HomeMy WebLinkAbout7A - Lakefront Plaza TIF Distri
CITY COUNCIL AGENDA REPORT
JUNE 4, 2001
7A
DONALD RYE, PLANNING DIRECTOR
AGENDA ITEM: PUBLIC HEARING TO CONSIDER APPROV AL OF
RESOLUTION MODIFICATING DEVELOPMENT DISTRICT
1 AND ESTABLISHINGOF TAX INCREMENT FINANCING
DISTRICT 1-3 (LAKE FRONT PLAZA)
DISCUSSION: History On February 27, 2001, the Council adopted a resolution approving in
concept the use of tax increment financing (TIF) to assist in the
development of a mixed-use senior housing and retail facility in the
Downtown. The project, called Lakefront Plaza, will contain 73
condominium units for seniors 55 years of age and older and 12,000
square feet of retail. In addition, significant street and utility
reconstruction is contemplated in the Downtown area. On April 16,
2001, the Council ordered the preparation of a TIF Plan and set a
public hearing date of June 4th on the Plan. The public hearing is
required by statute before a TIF Plan can be adopted and a TIF District
created. The County and school district have received a notice of the
hearing and a copy of the TIF Plan pursuant to state statutes.
Discussion It is necessary to expand the area of Development District
1 in order to allow for the expenditure of TIF revenues outside the TIF
District for street and utility reconstruction. TIF District 1-3, which
will be established as a result, consists of three parcels on Block 9,
Original Townsite, having an area of approximately 77,000 square
feet. These parcels will be combined into one parcel for development
purposes.
The applicants have estimated the total cost of the project to be
$12,146,058. The TIF Plan has assumed an arumal increment of
$151,662. The applicants have requested assistance totaling $950,000
that will be used to assist in property acquisition, site clearance and
preparation and installation of utilities. The TIF Plan also provides for
City retention of 20% of the increment to be generated by the project
that will be used to assist in the cost of street and utility reconstruction
in the Downtown area. This will generate $606,64 7 for City use. The
Plan also contemplates a local contribution of $151 ,662 over the life of
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AN EQUAL OPPORTUNITY EMPLOYER
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ISSUES:
ALTERNATIVES:
RECOMMENDED
MOTION:
REVIEWED BY:
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At the Planning Commission meeting on May 29, the Commission
adopted a resolution as required by statute stating that the TIP Plan
was consistent with redevelopment plans of the City as a whole.
The primary concern with this project is the possible effect of pending
legislation at the State level on this TIP Plan and TIP projects in
general. The attached e-mail from the Economic Development
Association of Minnesota foresees a drastic reduction of TJF capability
as a result of the elimination of the school tax base brought about by
the State's assumption of school financing and continued tax rate
compression. The message indicates that the TJF base will be reduced
30 to 50%. In the proposed TJF Plan, the school portion of the taxes
collected for the increment total $73,698 out of a total annual
increment of$151,662.
Modifications to the TIP Plan can be made in the future without a new
public hearing if the changes involve a reallocation of funds between
specific line items. A new hearing would be required if the total dollar
amount were increased.
Because of the uncertainty surrounding this issue, the City's TIP
consultant, Ehlers and Associates, has recommended that the City
conduct the TIP hearing but take no .action at this time to establish a
TJF district.
Conclusion Adoption of the proposed TJF Plan for the Lakefront Plaza
project should be delayed until such time as State legislation has been
adopted and a clear picture of the implications of such legislation is
available.
1. Conduct the public hearing and continue the hearing until June 18,
2001 to allow for the adoption of state legislation that allows a
definitive analysis of the project.
2. Direct staff to prepare the necessary resolutions for adoption of the
TIF Plan for Lakefront Plaza.
3. Conduct the public hearing and determine that TIP District 1-3
should not be established.
Alternative 1. Motion to continue the public hearing until June 18,
2001
2
Don Rye
From:
Sent:
To:
Subject:
kathy .hahne@leonard.com
Thursday, May 24,200110:13 AM
drye@cityofPriorLake.com
Tax Reform Impact on TIF
This message is from the EDAM Bulk Emailer. It was sent to all EDAM Members.
Dear Donald:
The Senate and House Tax conferees continue to work as the Tax "working group" to finalize
the Omnibus Tax Bill for approval by the yet to be called Special Session. While there
are still many differences to be resolved between the House and Senate bills, the
conferees have agreed to the Governor's proposal to shift the education levy to the state.
This shift of the entire education levy off of the property tax eliminates about $900
million per year of property tax revenues statewide and will substantially reduce the
property tax base for TIF purposes. The ultimate total impact will depend upon how much
class rate compression the conferees finally agree upon. It is generally expected that
TIF districts will see a reduction of 30 - 50% in their TIF base.
I am working with municipal lobbyists and other stakeholders to discuss how best to fund
anticipated TIF revenue shortfalls. The House bill requires municipalities to first pool
TIF revenues from districts with surplus revenues to districts with shortfalls in order to
cover those shortfalls. Then the municipality must form a Special Taxing District in TIF
districts as a mechanism whereby taxpayers in TIF districts will be required to continue
paying their ell (or whatever type of tax) at current law rates, rather than receive the
benefit of the new reduced ell rate. Then if there is still a shortfall, the municipality
may apply to DOR for a TlF grant.
Tax staff understands that if there are tax-exempt TIF bonds outstanding, the Special
Taxing district would probably make these bonds taxable, and supports eliminating this
requirement in those situations. I have argued that these Special Taxing Districts are
bad policy since they will create two classes of property tax payers - those in TIF
districts (unless tax-exempt bonds were issued )will continue paying current property
taxes and their competitors will pay the new lower tax rates. Often these businesses in
TIF districts did not receive a direct benefit from TIF, if the use of funds was for such
activities as brownfield clean-up, or blight removal. Any other suggested arguments or
examples you have that I can use - or your general comments - would be helpful.
Other issues under discussion - pay-as-you-go districts are generally viewed as not being
eligible for TIF grants or other assistance in the event of a shortfall. Your thoughts?
There are many projects "in the pipeline" at this time. Rep. Abrams generally feels that
a project must have a signed development agreement (probably as of this June l)in order
to be eligible for whatever assistance is ultimately provided to TlF districts that
experience a debt service shortfall. Does this work or are there projects that don't have
development agreements yet in place but should be considered?
I am meeting with tax staff on Tuesday AM. Please provide me with your comments in the
next few days. Thank you.
1
r
City of Prior lake
Tax Increment Financing District No. 1-3
Proposed Action:
I. Modify the Development Program for Development District No. I by
expanding the boundaries as shown below.
2. Establish Tax Increment Financing District No. 1-3, and adopt its tax
increment financing plan.
Type of TIF District:
Parcel Numbers:
A resolution taking these actions and making the required statutory findings
will be presented to the City Council for consideration at a meeting after the
public hearing
Redevelopment District
Lots 1-4 and 7-12 in Block 9 of the Original Town Subdivision consisting
of the following parcels:
25-001062-0 25-001067-0
25-001063-0 25-001068-0
25-00 I 066-0
25-001069-0
25-001070-0
Location:
City of Prior Lake
Municipal Development District No.
FiOt<
/
nr
Proposed development:
The development proposed in the District would result in approximately 78
housing units intended for occupancy by senior citizens and approximately
12,000 square feet ofretail uses (the Lakefront Plaza Project).
+)
EHLERS
& ASSOCIATES INC
3060 Centre Pointe Drive Roseville, MN 55113-1105
651.697.8506 fax 651.697.8506 www.ehlers-inc.com
Estimated annual tax
increment:
Project Costs:
Fom1 of Financing:
Maximum Duration:
LGAlHACA penalty:
3 Year Activity Rule
I r
Summary- TIF District No. 1-3
$151,662
This estimate is based on the current property tax system. It is likely that the
outcomes of the 2001 Legislative Session will change the amount of tax
increment.
The TIF Plan contains the following project budget (maximums only).
Land/Building Acquisition .......................................................... $200,000
Site Improvements/Preparation ........................... ........ ................ $400,000
Public Utilities ..... ... ..... ................................... ...................... ....... $350,000
Parking Facilities .................... ..... ................... ................. .............. ......... $0
Streets and Sidewalks .... ........... ..................... .............. ................ $500,000
Other Public Improvements ......................................................... $100,000
Loan Interest (pay-as-you-go note) ........................................... $1,450,000
Administrative Costs (up to 10%) ................................................. $70,000
PROJECT COST TOTAL ................................................. $3,070,000
Interfund Loans/Transfers..................... ................................. .......... $65,000
TOTAL FINANCING & PROJECT COSTS ................... $3,135,000
As presently proposed, the project will be financed by a pay-as-you-go
notelinterfund loan/transfer. Additional indebtedness may be required to
finance other authorized activities. The City will issue bonds or incur other
debt only upon the determination that such action is in the best interest of the
City. The City may also finance the activities to be undertaken pursuant to
the Plan through loans from funds of the City or to reimburse the developer
on a Apay-as-you-go@ basis for eligible costs paid for by a developer.
The duration of the District will be 25 years afterreceipt ofthe first increment
(a total of26 years). The date of receipt of the first tax increment is expected
to be 2003. Thus, it is estimated that the District, including any modifications
of the Plan for subsequent phases or other changes, would terminate after
2028 or when the Plan is satisfied. If increment is received in 2002 due to
inflation, the term of the District will be 2027.
The City elects to make the annual local contribution to the project to exempt
itself from the LGA-HACA penalty. Contribution for a redevelopment
district is 5% of annual tax increment. The contribution can be made
annually or in larger contribution throughout the life of the district.
At least one ofthe following activities must take place in the District within 3
years from the date of certification:
. bonds have been issued
. the authority has acquired property within the district
. the authority has constructed or caused to be constructed p
improvements within the district
The estimated date whereby this activity must take place is June, 2004.
2
4 Year Knockdown
Provision
5 Year Rule
Summary - T1F District No. 1-3
If after four years from the date of certification of the District one of the
following activities must have been commenced on each parcel in the
District:
. demolition
. rehabilitation
. renovation
. other site preparation (not including utility services such as sewer
water)
If the activity has not been started by the approximately June, 2005, no
additional tax increment may be taken from that parcel until the
commencement of a qualifying activity.
Within 5 years of certification revenues derived from tax increments must be
expended or obligated to be expended. Tax increments are considered to have
been expended on an activity within the District if one of the following
occurs:
. the revenues are actually paid to a third party with respect to the acti
. bonds, the proceeds of which must be used to finance the activity,
issued and sold to a third party, the revenues are spent to repay the bo
and the proceeds of the bonds either are reasonably expected to be s
before the end of the later of (i) the five year period, or (ii) a reason
temporary period within the meaning of the use of that tem1 unde
148(c)(1) ofthe Internal Revenue Code, or are deposited in a reason
required reserve or replacement fund
. binding contracts with a third party are entered into forperfom1ance 0
activity and the revenues are spent under the contractual obligation
. costs with respect to the activity are paid and the revenues are spe
reimburse a pay for payment of the costs, including interest
unreimbursed costs.
Any obligations in the Tax Increment District made after approximately
June, 2006, will not be eligible for repayment from tax increments.
3
Draft for public hearing
Modification of
DEVELOPMENT PROGRAM
for
DEVELOPMENT DISTRICT NO.1
and
TAX INCREMENT FINANCING PLAN
for the establishment of
TAX INCREMENT FINANCING DISTRICT NO. 1-3
(a redevelopment district)
CITY OF PRIOR LAKE
SCOTT COUNTY
STATE OF MINNESOTA
Public Hearing: June 4, 2001
Adopted:
.
EHLERS
Prepared by: EHLERS & ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105
(651) 697-8500 fax: (651) 697-8555 www.ehlers-inc.com
& ASSOCIATES INC
LEADERS IN PUBLIC FINANCE j
.--.--.--,...-..--.---...-....---.........---...--..---...............-----
. 1
Draft - Planning Commission Review
SECTION I
MODIFICA TlON TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO.1
Foreword
The creation of Tax Increment Financing District No. 1-3 represents a Modification to the Development
Program for Development District No.1. This modification represents a continuation of the goals and
objectives set forth in the Development Program for Development District No.1. In addition, the City
proposes to expand the boundaries of the Development District as indicated in the map below.
For further information, a review of the complete Development Program for Development District No.1 is
recommended. It is available from the City of Prior Lake. Other relevant information is contained in the Tax
Increment Financing Plans for the Tax Increment Financing Districts located within Development District
No.1.
City of Prior Lake
Municipal Development District No, 1
KIB
Draft - Planning Commission Review
SECTION /I
TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1-3
Subsection 2-1. Foreword
The City of Prior Lake (the "City"), City staff, and consultants have prepared the following information to
expedite the establishment of Tax Increment Financing District No. 1-3 (Athe District@), a redevelopment tax
increment financing district, located within Development District No.1.
Subsection 2-2. Statutory Authority
Within the City, there exist areas where public involvement is necessary to cause development or
redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes
("M.S."), 469.124 through 469.134, inclusive, as amended, andM.S., Sections 469.174 through 469.179,
inclusive, as amended (the ATax Increment Financing Act@ or ATIF Act@), to assist in financing public costs
related to this project.
This section contains the Tax Increment Financing Plan (the ATIF Plan@) for Tax Increment Financing
District No. 1-3. Other relevant information is contained in the Modification to the Development Program
for Development District No.1.
Subsection 2-3. Statement of Objectives
The City has prepared a plan for the redevelopment property in and around the downtown area. The
Downtown Plan provides a framework for guiding public and private development decisions. The
development activities contemplated by the TIF Plan are consistent with the Downtown Plan.
The development proposed in the District would result in approximately 78 housing units intended for
occupancy by senior citizens and approximately 12,000 square feet of retail uses. The proposed development
helps to achieve several development objectives, including:
$ Bringing permanent residents to the Downtown area with the potential to support existing and future
businesses.
$ Redeveloping substandard and underutilized properties.
$ Providing a catalyst for additional private investment in the Downtown area.
$ Providing a catalyst for public improvements identified in the Downtown Plan.
$ Increasing housing opportunities in the City.
The District is being created to facilitate the redevelopment of property in the downtown area with a mix of
senior housing and retail development (the Lakefront Plaza Project) in the City of Prior Lake. Contracts for
this have not been entered into at the time of preparation ofthis Plan, but the date when development is likely
to occur is in the Summer of 200 1. This Plan is expected to achieve many of the objectives outlined in the
Development Program for Development District No.1.
The activities contemplated in the Modification to the Development Program and the Plan do not preclude
the undertaking of other qualified development or redevelopment activities. These activities are anticipated
to occur over the life of Development District No.1 and the District.
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-1
Drafl- Planning Commission Review
Subsection 2-4. Development Program Overview
Activities to be undertaken by the City to further the Development Program for Development District No. I
include, but are not limited to, the following:
1. Property to be Acquired - Selected property located within the District may be acquired by
the City and is further described in this Plan.
2. Relocation - Relocation services, to the extent required by law, are available pursuant to
M.S., Chapter 117 and other relevant state and federal laws.
3. Upon approval of a developer's plan relating to the project and completion of the necessary
legal requirements, the City may sell to a developer selected properties that they may
acquire within the District or may lease land or facilities to a developer.
4. The City may perform or provide for some or all necessary acquisition, construction,
relocation, demolition, and required utilities and public streets work within the District.
Subsection 2-5. Description of Property in the District
The property to be included in the District includes the following parcels and the adjacent rights-of way.
These parcels occupy Lots 1-4 and 7-12 of Block 9 in the Original Town subdivision. The proposed
development requires the reconfiguration of the property into a common site and single parcel. The TIP Plan
is based on this action. The parcels will be replatted and combined prior to the certification of the District.
25-001062-0
25 -00 I 063-0
25 -00 1 066-0
25-001067-0
25 -001068-0
25 -001069-0
25-001070-0
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-2
Draft - Planning Commission Review
Subsection 2-6. Property for Acquisition
The City may acquire any parcel within the Tax Increment Financing District and the Development Distrct
including interi or and adj acent street rights of way. Any properties identified for acquisition will be acquired
by the City only in order to accomplish one or more ofthe following: storm sewer improvements; provide
land for needed public streets, utilities and facilities; carry out land acquisition, site improvements, clearance
and/or development to accomplish the uses and objectives set forth in this plan. The City may acquire
property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the
objectives of this Plan. Such acquisitions will be undertaken only when there is assurance of funding to
finance the acquisition and related costs.
Subsection 2-7. Classification of the District
The City finds that the District meets the criteria for the establishment of the redevelopment district pursuant
to M.S., Section 469.174, Subd. 10. The statutory criteria for a redevelopment district are as follows:
(a) "Redevelopment district" means a type of tax increment financing district consisting of a project,
or portions of a project, within which the authority finds by resolution that one or more of the
following conditions, reasonably distributed throughout the district, exists:
(J) parcels consisting of 70 percent of the area in the district are occupied by buildings, streets,
utilities, or other improvements and more than 50 percent of the buildings. not including
outbuildings, are structurally substandard to a degree requiring substantial renovation or
clearance; or
(2) The property consists of vacant, unused, underused, inappropriately used, or infrequently
City of Prior Lake
Municipal Development District NO.1
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-3
Draft - Planning Commission Review
used rail yards, rail storage facilities or excessive or vacated railroad rights-of-way; or
(3) tank facilities, or property whose immediately previous use was for tank facilities, as
defined in Section 115 C, Subd. 15, if the tank facility:
$ have or had a capacity of more than one million gallons;
$ are located adjacent to rail facilities; or
$ have been removed, or are unused, underused, inappropriately used or infrequently
used.
(b) For purposes of this subdivision, "structurally substandard" shall mean containing defects in
structural elements or a combination of deficiencies in essential utilities andfacilities, light and
ventilation, fire protection including adequate egress, layout and condition of interior partitions,
or .similar factors, which defects or deficiencies are of sufficient total significance to justify
substantial renovation or clearance.
(c) A building is not structurally substandard ifit is in compliance with the building code applicable
to new buildings or could be modified to satisfY the building code at a cost of less than 15
percent of the cost of constructing a new structure of the same square footage and type on the
site. The municipality may find that a building is not disqualified as structurally substandard
under the preceding sentence on the basis of reasonably available evidence, such as the size,
type, and age of the building, the average cost of plumbing, electrical, or structural repairs or
other similar reliable evidence. The municipality may not make such a determination without an
interior inspection of the property, but need not have an independent, expert appraisal prepared
of the cost of repair and rehabilitation of the building. An interior inspection of the property is
not required, if the municipality finds that (l) the municipality or authority is unable to gain
access to the property after using its best efforts to obtain permission from the party that owns
or controls the property; and (2) the evidence otherwise supports a reasonable conclusion that
the building is structurally substandard...
(d) A parcel is deemed to be occupied by a structurally substandard building for purposes of the
finding under paragraph (a) if all of the following conditions are met:
(l) the parcel was occupied by a substandard building within three years of the filing of the
request for certification of the parcel as part of the district with the county auditor;
(2) the substandard building was demolished or removed by the authority or the demolition or
removal was financed by the authority or was done by a developer under a development
agreement with the authority;
(3) the authority found by resolution before the demolition or removal that the parcel was
occupied by a structurally substandard building and that after demolition and clearance the
authority intended to include the parcel within a district; and
(4) upon filing the request for certification of the tax capacity of the parcel as part of a district,
the authority notifies the county auditor that the original tax capacity of the parcel must be
adjusted as provided by I 469.177, subdivision 1, paragraph (h).
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-4
Draft - Planning Commission Review
(e) For purposes of this subdivision, a parcel is not occupied by buildings, streets, utilities, or other
improvements unless 15 percent of the area of the parcel contains improvements.
(j) For districts consisting of two or more noncontiguous areas, each area must qualify as a
redevelopment district under paragraph (a) to be included in the district, and the entire area of
the district must satisfY paragraph (a).
In meeting the statutory criteria the City relies on the following facts and findings:
$ The District will consist of one parcel.
$ 100% of the parcels by area are occupied by buildings, streets, utilities, or other improvements within the
statutory definition.
$ An inspection of the property shows that 36.34% of the area of the parcel is occupied by buildings,
utilities and other improvements. These improvements exceed the 15 % minimum required by statute to
determine that the parcel is occupied.
$ Two buildings are located within the District. The City has undertaken investigations to determine that
the buildings are structurally substandard to a degree requiring substantial renovation or clearance
pursuant to the statutory criteria.
A more complete explanation of the redevelopment findings are contained in Appendix D.
Pursuant to 469.176 Subd. 7, the District does not contain any parcel or part ofa parcel that qualified under
the provisions of Section 273.111 or 273.112 of Chapter 473H for taxes payable in any ofthe five calendar
years before the filing of the request for certification of the District.
Subsection 2-8. Duration of the District
Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be
indicated within the Plan. Pursuant to M.S., Section 469.176, Subd. 1 b, the duration of the District will be 25
years after receipt of the first increment by the City (a total of 26 years). The date of receipt by the City of
the first tax increment is expected to be 2003. Thus, it is estimated that the District, including any
modifications of the Plan for subsequent phases or other changes, would terminate after 2028, or when the
Plan is satisfied. If increment is received in 2002, the term of the District will be 2027. The City reserves
the right to decertify the District prior to the legally required date.
Subsection 2-9. Original Tax Capacity
PursuanttoM.S., Section 469.174, Subd. 7 andMS., Section 469.177, Subd. 1, the Original Net Tax Capacity
(aNTe) as certified for the District will be based on the market values placed on the property by the assessor
in 2000 for taxes payable 2001. The TIF Plan estimates the ONTC to be $3,675.
Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in
the payment year 2002) the amount by which the original value has increased or decreased as a result of:
1. change in tax exempt status of property;
2. reduction or enlargement of the geographic boundaries of the district;
3. change due to adjustments, negotiated or court-ordered abatements;
4. change in the use of the property and classification;
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-5
I I
Draft - Planning Commission Review
5. change in state law governing class rates; or
6. change in connection with previously issued building permits.
In any year in which the current Net Tax Capacity value of the District declines below the ONTC, no value
will be captured and no tax increment will be payable to the City.
Subsection 2-10. Original Tax Rate
The amount of tax increment is calculated by multiplying the total local tax rate (excluding market value
rates) by the Captured Tax Capacity value of the District. If the current total local tax rate exceeds the
Original Tax Rate (OTR), the amount of tax increment produced by the tax rate above the OTR is distributed
to the taxing jurisdictions as excess tax increment.
The OTR for the District will be the local tax rate for taxes payable 2001, assuming the request for
certification is made before June 30, 2001. The local tax rate for taxes payable 2001 is 124.6060%
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-6
Draft - Planning Commission Review
Subsection 2-11. Estimated Tax Increment
The City estimates that the total tax capacity value of property within the District upon completion of the
proposed development will be $151,662. The amount of annual tax increment revenue is shown in the table
below.
Project Estimated Tax Capacity upon Completion (PTC)
Original Estimated Net Tax Capacity(ONTC)
Estimated Captured Tax Capacity (CTC)
Original Local Tax Rate (OTR)
Estimated Annual Tax Increment (CTC x Local Tax Rate)
Percent Retained by the City
$125,388
(3,675)
$121,713
124.6060% Pay 2001
$151,662
100%
The City requests 100 percent of the available increase in tax capacity for repayment of its obligations and
current expenditures, beginning in the tax year payable 2003
The following factors will determine the actual amount of tax increment received by the City:
$ Actual market value of property within the District as determined by the Assessor.
$ Statutory rates for setting tax capacity values.
$ Actual total local tax rate.
The cash flow projections in Appendix C show the potential tax increment revenues collected by the City.
Subsection 2-12. Notification of Prior Planned Improvements
Pursuant to M.S., Section 469.177, Subd. 4, the City shall, after due and diligent search, accompany its
request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S.,
Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which
building permits have been issued during the eighteen (18) months immediately preceding approval of the
Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase the
original net tax capacity of the District by the net tax capacity of improvements for which a building permit
was issued. The City is reviewing the area to be included in the District to determine if any building
permits have been issued during the 18 months immediately preceding approval of the Plan by the
City.
Subsection 2-13. Use of Tax Increment
Pursuant to M.S. Section 469.176, Subd. 4j, at least 90% ofthe revenues derived from tax increments from
the District must be used to finance the cost of correcting conditions that allow the redevelopment
designation. These costs include, but are not limited to, acquiring properties containing structurally
substandard buildings or improvements, or hazardous substances, pollution, or contaminants, acquiring
adjacent parcels necessary to provide a site of sufficient size to permit development, demolition and
rehabilitation of structures, clearing of the land, the removal of hazardous substances or remediation
necessary to development of the land, and installation of utilities, roads, sidewalks, and parking facilities for
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
2-7
I r
Draft - Planning Commission Review
the site. Within this limitation, the City hereby determines that it will use 100 percent of the captured net tax
capacity of taxable property located in the District for the following purposes:
1. to pay the principal of and interest on bonds issued to finance a project;
2. to finance, or otherwise pay the public development costs of Development Distrct No.1 pursuant to
theM.S. Sections 469.124 to 469.134;
3. to pay for project costs as identified in the budget set forth in the TIF Plan;
4. to finance, or otherwise pay for other purposes as provided in M.S., Section 469.176, Subd. 4;
5. to pay principal and interest on any loans, advances or other payments made to or on behalf the City
or for the benefit of Development District No. 1 by a developer;
6. to finance or otherwise pay premiums and other costs for insurance or other security guaranteeing
the payment when due of principal of and interest on bonds pursuant to the TIF Plan or pursuant to
M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or MS., Sections 469.178; and
7. to accumulate or maintain a reserve securing the payment when due of the principal and interest on
the tax increment bonds or bonds issued pursuant to M.S., Chapter 462C, M.S., Sections 469.152
through 469.165, and/or M.S., Sections 469.178.
These revenues shall not be used to circumvent any levy limitations applicable to the City nor for other
purposes prohibited by M.S., Section 469.176, subd. 4.
Tax increments generated in the District will be paid by Scott County to the City for the Tax Increment Fund
of said District. The City will pay to the developer(s) annually an amount not to exceed an amount as
specified in a developer=s agreement to reimburse the costs of land acquisition, public improvements,
demolition and relocation, site preparation, and administration. Remaining increment funds will be used for
City administration (up to 10 percent) and the costs of public improvement activities.
Pursuant to M.S., Section 469.1763, (1) At least 80% of the tax increment derived from the District must be
expended on Public Costs incurred within said district, and up to 20% of said tax increments may be spent on
Public Costs incurred outside of the District but within Development Distrct No.1; provided that in the case
of a housing district, a housing project, as defined in M.S., Section 469.174, Subd. 11 is deemed to be an
activity in the District, and (2) pubic costs within the District shall be limited to reimbursement of public
costs paid before or within five years after certification of said district by the County Auditor and interest on
all such unreimbursed expenditures.
Subsection 2-14. Sources of Revenue
The estimated sources of revenue for the District are contained in the table below.
SOURCES OF FUNDS
TOTAL
$3,025,000
$0
Tax Increment
Other City Funds
PROJECT REVENUES
Interfund Loans/Transfers
$3,025,000
$110,000
$0
Bond Proceeds
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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TOTAL PROJECT AND FINANCING REVENUES
$3,135,000
The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax
increments. The City reserves the right to use other sources of revenue legally applicable to the City and the
TIF Plan, including, but not limited to, special assessments, general property taxes, state aid for road
maintenance and construction, proceeds from the sale of land, other contributions from the developer and
investment income, to pay for the estimated public costs.
In addition to the actual tax increment collected by the City, the TIF Act (M.S. Section 469.174, Subd. 25)
places restrictions on the use of revenues derived from the following sources:
X the proceeds from the sale or lease of property, tangible or intangible, purchased by the City with tax
increments;
X repayments of loans or other advances made by the City with tax increments; and
X interest or other investment earnings on or from tax increments.
Subsection 2-15. Bonded Indebtedness
It is anticipated that the City will use a pay-as-you-go note to reimburse the Developer for eligible expenses
and interest on the unpaid balance. The City may use an interfund loan or a transfer of funds to pay for
public costs. Tax increment revenues may be used to repay an interfund loan or transfer.
The City reserves the right to incur bonded indebtedness or other indebtedness as a result of the TIF Plan.
The City may issue bonds to finance public improvements or other eligible costs of the TIP Plan. The
amount of the bonded indebtedness may not exceed $1,000,000 without a modification to the TIP Plan
pursuant to applicable statutory requirements. This provision does not obligate the City to incur debt. The
City will issue bonds or incur other debt only upon the determination that such action is in the best interest of
the City.
Subsection 2-16. Uses of Funds
Currently under consideration for the District is a proposal to facilitate construction of senior housing. The
City has determined that it will be necessary to provide financial assistance to the project. To facilitate the
proposed development, this TIF Plan authorizes the use of tax increment financing to pay for the cost of
certain eligible expenses. The estimate of public costs and uses of funds associated with the District is
outlined in the following table.
USES OF FUNDS
TOTAL
Land/Building Acquisition
Site Improvements/Preparation
Public Utilities
Parking Facilities
Streets and Sidewalks
Other Public Improvements
$200.000
400,000
350,000
o
565,000
100,000
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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Interest on Pay-as-you-go Note
Administrative Costs (up to 10%)
$1,450,000
70,000
PROJECT COSTS TOTAL
$3,135,000
Interfund Loans/Transfers
Loan Interest
Bond Interest
Bond Principal
$0
o
o
o
TOTAL FINANCING AND PROJECT COSTS
$3,135,000
The above budget is organized according to the current State reporting forms. The information in Appendix
A contains additional information about the project.
Estimated costs associated with the District are subject to change among categories without a modification to
this TIF Plan. The cost of all activities to be considered for tax increment financing will not exceed the Total
Project Costs in the table above without formal modification ofthis Plan pursuant to the applicable statutory
requirements.
Subsection 2-17. Local Contribution (State Tax Increment Financing Aid)
The City elects to make the annual local contribution to the project (pursuant to M.S., Section 273.1399,
Subd. 6) to exempt itselffrom the LGA-HACA penalty set forth in M.S. Section 273.1399.
The District is exempt from the LGA-HACA reduction if the elects to make a qualifying local contribution at
the time of approving the tax increment financing plan. To qualify for the exemption in each year, the City
must make a qualifying local contribution to the project in an amount equal to five percent (5%) of the
annual tax increment for the District. The maximum local contribution for all districts in the City in any year
is limited to two percent of the City's net tax capacity, after which point the City must make an additional
contribution equal to the lesser of (a) 0.25 percent of the City's net tax capacity or (b) 3 percent of tax
increment revenues for that year.
The amount of the local contribution must be made out of unrestricted money of the City, such as the general
fund, a property tax levy, or a federal or state grant-in-aid which may be spent for general government
purposes. The local contribution may not be made, directly or indirectly, with tax increments or developer
payments. The local contribution must be used to pay project costs and cannot be used for general
government purposes. Such contribution may be in form of either lump sum or annual payments (in addition
to tax increment payments) towards costs identified in this Plan or other costs related to that development or
redevelopment. The contribution may also be made in the form of public improvements financed by the
City or other unit of government with unrestricted funds.
Subsection 2-18. Fiscal Disparities Election
Pursuant to M.S., Section 469.177, Subd. 3, the City may elect one of two methods to calculate fiscal
disparities. If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause a, (outside the District) are
followed, the following method of computation shall apply:
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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Drafl- Planning Commission Review
(1) The original net tax capacity and the current net tax capacity shall be determined before the
application of the fiscal disparity provisions of Chapter 276A or 473F. Where the original net
tax capacity is equal to or greater than the current net tax capacity, there is no captured net tax
capacity and no tax increment determination. Where the original net tax capacity is less than
the current net tax capacity, the difference between the original net tax capacity and the current
net tax capacity is the captured net tax capacity. This amount less any portion thereof which the
authority has designated, in its tax increment financing plan, to share with the local taxing
districts is the retained captured net tax capacity of the authority.
(2) The county auditor shall exclude the retained captured net tax capacity of the authority from the
net tax capacity of the local taxing districts in determining local taxing district tax rates. The
local tax rates so determined are to be extended against the retained captured net tax capacity
of the authority as well as the net tax capacity of the local taxing districts. The tax generated by
the extension of the lesser of (A) the local taxing district tax rates or (B) the original local tax
rate to the retained captured net tax capacity of the authority is the tax increment of the
authority.
The City shall submit to the County Auditor at the time of the request for certification which method of
computation of fiscal disparities the City elected.
The City will choose to calculate fiscal disparities by clause a.
According to M.S., Section 469.177, Subd. 3:
(c) The method of computation of tax increment applied to a district pursuant to paragraph (a) or
(b) shall remain the samefor the duration of the district, except that the governing body may
elect to change its election from the method of computation in paragraph (a) to the method in
paragraph (b).
Subsection 2-19. Business Subsidies
Pursuant to M.S. Statutes 116J.993, Subdivision 3, assistance for housing is not considered a business
subsidy. The assistance to the developer will be structured in a manner to be targeted solely at the housing or
to qualify for other exemptions from a business subsidy.
Subsection 2-20. County Road Costs
Pursuant to M.S., Section 469.175, Subd. 1 a, the county board may require the City to pay for all or part of
the cost of county road improvements if the proposed development to be assisted by tax increment will, in
the judgement of the county, substantially increase the use of county roads requiring construction of road
improvements or other road costs and if the road improvements are not scheduled within the next five years
under a capital improvement plan or within five years under another county plan.
In the opinion of the City and consultants, the proposed development outlined in this IIF Plan will have little
or no impact upon county roads. If the county elects to use increments to improve county roads, it must
notify the City within forty-five days of receipt of this IIF Plan.
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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Subsection 2-21. Estimated Impact on Other Taxing Jurisdictions
The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF
Plan would occur without the creation of the District. However, the City has determined that such
development or redevelopment would not occur "but for" tax increment financing and that, therefore, the
fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as
follows if the "but for" test was not met:
IMPACT ON TAX BASE
Scott County
City of Prior Lake
Prior Lake ISD No. 719
2000/2001
Total Net
Tax Capacity
72,745,188
12,927,888
22,722,075
Estimated Captured
Tax Capacity (CTC)
Upon Completion
121,713
121,713
121,713
Percent of CTC
to Entity Total
0.1673%
0.9415%
0.5357%
IMPACT ON TAX RATES
2000/2001 Percent Potential
Extension of Total CTC Taxes
Rates
Scott County 0.317110 25.45% 121,713 38,596
City of Prior Lake 0.264110 21.20% 121,713 32,146
Prior Lake ISD No. 719 0.605510 48.59% 121,713 73,698
Other 0.059330 4.76% 121,713 7,221
Total 1.246060 100.00% 151,662
The estimates listed on the previous page display the captured tax capacity when all construction is
completed. The tax rate and total net tax capacities used for calculations is for taxes payable in 2001.
Subsection 2-22. Modifications
The City reserves the right to make future modifications to the TIF Plan and District. In accordance with the
TIP Act (M.S. Section 469.175, Subd. 4) the following modifications may be made only upon the notice and
after the discussion, public hearing and findings required for approval of the original TIP Plan:
1. reduction or enlargement of the geographic area of Development District No. 1 or the District;
2. increase in amount of bonded indebtedness to be incurred, including a determination to capitalize
interest on debt if that determination was not a part of the original plan, or to increase or decrease the
amount of interest on the debt to be capitalized;
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3. increase in the portion of the captured net tax capacity to be retained by the City;
4. increase in total estimated tax increment expenditures; or
5. designation of additional property to be acquired by the City,
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Subsection 2-23. Time Factors
1. District Enlargement
Pursuant to M.S. Section 469.175 Subd. 4(b), the geographic area of the District may be reduced, but
shall not be enlarged after five years following the date of certification of the original net tax
capacity by the county auditor. If a redevelopment district is enlarged, the reasons and supporting
facts for the determination that the addition to the district meets the criteria of M.S., Section 469.174,
Subd. 10 must be documented. The requirements of this paragraph do not apply if (I) the only
modification is elimination ofparcel(s) from Development District No. I or the District and (2) (A)
the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds the net
tax capacity of those parcel(s) in the District's original net tax capacity or (B) the City agrees that,
notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no
more than the current net tax capacity ofthe parcel(s) eliminated from the District. The City must
notify the County Auditor of any modification that reduces or enlarges the geographic area of
Development District No. I or the District. Modifications to the District in the form of a budget
modification or an expansion of the boundaries will be recorded in the TIF Plan.
2. Activity Within 3 Years
No tax increment shall be paid to the City for the District after three (3) years from the date of
certification of the Original Net Tax Capacity value of the taxable property in the District by the
County Auditor (M.S. Section 469.176, Subd. 1 a) unless:
(a) bonds have been issued in aid of the project containing the district pursuant to M.S.
Section 469.178, or any other law, except revenue bonds issued pursuant to M.S.,
Sections 469.152 to 469.165, or
(b) the City has acquired property within the District, or
(c) the City has constructed or caused to be constructed public improvements within
the District.
The bonds must be issued, or the City must acquire property or construct or cause public
improvements to be constructed by approximately June, 2004 and report such actions to the County
Auditor.
3. 4- Year Knockdown
Parcels without Aqualifying activity@ will be knocked out of the District after four years from the
date of certification of the original net tax capacity. M.S. Section 469.176, Subd. 6 defines qualifying
activities as A demolition, rehabilitation or renovation of property or other site preparation, including
qualified improvement of a street adjacent to a parcel but not installation of utility service including
sewer or water systems@ in accordance with the TIF Plan. For purposes of the knock down
requirements, qualified improvements of a street are limited to (I) construction or opening of a new
street, (2) relocation of a street, and (3) substantial reconstruction or rebuilding of an existing street.
Knock down means that the original net tax capacity of that parcel is excluded from the original net
tax capacity of the District and no tax increment may be collected from that parcel. If the City or the
owner of the parcel subsequently commences a qualifying activity in accordance with the TIF Plan,
the City shall certify to the county auditor that the activity has commenced and the county auditor
City of Prior Lake
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shall certify the net tax capacity thereof as most recently certified by the commissioner of revenue
and add it to the original net tax capacity of the tax increment financing district. The City must
submit to the county auditor evidence that the required activity has taken place for each parcel in the
district. The evidence for a parcel must be submitted by February 1 ofthe fifth year following the
year in which the parcel was certified as included in the district.
The City or a property owner must improve parcels within the District by approximately June, 2005
and report such actions to the County Auditor.
4. 5- Year Limit
After five years from the date of certification of the TIF District, tax increment may only be used to
(1) repay existing bonds the proceeds of which must be used to finance the activity, are issued and
sold to a third party before or within five years after certification, the revenues are spent to repay the
bonds, and the proceeds ofthe bonds either are, on the date of issuance, reasonably expected to be
spent before the end of the later of (a) the five-year period, or (b) a reasonable temporary period
within the meaning of the use of that term under' l48(c)(l) of the Internal Revenue Code, or are
deposited in a reasonably required reserve or replacement fund; (2) reimburse a developer or other
third party for eligible expenses paid before or within five year period, including interest on
unreimbursed costs; (3) eligible administrative expense; and (4) eligible expenses under M.S.
Section 469.1763, Subd. 2 (Pooling).
Subsection 2-24. Administration of the District
Administration of the District will be handled by the City Manager.
Subsection 2-25. Administrative Expenses
In accordance with M.S., Section 469.174, Subd. 14, and M.S., Section 469.176, Subd. 3, administrative
expenses means all expenditures ofthe City, other than:
1. amounts paid for the purchase of land;
2. amounts paid to contractors or others providing materials and services, including architectural and
engineering services, directly connected with the physical development of the real property in the
proj ect;
3. relocation benefits paid to or services provided for persons residing or businesses located in the
project; or
4. amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued
pursuant to M.S., Section 469.178; or
5. amounts used to pay other financial obligations to the extent those obligations were used to finance
costs described in sections 1 to 3.
For districts for which the request for certification were made before August 1, 1979, or after June 30,1982,
administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants,
and planning or economic development consultants. Tax increment may be used to pay any authorized and
documented administrative expenses for the District up to but not to exceed 10 percent of the total tax
increment expenditures authorized by the Plan or the total tax increment expenditures for Development
District No.1, whichever is less.
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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Pursuant to M.S., Section 469.176, Subd. 4h, tax increments may be used to pay for the county's actual
administrative expenses incurred in connection with the District. The county may require payment of those
expenses by February 15 of the year following the year the expenses were incurred.
Pursuant to M.S., Section 469. 177, Subd. 11, the county treasurer shall deduct an amount equal to 0.25
percent of any increment distributed to the City and the county treasurer shall pay the amount deducted to the
state treasurer for deposit in the state general fund to be appropriated to the State Auditor for the cost of
financial reporting of tax increment financing information and the cost of examining and auditing authorities'
use of tax increment financing.
Subsection 2-26. Requirements for Agreements with the Developer
The City will review any proposal for private development to determine its conformance with the
Development Program and with applicable municipal ordinances and codes. To facilitate this effort, the
following documents may be requested for review and approval: site plan, construction, mechanical, and
electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any
other drawings or narrative deemed necessary by the City to demonstrate the conformance of the
development with City plans and ordinances. The City may also use the Agreements to address other issues
related to the development.
Pursuant to MS., Section 469.176, Subd. 5, no more than 25 percent, by acreage, of the property to be
acquired in the District as set forth in the Plan shall at any time be owned by the City as a result of
acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments
from property acquired is pledged, unless prior to acquisition in excess of25 percent of the acreage, the City
concluded an agreement for the development or redevelopment of the property acquired and which provides
recourse for the City should the development or redevelopment not be completed.
Subsection 2-27. Assessment Agreements
Pursuant to M.S., Section 469.177, Subd. 8, the City may enter into a written assessment agreement in
recordable form with the developer of property within the District which establishes a minimum market
value of the land and completed improvements for the duration of the District. The assessment agreement
shall be presented to the assessor who shall review the plans and specifications for the improvements to be
constructed, review the market value previously assigned to the land upon which the improvements are to be
constructed and, so long as the minimum market value contained in the assessment agreement appears, in the
judgment of the assessor, to be a reasonable estimate, the assessor shall also certify the minimum market
value agreement.
Subsection 2-28. Annual Disclosure Requirements
Pursuant to M.S., Section 469.175, Subd. 5, 6 and 6a the City must undertake financial reporting for all tax
increment financing districts to the Office of the State Auditor, County Board, County Auditor and School
Board on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual
statement shall be published in a newspaper of general circulation in the City on or before August 15.
If the City fails to make a disclosure or submit a report containing the information required by M.S. Section
469.175 Subd. 5 and Subd. 6, the Office of the State Auditor will direct the County Auditor to withhold the
distribution of tax increment from the District.
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Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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Subsection 2-29. Reasonable Expectations
As required by the Tax Increment Financing Act, in establishing the District, the determination has been
made that the anticipated development would not reasonably be expected to occur solely through private
investment within the reasonably foreseeable future and that the increased market value of the site that could
reasonably be expected to occur without the use of tax increment financing would be less than the increase in
the market value estimated to result from the proposed development after subtracting the present value ofthe
projected tax increments for the maximum duration of the District permitted by the Plan. In making said
determination, reliance has been placed upon written representations made by the developer to such effects
and upon City staff awareness of the feasibility of developing the project site. A comparative analysis of
estimated market values both with and without establishment of the District and the use of tax increments has
been performed as described above. Such analysis is included with the cashflow in Appendix C, and
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 District and the
use of tax increments.
Subsection 2-30. Summary
The City of Prior Lake is establishing the District to preserve and enhance the tax base, redevelop
substandard areas, and provide employment opportunities in the City. The Tax Increment Financing Plan for
the District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota
55113, telephone (651) 697-8500.
City of Prior Lake
Tax Increment Financing Plan for Tax Increment Financing District No. 1-3
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APPENDIX A - PROJECT DESCRIPTION
The Lakefront Plaza project is proposed to be built on Block 9 on the northern edge of downtown Prior
Lake. The Development will consist of approximately 78 units of housing for purposes 55 years of age
or older and 12,000 square feet of retail uses. The residential component would consist of one- and two-
bedroom condominium units with various support facilities and amenities. The retail element could
contain office and small stores compatible with the residential use. The City plans to undertake
improvements on adjacent streets and park areas.
APPENDIX
A-I
Draft - Planning Commission Review
APPENDIX B - PROPERTY TO BE INCLUDED IN THE DISTRICT
The property to be included in the District includes the following parcels and the adjacent rights-of way.
These parcels occupy Lots 1-4 and 7-12 of Block 9 in the Original Town subdivision. The proposed
development requires the reconfiguration of the property into a common site and single parcel. The TIF Plan
is based on this action. The parcels will be replatted and combined prior to the certification of the District.
25-001062-0
25-001063-0
25-001066-0
25 -00 1 067-0
25-001068-0
25-001069-0
25-001070-0
APPENDIX
B-1
. 1
Draft - Planning Commission Review
APPENDIX C - ESTIMATED CASH FLOW FOR THE DISTRICT
Project Value Information
Total
Size (sf) or Market Tax
Element Units EMV Value Capacity fuI.ilt. 1 st Taxes
RetailDffice 12,000 90 1,080,000 35,220 2001 2003
Housing 78 100,000 90,168 2001 2003
Total 12,078 1,180,000 125,388
Total Years of TIF Capture 20.0
Tax Increment Projections
Tax Gross Local Net
Tax Capacity Values Extension Tax Retained Semi-Annual Local
Year Base Total Caotured Rate Increment 20.00% Increment Contribution
2001 3,675 1.24606 0
2002 3,675 1.24606 0
2003 3,675 125,388 121,713 1.24606 151,662 (30,332 ) 60,665 7,583
60,665
2004 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2005 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2006 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2007 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2008 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2009 3,675 ] 25,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
20]0 3,675 125,388 12],713 1.24606 15],662 (30,332) 60,665 7,583
60,665
20] ] 3,675 125,388 121,713 1.24606 15],662 (30,332 ) 60,665 7,583
60,665
2012 3,675 125,388 121,7]3 1.24606 15],662 (30,332) 60,665 7,583
60,665
2013 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2014 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2015 3,675 125,388 121,713 1.24606 15],662 (30,332) 60,665 7,583
60,665
20]6 3,675 125,388 12],7]3 1. 24606 151,662 (30,332) 60,665 7,583
60,665
2017 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2018 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2019 3,675 125,388 12],713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2020 3,675 125,388 121,713 1.24606 ]51,662 (30,332) 60,665 7,583
60.665
202] 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7,583
60,665
2022 3,675 125,388 121,713 1.24606 151,662 (30,332) 60,665 7.583
60,665
Total 3,033,234 (606,647) 2,426,587 151,662
APPENDIX C-l
Draft - Planning Commission Review
APPENDIX D. REDEVELOPMENT QUALIFICATIONS
[To be added prior to Hearing]
APPENDIX
E-l
II
Modification of
DEVELOPMENT PROGRAM
for
DEVELOPMENT DISTRICT NO.1
and
TAX INCREMENT FINANCING PLAN
for the establishment of
TAX INCREMENT FINANCING DISTRICT NO. 1-3
(a redevelopment district)
CITY OF PRIOR LAKE
SCOTT COUNTY
STATE OF MINNESOTA
Public Hearing: June 4, 2001
Adopted:
.
& ASSOCIATES INC
EHLERS
i
Prepared by: EHLERS & ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105
(651) 697-8500 fax: (651) 697-8555 www.ehlers-inc.com
LEADERS IN PUBLIC FINANCE