would reduce
the total qualified costs below 4 million dollars there would be a corresponding reduction in the
potential $4 million of City assistance to the developer. As an example the identified extraordinary
costs of this project is $8.6 million. The City has received about$2.1 million in grants reducing the
number to$6.5 million. The developer will be required to apply for available grants for each phase
of the development. An application for Phase II to the State and Met Council will go out this spring
and Phase III probably this fall. If the City received an additional hypothetical$4 million in grants
for Phase's II and III then the maximum TIF assistance from the City that could be received would
be$2.5 million as opposed to$4 million. Fifth, a final cap on potential TIF assistance is created that
would limit the City's level of assistance. The City will not provide assistance that would lower the
developer's cost for useable land below S2.00 per foot. The developers cost for land should be
$2,875,000. The $2.00 per foot is in the middle of the price range for comparably zoned property
in the north metro area. If the cost of clean up is less than estimated the price per foot will control
a potential windfall to the developer. As an example,we have estimated the cost of preparing the site
at$8.6. If the actual cost was $7.6 million and the City received a total of S5 million in grants the
TIF need of the developer would be$2.6 million not$4 million and a S 1.4 million windfall would be
eliminated.
I have calculated a number of"what if's" for this development project. If the market value of the
total project is S 18,000,000 and that value is held constant the TIF generated is $494,576 annually.
Over a 10 year period of full taxation the current value of the TIF assistance to the developer would
be 53,072,000. The biggest impact on the cash flow is the fiscal disparities contribution of S 170,170
annually. If the fiscal disparities money were available to the TIF district,'that district would generate
almost 54.2 million (present value) in eight(8)years. For the developer to realize the full S4 million
Michael J. McCauley
January 7, 1998
-' Pale 3
in assistance from the EDA the total value of the development has to be approximately$25 million
in market value. If the developer wishes to receive the maximum benefit of the district, they can
maximize the square footage of the construction to the 500,000 square foot area and/or seek
developments that will result in greater market values for the project.
These are general points around which a development agreement is being discussed. Monday
evening, Council direction relative to approval concerns or other observations should be sought in
order to bring a finalized agreement to them on the 8th of February. I will be at the meeting Monday
evening to answer Council questions.
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Member introduced the following resolution and moved
its adoption:
RESOLUTION NO.
RESOLUTION CALLING FOR PUBLIC HEARING ON THE CREATION OF TAX
INCREMENT FINANCING (SOILS CONDITION) DISTRICT AND THE ADOPTION
OF A TAX INCREMENT FINANCING PLAN THEREFOR
WHEREAS, the Economic Development Authority in and for the City of Brooklyn
Center(the "Authority") has received a request from Real Estate Recycling to provide tax increment
financing assistance for a project known as the France Avenue Industrial Park to be undertaken in the
City of Brooklyn Center(the"City") in an area which includes the former Joslyn wood pole treating
site, and the Authority has asked the City Council to hold a public hearing on the establishment of
Tax Increment Financing (Soils Condition) District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota(the "City"), as follows:
1. Public Hearin;,. This Council shall meet at the time and place specified in the
form of notice attached hereto as Exhibit A for the purpose of holding a public
hearing on the proposed establishment of Tax Increment Financing (Soils
Condition) District, and the proposed adoption of the Tax Increment Financing
Plan therefor, all pursuant to and in accordance with the Minnesota Statutes,
Section 469.174 through 469.179, both inclusive (collectively, the "Act").
2. Notice of Hearin,: Filing of Program. The Clerk is hereby authorized to cause
a notice of the hearing, in substantially the form attached hereto as Exhibit A, to
be published as required by the Act and to place a copy of the proposed Tax
Increment Financing Plan on file in the Clerk's office and to make copies available
for inspection by the public.
3. Consultation with Other Taxing Jurisdictions. The actions of the staff in mailing
a notice of the public hearing to Hennepin County and Independent School
District No. 281 informing those taxing jurisdictions of the estimated fiscal and
economic financing district are hereby ratified.
Date Mayor
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
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EXHIBIT A
CITY OF BROOKLYN CENTER
NOTICE OF PUBLIC HEARING
REGARDING THE ESTABLISHMENT OF
TAX INCREMENT FL 1ANCING (SOILS CONDITION) DISTRICT AND
THE ADOPTION OF A TAX INCREMENT FINANCING PLAN THEREFOR
NOTICE IS HEREBY GIVEN that the City Council of the City of Brooklyn Center,
Minnesota (the "City") will meet on February 8, 1999, on or about 7 p.m., or as soon thereafter as
the matter may be heard, at the City Hall in Brooklyn Center, Minnesota, for the purpose of
conducting a public hearing on the proposal of the Economic Development Authority in and for the
City of Brooklyn Center(the "Authority") to establish Tax Increment Financing (Soils Condition)
District. The City Council will also consider the Tax Increment Financing Plan proposed to be
adopted by the Authority for the Tax Increment Financing District. The Tax Increment Financing
District is located within Housing Development and Redevelopment Project No. 1 (the "Project
Area").
A map indicating the boundaries of the Project Area and the property proposed to be included
in Tax Increment Financing (Soils Condition) District is set forth below.
A draft copy of the proposed Tax Increment Financing Plan, along with all attachments and
exhibits thereto, will be available for public inspection at the City Hall commencing on January 18,
1999.
All persons interested may appear and be heard at the time and place set forth above.
BY ORDER OF THE CITY COUNCIL
OF THE CITY OF BROOKLYN CENTER
/s/Sharon Knutson
City Clerk
City of Brooklyn Center, Minnesota
Brooklyn Center EDA, Minnesota
Tax Increment Financing Plan
for
Tax Increment Financing (Soils Condition)
District No. 1
(France Avenue Business Park Project)
Dated: January 6, 1999
Prepared by:
SPRINGSTED INCORPORATED
85 E. Seventh Place, Suite 100
St. Paul, MN 55101-2887
(651) 223-3000
NO
TABLE OF CONTENTS
Section Page(s)
A. Definitions.................................................................................................................. 1
B. Statutory Authorization.............................................................................................. 1
C. Statement of Need and.Public Purpose..................................................................... 1
D. Statement of Objectives ............................................................................................ 1
E. Designation of Tax Increment Financing District as a Soils Condition District............ 3
F. Duration of the TIF District and the Three Year Rule................................................. 3
G. Property to be Included in the TIF District.................................................................. 4
H. Property to be Acquired in the TIF District................................................................. 4
I. Specific Development Expected to Occur Within the TIF District............................... 4
J. Findings and Need for Tax Increment Financing ....................................................... 5
K. Estimated Public Costs.............................................................................................. 6
L. Estimated Sources of Revenue................................................................................. 6
M. Estimated Amount of Bonded Indebtedness.............................................................. 6
N. Original Net Tax Capacity.......................................................................................... 6
O. Original Tax Capacity Rate........................................
P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment.......... 8
Q. Use of Tax Increment................................................................................................ 9
R. Excess Tax Increment............................................................................................... 10
S. Tax Increment Pooling and the Five Year Rule ......................................................... 10
T. Limitation on Administrative Expenses ...................................................................... 11
U. Limitation on Property Not Subject to Improvements - Four Year Rule...................... 11
V. Estimated Impact on Other Taxing Jurisdictions........................................................ 12
W. Local Government Aid Penalty................... .............. 13
.................................................
X. Prior Planned Improvements..................................................................................... 13
Y. Development Agreements......................................................................................... 13
Z. Assessment Agreements........................................................................................... 14
AA. Modifications of the Tax Increment Financing Plan.................................................... 14
AB. Administration of the Tax Increment Financing Plan.................................................. 14
AC. Financial Reporting and Disclosure Requirements.................................................... 17
Map of the Tax Increment Financing District.......................................................... EXHIBIT
AssumptionsReport .............................................................................................. EXHIBIT 11
Projected Tax Increment Report............................................................................ EXHIBIT III
Estimated Impact on Other Taxing Jurisdictions Report ........................................ EXHIBIT IV
Market Value Analysis Report................................................................................ EXHIBIT V
Brooklyn Center EDA, Minnesota
Section A Definitions
The terms defined in this section have the meanings given herein, unless the context in which
they are used indicates a different meaning:
"Authority" means the Brooklyn Center Economic Development Authority.
"City„ means the City of Brooklyn Center, Minnesota; also referred to as a "Municipality".
"City Council" means the City Council of the City; also referred to as the "Governing Body".
"County" means Hennepin County, Minnesota.
"EDA Act" means Minnesota Statutes, Section 469.090 to 469.108, inclusive, as amended.
"HRA Act" means Minnesota Statutes, Section 469.001 to 469.047, inclusive, as amended.
"Redevelopment Proiect" means Housing Development and Redevelopment Project No. 1 in
the City, which is described in the corresponding Redevelopment Plan.
"Redevelopment Plan" means the Redevelopment Plan for Housing Development and
Redevelopment Project No. 1.
"Proiect Area" means the geographic area of the Redevelopment Project.
"School District" means Independent School District No. 281, Minnesota.
"State" means the State of Minnesota.
"TIF Act" means Minnesota Statutes Sections 469.174 through 469.1
g 791, both inclusive.
"TIF District" means Tax Increment Financing (Soils Condition) District No. 1.
'TIF Plan" means the tax increment financing plan for the TIF District (this document).
Section B Statutory Authorization
See Subsection 1.3 of the Redevelopment Plan for the Redevelopment Project.
Section C Statement of Need and Public Purpose
See Subsection 1.2 of the Redevelopment Plan for the Redevelopment Project.
Section D Statement of Objectives
See Subsection 1.4 of the Redevelopment Plan for the Redevelopment Project.
SPRINGSTED Page 1
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Brooklyn Center EDA, Minnesota
Section E Designation of Tax Increment Financing District as a
Soils Condition District
C
A soils condition district is a type of tax increment financing district in which one of the following
conditions exist:
(1) there exists the presence of hazardous substances, pollution or contaminants which
require removal or remedial action for use, and such removal and remedial action is
specified in a development action response plan;
(2) the estimated cost of the proposed removal and remedial action exceeds the fair market
value of the land before completion of the preparation.
The requirement specified in (2) above may also be satisfied if each parcel of property in the
district either meets the requirements of(2) above or has estimated removal and remedial costs
which exceed $2 per square foot.
Tax increments derived from a soils condition district may only be used to:
(1) acquire parcels on which improvements described in (2) below will occur;
(2) pay for the cost of removal or remedial action; and
(3) pay for the administrative expenses of the authority allocable to the district, including the
cost of preparation of the development action response plan.
Section F Duration of the TIF District and the Three Year Rule
Soils Condition districts may remain in existence 20 years from the date of receipt of the first
tax increment.
The Authority reserves the right to allow the TIF District to remain in existence the maximum
duration allowed by law (projected to be through the year 2020), but anticipates that the TIF
District will be decertified prior to that time (see Section P). All tax increments from taxes
payable in the year the TIF District is decertified shall be paid to the Authority.
In addition, no tax increments shall be paid to the Authority from the TIF District after three
years from the date of certification unless within that time period:
(1) bonds have been issued in aid of the Project Area (except revenue bonds issued
pursuant to M.S. Sections 469.152 to 469.165);
(2) the Authority has acquired property within the TIF District; or
(3) the Authority has constructed public improvements within the TIF District.
SPRINGSTED Page 2
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Brooklyn Center EDA, Minnesota
Section G Property to be Included in the TIF District
The TIF District is approximately a 4-panel, 45.92-acre area of land located within the Project
Area. A map showing the location of the TIF District is shown in Exhibit 1. The boundaries and
area encompassed by the TIF District are described below:
Parcel ID Number Legal Description
10-118-21.31-0008 Lot 3, Block 1, Dale &Davies 1"Addition
10-118-21-31-0028 Lot 2, Block 1, Dale& Davies V Addition
10-118-21-31-0027 Lot 1, Block 1, Dale & Davies 314 Addition
10-118-21-23-0004 Unplatted 10-118-21, that part of govt Lot 2
lying swly. of rr r/w ex road
The area encompassed by the TIF District shall also include all street or utility right-of-ways
located upon or adjacent to the property described above.
Section H Property to be Acquired in the TIF District
The Authority may acquire and sell any or all of the property located within the TIF District;
however, the Authority does not anticipate acquiring any such property at this time.
Section I Specific Development Expected to Occur Within the TIF District
The Redevelopment Project proposed for the site will consist of a Phase I and II development.
Both Phases will be developed with office/warehouse/industrial uses. It is anticipated the site
will consist of approximately 400,000 — 500,000 square feet of industrial/warehouse/office
space. The facility in Phase I is expected to be fully constructed in 2000 and be 100%
assessed and on the tax rolls as of January 2, 2001 for taxes payable in 2002.
Phase II of the project will consist of development of the remaining developable area as an
industrial park with office/warehouse and/or industrial uses.
At the time this document was prepared there were no signed construction contracts with
regards to the above described development.
2 SPRINGSTED Page 3
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Brooklyn Center EDA, Minnesota
Section J Findings and Need for Tax Increment Financing
_. ;. In establishing the TIF District, the City makes the following findings:
(1) The TIF District qualifies as a soils condition district;
See Section E of this document for the reasons and facts supporting this
finding.
(2) The proposed development, in the opinion of the City, would not reasonably be
expected to occur solely through private investment within the reasonably
foreseeable future, and the increased market value of the site that could
reasonably be expected to occur without the use of tax increment would be less
than the increase in market value estimated to result from the proposed
development after subtracting the present value of the projected tax increments
for the maximum duration of the TIF District permitted by the TIF Plan;
The reasons and facts supporting this finding are that the developer has
represented to the Authority that it would not undertake the proposed
development without the assistance of tax increment financing. Private
investment will not finance these development activities because of
prohibitive costs. It is necessary to finance these development activities
through the use of tax increment financing so that other development by
private enterprise will occur within the Project.Area.
A comparative analysis of estimated market values both with and without
establishment of the TIF District and the use of tax increments has been
performed as described above and is shown in Exhibit V. This analysis
indicates that the increase in estimated market value of the proposed
development (less the indicated subtractions) exceeds the estimated
market value of the site absent the establishment of the TIF District and
the use of tax increments.
(3) The TIF Plan conforms to the general plan for development or redevelopment of
the City as a whole; and
The reasons and facts supporting this finding are that the TIF District is
properly zoned, and the TIF Plan has been reviewed by the City Planning
Commission and will generally compliment and serve to implement
policies adopted in the City's comprehensive plan.
(4) The TIF Plan will afford maximum opportunity, consistent with the sound needs
of the City as a whole, for the development of the Project Area by private
enterprise.
The reasons and facts supporting this finding are that the development
activities are necessary so that development and redevelopment by
private enterprise can occur within the Project Area.
(5) The City elects the method of tax increment computation set forth in Minnesota
Statutes, Section 469.177, Subdivision 3b (see method b in Section P).
r�u SPRINGSTED Page 4
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Brooklyn Center EDA, Minnesota
Section K Estimated Public Costs
s= The estimated public costs of the TIF District are listed below. Such costs are eligible for
reimbursement from tax increments of the TIF District.
Soils/Environmental $2,794,800
Geotechnical 1,000,000
Acquisition 3,542,682
Demolition 140,000
Contingency 466,902
Groundwater Pumping and Clearance 2.000.000
Total $9,944,384
The Authority reserves the right to administratively adjust the amount of any of the items listed
above or to incorporate additional eligible items, so long as the total estimated public cost is not
increased.
Section L Estimated Sources of Revenue
The Authority anticipates providing financial assistance to the proposed development through
the use of a pay-as-you-go technique. As tax increments are collected from the TIF District in
future years, a portion of these taxes will be distributed to the developer/owner as
reimbursement for public costs incurred (see Section K).
The Authority reserves the right to finance any or all public costs of the TIF District using pay-
as-you-go assistance, internal funding, general obligation or revenue debt, or any other
financing mechanism authorized by law. The Authority also reserves the right to use other
sources of revenue legally applicable to the Project Area to pay for such costs including, but not
limited to, special assessments, utility revenues, federal or state funds, and investment income.
Section M Estimated Amount of Bonded Indebtedness
The Authority does not anticipate issuing tax increment bonds to finance the estimated public
costs of the TIF District, but reserves the right to issue such bonds in an amount not to exceed
$4,000,000.
Section N Original Net Tax Capacity
The County Auditor shall certify the original net tax capacity of the TIF District. This value will
be equal to the total net tax capacity of all property in the TIF District as certified by the State
Commissioner of Revenue. For districts certified between January 1 and June 30, inclusive,
this value is based on the previous assessment year. For districts certified between July 1 and
December 31, inclusive, this value is based on the current assessment year.
The Estimated Market Value of all property within the TIF District as of January 2, 1998, for
taxes payable in 1999, is $2,005,600. Upon establishment of the TIF District, and subsequent
reclassification of property, it is estimated that the original net tax capacity of the TIF District will
be approximately $68,621.
SPRINGSTED Page 5
Brooklyn Center EDA, Minnesota
Each year the County Auditor shall certify the amount that the original net tax capacity has
increased or decreased as a result of:
(1) changes in the tax-exempt status of property;
(2) reductions or enlargements of the geographic area of the TIF District;
(3) changes due to stipulation agreements or abatements; or
(4) changes in property classification rates.
Section O Original Tax Capacity Rate
The County Auditor shall also certify the original tax capacity rate of the TIF District. This rate
shall be the sum of all local tax rates that apply to property in the TIF District. This rate shall be
for the same taxes payable year as the original net tax capacity.
In future years, the amount of tax increment generated by the TIF District will be calculated
using the lesser of (a) the sum of the current local tax rates at that time or (b) the original tax
capacity rate of the TIF District.
At the time this document was prepared, the sum of all local tax rates that apply to property in
the TIF District, for taxes levied in 1998 and payable in 1999, was not yet available. When this
total becomes available, the County Auditor shall certify this amount as the original tax capacity
rate of the TIF District. For purposes of estimating the tax increment generated by the TIF
District, the sum of the local tax rates for taxes levied in 1997 and payable in 1998, is 146.433%
as shown below.
1997/1998
Taxing Jurisdiction Local Tax Rate
City of Brooklyn Center 34.554%
Hennepin County 38.386%
Independent School District No. 281 65.350%
Metro Special Taxing Districts 5.646%
Other Special Taxing Districts 2.497%
Total 146.433%
Section P Projected Retained Captured Net Tax Capacity and
Projected Tax Increment
Each year the County Auditor shall determine the current net tax capacity of all property in the
TIF District. To the extent that this total exceeds the original net tax capacity, the difference
shall be known as the captured net tax capacity of the TIF District.
For communities affected by the fiscal disparity provisions of Minnesota Statutes, Chapter 473F
and Chapter 276A, the original net tax capacity of the TIF District shall be determined before
the application of fiscal disparity. In subsequent years, the current net tax capacity shall either
(a) be determined before the application of fiscal disparity or (b) exclude the product of any
fiscal disparity increase in the TIF District (since the original net tax capacity was certified) times
the appropriate fiscal disparity ratio. The method the Authority elects shall remain the same for
SPRINGSTED Page 6
Brooklyn Center EDA, Minnesota
the life of the TIF District, except that a single change may be made at any time from
method (a) to method (b) above.
The City has elected method b.
The County Auditor shall certify to the Authority the amount of captured net tax capacity each
year. The Authority may choose to retain any or all of this amount. It is the Authority's intention
to retain 100% of the captured net tax capacity of the TIF District. Such amount shall be known
as the retained captured net tax capacity of the TIF District.
Exhibit II gives a listing of the various information and assumptions used in preparing a number
of the exhibits contained in this TIF Plan, including Exhibit III which shows the projected tax
increment generated over the anticipated life of the TIF District.
Section Q Use of Tax Increment
Each year the County Treasurer shall deduct 0.25% of the annual tax increment generated by
the TIF District and pay such amount to the State's General Fund. Such amounts will be
appropriated to the State Auditor for the cost of financial reporting and auditing of tax increment
financing information throughout the state. Exhibit III shows the projected deduction for this
purpose over the anticipated life of the TIF District.
The Authority has determined that it will use 100% of the remaining tax.increment generated by
the TIF District for any of the following purpose's:
(1) pay for the estimated public costs of the TIF District (see Section K) and County
administrative costs associated with the TIF District (see Section T);
(2) pay principal and interest on tax increment bonds or other bonds issued to
finance the estimated public costs of the TIF District;
(3) accumulate a reserve securing the payment of tax increment bonds or other
bonds issued to finance the estimated public costs of the TIF District;
(4) pay all or a portion of the county road costs as may be required by the County
Board under M.S. Section 469.175, Subdivision 1 a; or
(5) return excess tax increments to the County Auditor for redistribution to the City,
County and School District.
Tax increments from property located in one county must be expended for the direct and
primary benefit of a project located within that county, unless both county boards involved waive
this requirement. Tax increments shall not be used to circumvent levy limitations applicable to
the City.
Tax increment shall not be used to finance the acquisition, construction, renovation, operation,
or maintenance of a building to be used primarily and regularly for conducting the business of a
municipality, county, school district, or any other local unit of government or the State or federal
government. This prohibition does not apply to the construction or renovation of a parking
structure, a common area used as a public park, or a facility used for social, recreational, or
conference purposes and not primarily for conducting the business of the community.
If there exists any type of agreement or arrangement providing for the developer, or other
beneficiary of assistance, to repay all or a portion of the assistance that was paid or financed
221 SPRINGSTED Page 7
Brooklyn Center EDA, Minnesota
with tax increments, such payments shall be subject to all of the restrictions imposed on the use
of tax increments. Assistance includes sale of property at less than the cost of acquisition or
fair market value, grants, ground or other leases at less then fair market rent, interest rate
subsidies, utility service connections, roads, or other similar assistance that would otherwise be
paid for by the developer or beneficiary.
Section R Excess Tax Increment
In any year in which the tax increments from the TIF District exceed the amount necessary to
pay the estimated public costs authorized by the TIF Plan, the Authority shall use the excess
tax increments to:
(1) prepay any outstanding tax increment bonds;
(2) discharge the pledge of tax increments thereof;
(3) pay amounts into an escrow account dedicated to the payment of the tax
increment bonds; or
(4) return excess tax increments to the County Auditor for redistribution to the City,
County and School District. The County Auditor must report to the
Commissioner of Education the amount of any excess tax increment
redistributed to the School District within 30 days of such redistribution.
Section S Tax Increment Pooling and the Five Year Rule
At least 80% of the tax increments from the TIF District must be expended on activities within
the district or to pay for bonds used to finance the estimated public costs of the TIF District (see
Section E for additional restrictions). No more than 20% of the tax increments may be spent on
costs outside of the TIF District but within the boundaries of the Project Area, except to pay
debt service on credit enhanced bonds. All administrative expenses are considered to have
been spent outside of the TIF District. Tax increments are considered to have been spent
within the TIF District if such amounts are:
(1) actually paid to a third party for activities performed within the TIF District within
five years after certification of the district;
(2) used to pay bonds that were issued and sold to a third party, the proceeds of
which are reasonably expected on the date of issuance to be spent within the
later of the five-year period or a reasonable temporary period or are deposited in
a reasonably required reserve or replacement fund.
(3) used to make payments or reimbursements to a third party under binding
contracts for activities performed within the TIF District, which were entered into
within five years after certification of the district; or
(4) used to reimburse a party for payment of eligible costs (including interest)
incurred within five years from certification of the district.
Beginning with the sixth year following certification of the TIF District, at least 80% of the tax
increments must be used to pay outstanding bonds or make contractual payments obligated
within the first five years. When outstanding bonds have been defeased and sufficient money
has been set aside to pay for such contractual obligations, the TIF District must be decertified.
SPRINGSTED Page 8
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The Authority does not anticipate that tax increments will be spent outside of the TIF District
(except for allowable administrative expenses); however, the Authority does reserve the right to
E`
allow for tax increment pooling from the TIF District in the future.
Section T Limitation on Administrative Expenses
Administrative expenses are defined as all costs of the Authority other than:
(1) amounts paid for the purchase of land;
(2) amounts paid for materials and services, including architectural and engineering
services directly connected with the proposed development within the TIF
District;
(3) relocation benefits paid to, or services provided for, persons or businesses
residing or located within the TIF District; or
(4) amounts used to pay interest on, fund a reserve for, or sell at a discount, tax
increment bonds.
Administrative expenses include amounts paid for services provided by bond counsel, fiscal
consultants, planning or economic development consultants, and actual costs incurred by the
County in administering the TIF District. Tax increments may be used to pay administrative
expenses of the TIF District up to the lesser of (a) 10% of the total estimated public costs
authorized by the TIF Plan or (b) 10% of the total tax increment expenditures for the project.
Section U Limitation on Property Not Subject to Improvements - Four Year Rule
If after four years from certification of the TIF District no demolition, rehabilitation, renovation,
or qualified improvement of an adjacent street has commenced on a parcel located within the
TIF District, then that parcel shall be excluded from the TIF District and the original net tax
capacity shall be adjusted accordingly. Qualified improvements of a street are limited to
construction or opening of a new street, relocation of a street, or substantial reconstruction or
rebuilding of an existing street. The Authority must submit to the County Auditor, by February 1
of the fifth year, evidence that the required activity has taken place for each parcel in the TIF
District.
If a parcel is excluded from the TIF District and the Authority or owner of the parcel
subsequently commences any of the above activities, the Authority shall certify to the County
Auditor that such activity has commenced and the parcel shall once again be included in the
TIF District. The County Auditor shall certify the net tax capacity of the parcel, as most recently
certified by the Commissioner of Revenue, and add such amount to the original net tax capacity
of the TIF District.
Section V Estimated Impact on Other Taxing Jurisdictions
Exhibit IV shows the estimated impact on other taxing jurisdictions if the maximum projected
retained captured net tax capacity of the TIF District was hypothetically available to the other
taxing jurisdictions. The Authority believes that there will be no adverse impact on other taxing
jurisdictions during the life of the TIF District, since the proposed development would not have
occurred without the establishment of the TIF District and the provision of public assistance. A
positive impact on other taxing jurisdictions will occur when the TIF District is decertified and the
development therein becomes part of the general tax base.
E3 SPRINGSTED Page 9
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Section W Local Government Aid Penalty
Tax increment financing districts established or expanded after April 30, 1990 may cause a
reduction in the local government aid (LGA/HACA) received by the City from the State. For tax
r increment financing plans g p approved on of after July 1, 1995, the City may elect at the time of
such approval to make qualifying local contributions to the project, and thereby be exempt from
any loss of local government aid.
For soils condition districts these contributions must equal 5.0% of the annual increment
generated by the district. If the City elects to make the local contribution but fails to do so in
any year, a reduction in local government aid will occur. The loss of aid will equal the greater of
1) the required local contribution or 2) the loss of aid which would have been incurred had the
local contribution election not been made.
Local contributions must be made out of unrestricted money and may not be made, directly or
indirectly, with tax increments or developer payments. The contributions must be used to pay
project costs and cannot be used for general government purposes or for costs which would
have been incurred absent the project. The Authority may request contributions from other
local governmental entities that will benefit from the establishment of the district.
The City elects to make the qualifying local contributions to the project.
Section X Prior Planned Improvements
The Authority shall accompany its request for certification to the County Auditor (or notice of
district enlargement), with a listing of all properties within the TIF District for which building
permits have been issued during the 18 months immediately preceding approval of the TIF
Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the
net tax capacity of each improvement for which a building permit was issued.
There have been no building permits issued in the last 18 months in conjunction with any of the
properties within the TIF District.
Section Y Development Agreements
If within a project containing a soils condition district, more than 10% of the acreage of the
property to be,acquired by the Authority is purchased with tax increment bonds proceeds (to
which tax increment from the property is pledged), then prior to such acquisition, the Authority
must enter into an agreement for the development of the property. Such agreement must
provide recourse for the Authority should the development not be completed.
The Authority anticipates entering into an agreement for development, but does not anticipate
acquiring any property located within the TIF District.
i': SPRINGSTED Page 10
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Section Z Assessment Agreements
The Authority may, upon entering into a development agreement, also enter into an
assessment agreement with the developer, which establishes a minimum market value of the
land and improvements for each year during the life of the TIF District.
The assessment agreement shall be presented to the County or City Assessor who shall review
the plans and specifications for the improvements to be constructed, review the market value
previously assigned to the land, and so long as the minimum market value contained in the
assessment agreement appears to be an accurate estimate, shall certify the assessment
agreement as reasonable. The assessment agreement shall be filed for record in the office of
the County Recorder of each county where the property is located. Any modification or
premature termination of this agreement must first be approved by the City, County and School
District.
The Authority does not anticipate entering into an assessment agreement.
Section AA Modifications of the Tax Increment Financing Plan
Any reduction or enlargement in the geographic area of the Project Area or the TIF District;
increase in the amount of bonded indebtedness to be incurred; increase in the amount of
capitalized interest; increase in that portion of the captured net tax capacity to be retained by
the Authority; increase in the total estimated public costs; or designation of additional property
to be acquired by the Authority shall be approved only after satisfying all the necessary
requirements for approval of the original TIF Plan. This paragraph does not apply if:
(1) the only modification is elimination of parcels from the TIF District; and
(2) the current net tax capacity of the parcels eliminated equals or exceeds the net
tax capacity of those parcels in the TIF District's original net tax capacity, or the
Authority agrees that the TIF District's original net tax capacity will be reduced by
no more than the current net tax capacity of the parcels eliminated.
The Authority must notify the County Auditor of any modification that reduces or enlarges the
geographic area of the TIF District. The geographic area of the TIF District may be reduced but
not enlarged after five years following the date of certification.
Section AB Administration of the Tax Increment Financing Plan
Upon adoption of the TIF Plan, the Authority shall submit a copy of such plan to the Minnesota
Department of Revenue. The Authority shall also request that the County Auditor certify the
original net tax capacity and net tax capacity rate of the TIF District. To assist the County
Auditor in this process, the Authority shall submit copies of the TIF Plan, the resolution
establishing the TIF District and adopting the TIF Plan, and a listing of any prior planned
improvements. The Authority shall also send the County Assessor any assessment agreement
establishing the minimum market value of land and improvements in the TIF District, and shall
request that the County Assessor review and certify this assessment agreement as reasonable.
r': SPRINGSTED Page 11
Brooklyn Center EDA, Minnesota
The County shall distribute to the Authority the amount of tax increment as it becomes
available. The amount of tax increment in any year represents the applicable property taxes
-tea generated by the retained captured net tax capacity of the TIF District. The amount of tax
increment may change due to development anticipated by the TIF Plan, other development,
inflation of property values, or changes in property classification rates or formulas. In
administering and implementing the TIF Plan, the following actions should occur on an annual
basis:
(1) prior to July 1, the Authority shall notify the County Assessor of any new
development that has occurred in the TIF District during the past year to insure
that the new value will be recorded in a timely manner.
(2) if the County Auditor receives the request for certification of a new TIF District, or
for modification of an existing TIF District, before July 1, the request shall be
recognized in determining local tax rates for the current and subsequent levy
years. Requests received on or after July 1 shall be used to determine local tax
rates in subsequent years.
(3) each year the County Auditor shall certify the amount of the original net tax
capacity of the TIF District. The amount certified shall reflect any changes that
occur as a result of the following:
(a) the value of property that changes from tax-exempt to taxable shall be
added to the original net .tax capacity of the TIF District. The reverse
shall also apply;
(b) the original net tax capacity may be modified by any approved
enlargement or reduction of the TIF District;
As (c) if the TIF District is classified as an economic development district, then
the original net tax capacity shall be increased by the amount of the
annual adjustment factor; and
(d) if laws governing the classification of real property cause changes to the
percentage of estimated market value to be applied for property tax
purposes, then the resulting increase or decrease in net tax capacity shall
be applied proportionately to the original net tax capacity and the retained
captured net tax capacity of the TIF District.
The County Auditor shall notify the Authority of all changes made to the original net tax capacity
of the TIF District.
242 SPRINGSTED Page 12
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Section AC Financial Reporting and Disclosure Requirements
The State Auditor shall enforce the provisions of the TIF Act, EDA Act, and HRA Act and shall
have full responsibility for financial and compliance auditing of the Authority's use of tax
increment financing. On or before August 1 of each year, the Authority must annually submit to
the State Auditor, City Council, County Board and County Auditor, and the School District Board
a report which shall:
(1) provide full disclosure of the sources and uses of public funds in the TIF District;
(2) permit comparison and reconciliation of the accounts and financial reports;
(3) permit auditing of the funds expended on behalf of the TIF District; and
(4) be consistent with generally accepted accounting principles.
The report shall include, among other items, the following information:
(1) the original net tax capacity of the TIF District;
(2) the captured net tax capacity of the TIF District, including the amount of any
captured net tax capacity shared with other taxing jurisdictions;
(3) for the reporting period and for the duration of the TIF District, the amount
budgeted under the TIF Plan, and the actual amount expended for, at least, the
following categories:
(a) acquisition of land and buildings through condemnation or purchase;
(b) site improvements or preparation costs;
(c) installation of public utilities, parking facilities, streets, roads, sidewalks,
or other similar public improvements;
(d) administrative costs, including the allocated cost of the Authority; and
(e) public park facilities, facilities for social, recreational, or conference
purposes, or other similar public improvements.
(4) for properties sold to developers, the total cost of the property to the Authority
and the price paid by the developer; and
(5) the amount of increments rebated or paid to developers or property owners for
privately financed improvements or other qualifying costs.
Additional information which must be annually reported to the State Auditor, by August 1 of
each year, includes:
(1) for the entire City:
(a) the total principal amount of nondefeased tax increment bonds
outstanding at the end of the previous calendar year; and
(b) the total amount of principal and interest payments that are due for the
current calendar year on tax increment bonds.
SPRINGSTED Page 13
Brooklyn Center EDA, Minnesota
(2) for each tax increment financing district in the City:
='="a (a) the type of district;
(b) the date the TIF District is required to be decertified;
(c) the amount of any payments and the value of in-kind benefits, such as
physical improvements and the use of building space, that are financed
with revenues from increments and are provided to another governmental
unit during the preceding calendar year;
(d) the tax increment revenues for taxes payable in the current calendar
year;
(e) whether the TIF Plan permits tax increment revenues to be expended for
activities located outside of the TIF District, and
(f) any additional information that the State Auditor may require.
The Authority must also annually publish in a newspaper of general circulation in the City an
annual statement for each tax increment financing district showing the tax increment received in
that year, the original and captured net tax capacity, the amount of outstanding bonded
indebtedness, the amount of increments paid to other governmental bodies, the amount paid
for administrative costs, the sum of increment paid, directly or indirectly, for activities and
improvements located outside of the district, the increase in property taxes if a fiscal disparity
contribution is being made from outside of the district, and any additional information the
Authority deems necessary. The Authority must publish the annual statement by August 1 of
the next year and must provide a copy to the State Auditor by the time it submits the annual
statement for publication.
The reporting and disclosure requirements outlined in this section shall begin with the year the
district was certified, and shall end in the year in which both the district has been decertified and
all tax increments have been spent or returned to the county for redistribution. Failure to meet
these requirements, as determined by the State Auditors Office, may result in suspension of
distribution of tax increment.
R"'.. SPRINGSTED Page 14
EXHIBIT I
HOUSING DEVELOPMENT AND REDEVELOPMENT PROJECT NO. py
PROJECT AREA MAP
CITY OF BROOKLYN CENTER
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Tax Increment Financing District No. 1 --
(Soils Condition)
EXHIBIT II
Assumptions Report
City of Brooklyn Center, Minnesota
Tax Increment Financing(Soils Condition) District No.l
France Avenue Business Park Project
Scenario A
Type of Tax Increment Financing District Soils Condition
Maximum Duration of TIF District 20 years from 1 st increment
Certification Request Date 03/01/99
Decertification Date 12/01/21 (20 Years of Increment)
1998/1999
Base Estimated Market Value $2,005,600 (1)
Times: First $150,000 2.45% 3,675
Excess 3.50% 64,946
Original Net Tax Capacity $68,621
Assessment/Collection Year
199912000 2000/2001 2001/2002 2002/2003
Base Estimated Market Value $2,005,600 $2,005,600 $2,005,600 $2,005,600
Increase in Estimated Market Value '0 0 15,994,400 15,994,400
Total Estimated Market Value $2,005,600 $2,005,600 $18,000,000 $18,000,000
Times: First $150,000 2.45% 3,675 3,675 3,675 3,675
Excess 3.50% 64,946 64,946 624,750 624,750
Total Net Tax Capacity $68,621 $68,621 $628,425 $628,425
Base Inflation Factor NA
Local Tax Capacity Rate 133.949% 1998/99
Fiscal Disparities Contribution From TIF District 30.3981%
Administrative Retainage Percent(maximum= 10%) 5.00%
Pooling Percent 0.00%
City Tax Rate(Only if Local-Effort TIF) NA
Bonds Note(Pay-As-You-Go)
Bonds Dated NA Note Dated 03/01/99
First Interest Date NA Note Rate 7.75%
Underwriters Discount NA
L GA/HACA Loss-
Will Annual Local Contribution Be Made(Yes or No)? Yes
I.S.D#281 Equalized Tax Capacity Rate 36.58%
I.S.D#281 Sales Ratio 92.30%
City Sales Ratio&Taxable Net Tax Capacity NA NA
Present Value Date&Rate 03/01/99 5.00%
(1) Currently 4 parcels, assumed they will be taxed as contiguous parcels.
Prepared by:Springsted Incorporated(printed on 1/7199 at 7:41 AM) Tifal.xis
EXHIBIT III
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EXHIBIT V
Market Value Analysis Report
City of Brooklyn Center, Minnesota
Tax Increment Financing (Soils Condition) District No. 1.
France Avenue Business Park Project
Scenario A
Assuml2tions
Present Value Date 03/01/99
P.V. Rate-Gross T.I. 6.00%
Increase in EMV With TIF District $15,994,400
Less: P.V of Gross Tax Increment 5,149,718
Subtotal $10,844,682
Less: Increase in EMV Without TI 0
Difference 510,844,682
Annual Present -
Gross Tax Value @
Year Increment 6.00%
1 2002 521,911 423,562
2 2003 521,911 399,587
3 2004 521,911 376,969
4 2005 521,911 355,631
5 2006 521,911 335,501
6 2007 521,911 316,510
7 2008 521,911 298,595
8 2009 521,911 281,693
9 2010 521,911 265,748
10 2011 521,911 250,706
11 2012 521,911 236,515
12 2013 521,911 223,127
13 2014 521,911 210,497
14 2015 521,911 198,582
15 2016 521,911 187,342
16 2017 521,911 176,738
17 2018 521,911 166,734
18 2019 521,911 157,296
19 2020 521,911 148,392
20 2021 521,911 139,993
21 2022 0 0
$10,438,220 $5,149,718
Prepared by: Springsted Incorporated (1/7/99)
40
Member introduced the following resolution and moved
• its adoption:
PLANNING COMMISSION RESOLUTION NO.
RESOLUTION REGARDING CONFIRMATION THAT THE TAX
INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING
(SOILS. CONDITION) DISTRICT NO. 1 CONFORMS TO THE
DEVELOPMENT PLAN OF THE CITY.
WHEREAS, the Economic Development Authority in and for the City of Brooklyn
Center proposes to establish Tax Increment Financing (Soils Condition) District No. 1 within the
Housing Development and Redevelopment Project No. 1 pursuant to a Tax Increment Financing
Plan dated January, 1999 (the "Tax Increment Financing Plan"); and
WHEREAS, the Planning Commission has reviewed the Tax Increment Financing
Plan to determine its conformity to the general plan for the development or redevelopment of the
City as a whole.
NOW, THEREFORE, BE IT RESOLVED by the Planning Advisory Commission
of the City of Brooklyn Center that the Tax Increment Financing Plan conforms to the general plan
for the development or redevelopment of the City as a whole and the Commission forwards the
• Tax Increment Plan to the City Council of the City of Brooklyn Center.
Date Chair
ATTEST:
Secretary
The motion for the adoption of the foregoing resolution was duly seconded by member
and upon vote being taken thereon, the following voted in favor
thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
•