HomeMy WebLinkAbout6A TIF Success Story - Richfield4646 Dakota Street SE
Prior bake_ MN 55372
ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT
MEETING DATE: June 13, 2011
AGENDA #: 6A
PREPARED BY: Frank Boyles, Executive Direct
PRESENTED BY: Frank Boyles
AGENDA ITEM: TIF SUCCESS STORY
DISCUSSION: Introduction
The Prior Lake Economic Development Authority members have expressed a
desire to hear first -hand about the use of Tax Increment Financing which
changed a community from primarily residential to a mix of commercial and resi-
dential.
The example that came to mind is 7.7- square -mile Richfield, MN, with its 35,000
residents. City Manager Steve Devich has first -hand experience in this trans-
formation. It did not happen overnight. It did not happen without some conflict
and political fireworks. So, I tried to anticipate questions the EDA would like
answered and sent them to Steve (attached).
Steve will have some prepared comments and then would be glad to respond to
any questions you might have.
Frank Boyles
From: Frank Boyles
Sent: Friday, April 29, 2011 6:28 PM
To: 'Steve Devich (SDevich @cityofrichfield.org)'
Subject: TIF SUCCESS STORY FOR PRIOR LAKE EDA PRESENTATION
Steve here are some questions that come to mind:
1. Not everyone agrees that TIF is appropriate, how did you address that?
2. Richfield made a commitment to change from a bedroom community to a community with a blend or
residential, retail and business. What process was used?
3. As new city councilmembers were elected, how did you get their commitment to the program?
4. How did you get the big boxes to come to Richfield?
5. You did a great deal of freeway improvement work together with the business additions. How was
that negotiated and financed?
6. Was TIF your only tool or did you have others?
7. What personnel resources were devoted to this effort and for how many years?
8. You used eminent domain to acquire property. Was this done by city staff or by consultant? Was
there backlash?
9. If you had anything to do differently, what would that be?
10. Financially speaking was the effort a success?
11. Richfield was attacked in the press and sued by its own businesses how did you stay on task?
12. You had multiple project spread across the community. Who and how were the projects chosen?
13. What was the most difficult thing to accomplish in this entire project?
14. Were the unanticipated benefits?
15. Were there unanticipated costs?
16. Would you do it again?
Thanks for agreeing to make the presentation. See you Monday, June 13 at 4 pm.
Frank Boyles
City Manager
City of Prior Lake
4646 Dakota St. SE
(952) 447 -9801
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