HomeMy WebLinkAbout4.a. TIF Plan and Project Area Modification ROSEM.OUNT EXECUTIVE SUMMARY
PORT AUTHORITY
Port Authority Date: October 15, 2013
AGENDA ITEM: TIF District Modification AGENDA SECTION:
New Business
PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.a.
ATTACHMENTS: Plan Modification, Resolution APPROVED BY:
RECOMMENDED ACTION: Motion to Approve Resolution Adopting a
Modification to the Redevelopment Plan for the Rosemount Redevelopment
Project; and Adopting a Modification to the Tax Increment Financing Plan for
the Downtown-Brockway Tax Increment Financing District Therein.
ISSUE
City staff was notified recently that there is excess TIF projected, approximately$600,000,to be
created from the Downtown-Brockway TIF District. Due to recent legislation,because of the slow
economy, the legislature has allowed funds created during the first 10-years from the date of the TIF
District certification, to be used on eligible TIF projects. The City's District was certified on July 29,
2004, so any excess funds must be expended by July 29,2014.This does not include the funds the
City would receive due to sale of property,previously acquired by TIF,like the Genz Ryan property.
Our TIF consultant,Mark Ruff of Ehlers,has been assisting in the process for formally amending
the TIF Plan.The Plan must be modified to include acquisition of the property on Cambrian
Avenue. No new properties have been added to the TIF District.The Port Authority had indicated
they would support using TIF funds to close a gap in acquisition of a single family home on
Cambrian Avenue. Because the property was not located in the Redevelopment Project Area,and
acquisition was not noted in the TIF Plan,modifications to the documents need to be made. The
Rosemount Redevelopment project area map is attached to illustrate the two areas staff expanded
the project area. The project area is the area where TIF funds can be spent.We have added all the
residential properties immediately west of Genz Ryan,along Cambrian Avenue,just to make a
defined edge. Staff is also recommending modifying the project area to encompass the future private
senior housing project at the Steeple Center and the adjoining Cameo right of way,if additional
infrastructure improvements would be needed in the future. Public buildings would not be eligible
for TIF funding. Properties located in the project area do not contribute to the TIF funds;only
properties located in the TIF District.
The anticipated amount of funding necessary to close the gap is low allowing additional projects to
be funded through excess TIF funds, so long as they are completed,and funds expended,by July 29,
2014. Staff has prepared a list of projects proposed for TIF financing. Since the TIF Plan anticipates
use of funds for infrastructure, staff believes no additional amendments are necessary.The following
are projects staff would like to set in motion to accomplish by the July 2014 deadline:
Railroad crossing modifications $300,000
This project has been discussed by the City Council on several occasions and preparation of plans
already authorized. The modification would allow construction of a sidewalk from the Greif
Brothers site to the truncated sidewalk on the park and ride property. Municipal State Aid (MSA)
funds were identified for the improvement, although there is significant demand for the MSA
dollars. If TIF dollars could supplant the MSA dollars those would be freed up for other high
priority projects. Staff anticipates following the MSA approval process as it may be difficult to
complete the project,and expend the funds prior to July 2014. One wildcard is the railroad;the City
has little ability to affect their approval timing and scheduling of railroad construction crews.
Purchase 4th house for CDA, or supplement costs $40,000
The CDA is working to acquire property at the Genz Ryan site and the four homes along Cambrian
Avenue to permit construction of a senior housing facility. It appears that there is agreement
between the landowner and the CDA for the 4th property south of Lower 147th Street,and the price
would include funds from the City's TIF district. Because the property was not in the original
Redevelopment Project area and not called out for acquisition in the TIF Plan, actions tonight will
allow City participation in site acquisition. It is anticipated that these funds would be spent prior to
the deadline.
Install fiber in Business Park$80,000
Installation of fiber in the Business Park has been discussed on and off for several years although it
is still not available. Staff is recommending that some of the excess TIF funds be used to install a
fiber backbone in the Business Park,along Boulder Avenue and Boulder Trail.The cost is based
upon an estimate received from one provider earlier this year.
Sewer relocation at Genz Ryan $100,000
There is a sanitary sewer that is located along the back lot line of the Genz Ryan property which also
serves the Master Transmission site.This pipe needs to be relocated due to future development of
the Genz Ryan site. Staff is interested in using TIF funds for the relocation.
Installation of Right Turn Lane at Genz Ryan $120,000
With development approval of two office buildings on Genz Ryan, the Mn Department of
Transportation (MnDOT) notified the City that a right turn lane would be required on Hwy 3 into
the site.The turn lane would allow travelers turning into the property to move out of the traffic lane
while decelerating.To provide good access for future development of the property remaining after
CDA acquisition, staff is recommending construction of the turn lane now,paid for through excess
TIF funds.Authorization of the City Engineer to start the work would allow construction in the
spring which should mean the project could be completed before the expenditure deadline.
RECOMMENDATION
Staff is requesting the following actions:
Motion to approve the attached resolution.
Provide feedback on proposed projects to be funded through excess TIF funds.
2
ROSEMOUNT PORT AUTHORITY
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2013 - 02
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR THE ROSEMOUNT REDEVELOPMENT PROJECT; AND
ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN
FOR THE DOWNTOWN-BROCKWAY TAX INCREMENT FINANCING
DISTRICT THEREIN
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
Rosemount Port Authority (the "Port Authority") and the City of Rosemount (the "City") that the
Port Authority adopt a Modification to the Redevelopment Plan for the Rosemount Redevelopment
Project (the "Redevelopment Plan Modification") and adopt a Modification to the Tax Increment
Financing Plan(the "TIF Plan") for the Downtown-Brockway Tax Increment Financing District(the
"TIF District")(the Redevelopment Plan Modification and the TIF Plan Modification are referred to
collectively herein as the "Modifications"), all pursuant to and in conformity with applicable law,
including Minnesota Statutes, Sections 469.048 to 469.068, and Sections 469.174 to 469.1794,
inclusive, as amended (the "Act"), all as reflected in the Modifications and presented for the Board's
consideration; and
WHEREAS, the Port Authority has investigated the facts relating to the Modifications and
has caused the Modifications to be prepared;and
WHEREAS, the Port Authority has performed all actions required by law to be performed
prior to the adoption of the Modifications. The Port Authority has also requested the City Planning
Commission to provide for review of and written comment on Modifications and that the Council
schedule a public hearing on the Modifications upon published notice as required by law.
NOW,THEREFORE, BE IT RESOLVED by the Board as follows:
1. The Port Authority hereby reaffirms that the TIF District is in the public interest and is
a "redevelopment district" under Minnesota Statutes, Section 469.174, Subd. 10 (a)(1), and finds that
the Modifications conform in all respects to the requirements of the Act and will help fulfill a need to
develop an area of the State of Minnesota which is already built up and that the adoption of the
proposed Modifications will help provide employment opportunities in the State and in the
preservation and enhancement of the tax base of the City and the State because it will discourage
commerce and industry from moving their operations to another state or municipality and thereby
serves a public purpose.
2. The Port Authority further finds that the Modifications will afford maximum
opportunity, consistent with the sound needs for the City as a whole, for the development or
redevelopment of the project area by private enterprise in that the intent is to provide only that public
assistance necessary to make the private developments financially feasible.
3. Conditioned upon the approval thereof by the City Council following its public
hearing thereon, the Modifications, as presented to the Port Authority on this date, are hereby
approved, established and adopted and shall be placed on file in the office of the City Clerk.
4. Upon approval of the Modifications by the City Council,the staff,the Port Authority's
advisors and legal counsel are authorized and directed to proceed with the implementation of the
Modifications and for this purpose to negotiate, draft, prepare and present to this Board for its
consideration all further plans, resolutions, documents and contracts necessary for this purpose.
Approval of the Modifications does not constitute approval of any project or a Development
Agreement with any developer.
5. Upon approval of the Modifications by the City Council, the City Clerk is authorized
and directed to forward a copy of the Modifications to the Minnesota Department of Revenue
pursuant to Minnesota Statutes 469.175, Subd. 4a.
6. The City Clerk is authorized and directed to forward a copy of the Modifications to the
County of Dakota Auditor and request that the Auditor certify the original tax capacity of the District
as described in the Modifications, all in accordance with Minnesota Statutes 469.177.
Approved by the Rosemount Port Authority this 15th day of October, 2013.
Chair
ATTEST:
Deputy Director
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T i��- Rosemount Redevelopment A
4 ROSEMOl i1 V 1 Project - Revised N
MINNESOTA ORedevelopment Project Revised Redevelopment Project
a
Draft for Port Authority
MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE ROSEMOUNT REDEVELOPMENT PROJECT
and the
MODIFICATION TO THE TAX INCREMENT FINANCING PLAN
for the
THE DOWNTOWN-BROCKWAY
TAX INCREMENT FINANCING DISTRICT
(a redevelopment district)
within
THE ROSEMOUNT REDEVELOPMENT PROJECT
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ROSEMOUNT PORT AUTHORITY
CITY OF ROSEMOUNT
COUNTY OF DAKOTA
STATE OF MINNESOTA
Adopted: April 20, 2004
Modification No. 1 Public Hearing: November 5,2013
0 EHLERS
Prepared by: EHLERS&ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105
& ASSOCIATES I N C 651-697-8500 fax: 651-697-8555 www.ehlers-inc.com
TABLE OF CONTENTS
(for reference purposes only)
SECTION I-MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE ROSEMOUNT REDEVELOPMENT PROJECT 1-1
Forward 1-1
SECTION II- TAX INCREMENT FINANCING PLAN
FOR THE DOWNTOWN-BROCKWAY TAX INCREMENT FINANCING DISTRICT 2-1
Subsection 2-1. Foreword 2-1
Subsection 2-2. Statutory Authority 2-1
Subsection 2-3. Statement of Objectives 2-1
Subsection 2-4. Redevelopment Plan Overview 2-2
Subsection 2-5. Description of Property in the District and Property To Be Acquired 2-2
Subsection 2-6. Classification of the District 2-3
Subsection 2-7. Duration of the District 2-4
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated
Captured Net Tax Capacity Value/Increment and
Notification of Prior Planned Improvements 2-5
Subsection 2-9. Sources of Revenue/Bonded Indebtedness 2-6
Subsection 2-10. Uses of Funds 2-7
Subsection 2-11. State Tax Increment Financing Aid (Local Contribution) 2-8
Subsection 2-12. Fiscal Disparities Election 2-8
Subsection 2-13. Business Subsidies 2-9
Subsection 2-14. County Road Costs 2-10
Subsection 2-15. Estimated Impact on Other Taxing Jurisdictions 2-10
Subsection 2-16. Supporting Documentation 2-11
Subsection 2-17. Definition of Tax Increment Revenues 2-11
Subsection 2-18. Modifications to the District 2-11
Subsection 2-19. Administrative Expenses 2-12
Subsection 2-20. Limitation of Increment 2-13
Subsection 2-21. Use of Tax Increment 2-14
Subsection 2-22. Excess Increments 2-14
Subsection 2-23. Requirements for Agreements with the Developer 2-14
Subsection 2-24. Assessment Agreements 2-15
Subsection 2-25. Administration of the District 2-15
Subsection 2-26. Annual Disclosure Requirements 2-15
Subsection 2-27. Reasonable Expectations 2-15
Subsection 2-28. Other Limitations on the Use of Tax Increment 2-16
Subsection 2-29. Summary 2-16
APPENDIX A
PROJECT DESCRIPTION A-1
APPENDIX B
MAPS OF THE ROSEMOUNT REDEVELOPMENT PROJECT AND THE DISTRICT B-1
APPENDIX C
DESCRIPTION OF PROPERTY TO BE INCLUDED IN THE DISTRICT C-1
APPENDIX D
ESTIMATED CASH FLOW FOR THE DISTRICT D-1
APPENDIX E
MINNESOTA BUSINESS ASSISTANCE FORM E-1
APPENDIX F
REDEVELOPMENT QUALIFICATIONS FOR THE DISTRICT F-1
APPENDIX G
BUT/FOR QUALIFICATIONS G-1
APPENDIX H
PRIOR PLANNED IMPROVEMENTS H-1
SECTION I- MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE ROSEMOUNT REDEVELOPMENT PROJECT
Foreword
(AS MODIFIED NOVEMBER 5,2013)
The following text represents a Modification to the Redevelopment Plan for the Rosemount
Redevelopment Project. This modification represents a continuation of the goals and objectives set
forth in the Redevelopment Plan for the Rosemount Redevelopment Project. Generally,the substantive
changes include the modification of the Downtown-Brockway Tax Increment Financing District and
the expansion of the boundaries of the Rosemount Redevelopment Project.
The Port Authority and the City propose to modify the Project Area for the Rosemount Redevelopment
Project by adding additional parcels of land which abut the existing Project Area.The modification
to the Redevelopment Plan for the Rosemount Redevelopment Project will permit the Port Authority
and the City to carry out the goals and objectives set out in the Redevelopment Plan.
For further information, a review of the Redevelopment Plan for the Rosemount Redevelopment
Project,adopted May 1, 1979,is recommended. Other relevant information is contained in the Tax
Increment Financing Plans for the Tax Increment Financing Districts located within Rosemount
Redevelopment Project.
Rosemount Port Authority Modification to the Redevelopment Plan for the Rosemount Redevelopment Project 1-1
SECTION II- TAX INCREMENT FINANCING PLAN
FOR THE DOWNTOWN-BROCKWAY TAX INCREMENT FINANCING DISTRICT
Subsection 2-1. Foreword
The Rosemount Port Authority (the "Port Authority"), the City of Rosemount (the "City"), staff and
consultants have prepared the following information to expedite the establishment of the Downtown-
Brockway Tax Increment Financing District("the District"),a redevelopment tax increment financing district,
located in the Rosemount Redevelopment Project.
Subsection 2-2. Statutory Authority
Within the City, there exists areas where public involvement is necessary to cause development or
redevelopment to occur. To this end,the Port Authority and City have certain statutory powers pursuant to
Minnesota Statutes('M.S.'9,Sections 469.048 to 469.068,inclusive,as amended,andM.S.,Sections 469.174
to 469.1799,inclusive,as amended(the"Tax Increment Financing Act"or"TIF Act"),to assist in financing
public costs related to this project.
This section contains the Tax Increment Financing Plan(the"TIF Plan")for the Downtown-Brockway Tax
Increment Financing District. Other relevant information is contained in the Modification to the
Redevelopment Plan for the Rosemount Redevelopment Project.
(AS MODIFIED NOVEMBER 5,2013)
The statutory authority of the Tax Increment Financing Plan for the Downtown-Brockway Tax
Increment Financing District is being modified to include the extension to the five-year rule pursuant
to the M.S.,Section 469.1763 subd. 3.
Subsection 2-3. Statement of Objectives
The District currently consists of 71 parcels of land(plus 2 parcels consisting of dedicated or vacated right
of way and 21 condominium parcels)and adjacent and internal rights-of-way. The District is being created
to facilitate multi-phase and multi-use redevelopment of the Downtown Rosemount and Brockway area in
the City of Rosemount. Specifically, the TIF plan anticipates development, when ultimately built-out,
consisting of:
— Approximately 480 owner-occupied homes and 120 rental units constructed in the Brockway area.
This project is expected to be developed by CPDC and Rottlund/David Bernard over a five year
period. Significant demolition and environmental clean-up costs are associated with this project as
it transitions from a industrial site into a residential development. The Port Authority and City will
work with developers of the housing assure affordibility to a portion of the housing in cooperation
with other local and state housing agencies.
— 60,000 s.fl of retail redevelopment located primarily within the core of downtown Rosemount
centered around Highway 3 and 145t.
— 80,000 s.f.of office/service redevelopment also located within the core of downtown Rosemount.
— Over 250 additional housing units in the core of the downtown area. Some of these units may be
stand-alone buildings of either rental or owner-occupied units and some of the units may be
constructed in a vertical mixed use of housing over retail/office.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-1
The number of units and square footages are based upon market study analyses and developer proposals
known to the Port Authority and City at this time. The TIF Plan is intended to present budgets and
development potential as not-to-exceed estimates only. It is possible that the actual development over the
next five to ten years may be only 75%or even 50%of the totals presented in the TIF Plan. Much of the
development schedule will depend upon factors outside of the City and Port Authority's control, such as
demand for commercial facilities,availability of land,and interest rates.
The District incorporates separate geographic areas,but the City and the Port Authority view the District as
integrated. The development of Brockway in the northern edge of the District would not occur as quickly
or with the same intensity absent tax increment financing assistance due to the costs of acquisition,
demolition,and environmental clean-up. The additional housing units in Brockway will provide additional
demand for commercial development in the core area of downtown.
The City and Port Authority are authorized under the TIF Plan to issue various types of debt to enable
redevelopment to occur. The actual amount of debt will depend upon future proposals and the need for TIF.
Each development budget will be scrutinized by the Port Authority,staff and consultants for the demonstrated
amount of gap created by eligible costs of acquisition, demolition, environmental remediation, and site
improvements. Redevelopment which emphasizes the re-use and upgrade of substandard buildings will also
be encouraged along with the demolition and new construction of structures.
Contracts for this have not been entered into at the time of preparation of this TIF Plan,but development is
likely to occur beginning in 2004 and in several phases in subsequent years. This TIF Plan is expected to
achieve many of the objectives outlined in the Redevelopment Plan for the Rosemount Redevelopment
Project.
The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude
p p P
the undertaking of other qualified development or redevelopment activities. These activities are anticipated
to occur over the life of the Rosemount Redevelopment Project and the District.
(AS MODIFIED NOVEMBER 5,2013)
The TIF Plan is being modified by the City and the Port Authority to add to the authorized parcels for
acquisition in the Rosemount Redevelopment Project.
Subsection 2-4. Redevelopment Plan Overview
1. Property to be Acquired-Selected property located within the District may be acquired by
the Port Authority or City and is further described in this TIF 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 Port Authority or City may sell to a developer selected properties that
it may acquire within the District or may lease land or facilities to a developer.
4. The Port Authority or City may perform or provide for some or all necessary acquisition,
construction,relocation,demolition,and required utilities and public streets work within the
District.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-2
Subsection 2-5. Description of Property in the District and Property To Be Acquired
The District encompasses all property and adjacent rights-of-way(including all dedicated or vacated rights-
of-way)identified by the parcels listed in Appendix C of this TIF Plan. Please also see the map in Appendix
B for further information on the location of the District.
The Port Authority or City may acquire any parcel within the District including interior and adjacent street
rights of way. Any properties identified for acquisition will be acquired by the Port Authority or City only
in order to accomplish one or more of the 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 Port Authority or City may
acquire property by gift,dedication,condemnation or direct purchase from willing sellers in order to achieve
the objectives of this TIF Plan. Such acquisitions will be undertaken only when there is assurance of funding
to finance the acquisition and related costs.
(AS MODIFIED NOVEMBER 5,2013)
The Port Authority or City may acquire any parcel within the Rosemount Redevelopment Project
including interior and adjacent street rights of way as found in the maps in Appendix B.
Subsection 2-6. Classification of the District
The Port Authority and City,in determining the need to create a tax increment financing district in accordance
with M.S., Sections 469.174 to 469.1799,as amended,inclusive,find that the District,to be established,is
a redevelopment district pursuant to M.S., Section 469.174, Subd. 10(a)(1)as defined below:
(a) "Redevelopment district"means a type of tax increment financing district consisting ofa 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:
(1) parcels consisting of 70 percent of the area in the district are occupied by buildings,streets,
utilities,paved or gravel parking lots or other similar structures and more than 50 percent
of the buildings, not including outbuildings, are structurally substandard to a degree
requiring substantial renovation or clearance;
(2) The property consists of vacant, unused, underused, inappropriately used, or infrequently
used rail yards, rail storage facilities or excessive or vacated railroad rights-of-way;
(3) tankfacilities,or property whose immediately previous use was for tankfacilities,as defined
in Section 115C, Subd. 15, if the tank facility:
(iv)have or had a capacity of more than one million gallons;
(v) are located adjacent to rail facilities; or
(vi)have been removed, or are unused, underused, inappropriately used or infrequently
used;or
(4) a qualifying disaster area, as defined in Subd. 10b.
(b) For purposes of this subdivision, "structurally substandard"shall mean containing defects in
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-3
structural elements or a combination of deficiencies in essential utilities and facilities,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(1)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:
(1) 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§469.177, subdivision 1,paragraph().
(e) For purposes of this subdivision, a parcel is not occupied by buildings,streets, utilities,paved
or gravel parking lots or other similar structures unless 15 percent of the area of the parcel
contains buildings, streets, utilities,paved or gravel parking lots or other similar structures.
(f) 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 Port Authority and City rely on the following facts and findings:
— The District is a redevelopment district consisting of 71 parcels (plus 2 parcels consisting of
dedicated or vacated rights-of-ways and 21 condominium parcels).
— An inventory shows that parcels consisting of more than 70 percent of the area in the District consist
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-4
of parcels which are occupied by buildings,streets,utilities,paved or gravel parking lots or other
similar structures.
— An inspection of the buildings located within the District finds that more than 50 percent of the
buildings are structurally substandard as defined in the TIF Act. (See Appendix F).
Pursuant to MS.469.176 Subd. 7,the District does not contain any parcel or part of a parcel that qualified
under the provisions ofM.S273.111 or 273.112 or Chapter 473H for taxes payable in any of the five calendar
years before the filing of the request for certification of the District.
Subsection 2-7. 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 TIF Plan. Pursuant to M.S., Section 469.176, Subd. lb,the duration of the District
will be 25 years after receipt of the first increment by the Port Authority or City(a total of 26 years of tax
increment). The date of receipt by the City of the first tax increment is expected to be 2006. Thus, it is
estimated that the District, including any modifications of the TIF Plan for subsequent phases or other
changes,would terminate after 2031,or when the TIF Plan is satisfied. If increment is received in 2007,the
term of the District will be 2032. The Port Authority or City reserves the right to decertify the District prior
to the legally required date.
(AS MODIFIED NOVEMBER 5,2013)
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 TIF Plan. Pursuant to M.S.,Section 469.176,Subd. lb,the duration of
the District will be 25 years after receipt of the first increment by the City(a total of 26 years of tax -
increment). The date of receipt by the City of the first tax increment was July 2006. Thus, it is
estimated that the District,including any modifications of the TIF Plan for subsequent phases or other
changes,would terminate after December 31,2031,or when the TIF Plan is satisfied. The City reserves
the right to decertify the District prior to the legally required date.
Subsection 2-8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity
Value/Increment and Notification of Prior Planned Improvements
Pursuant to M.S.,Section 469.174,Subd. 7 and M.S.,Section 469.177,Subd.1,the Original Net Tax Capacity
(ONTC)as certified for the District will be based on the market values placed on the property by the assessor
in 2003 for taxes payable 2004.
Pursuant to M.S., Section 469.177,Subds. 1 and 2,the County Auditor shall certify in each year(beginning
in the payment year 2005)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;
5. Change in state law governing class rates;or
6. Change in previously issued building permits.
In any year in which the current Net Tax Capacity(NTC)value of the District declines below the ONTC,no
value will be captured and no tax increment will be payable to the Port Authority or City.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-5
The original local tax rate for the District will be the local tax rate for taxes payable 2004, assuming the
request for certification is made before June 30,2004. The ONTC and the Original Local Tax Rate for the
District appear in the table below.
Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated
Captured Net Tax Capacity (CTC) of the District, within the Rosemount Redevelopment Project, upon
completion of the project,will annually approximate tax increment revenues as shown in the table below.
The Port Authority and City request 100 percent of the available increase in tax capacity for repayment of
its obligations and current expenditures,beginning in the tax year payable 2006. The Project Tax Capacity
(PTC)listed is an estimate of values when the project is completed.
Project Estimated Tax Capacity upon Completion(PTC) $2,113,000
Original Estimated Net Tax Capacity(ONTC) $181,665
Estimated Captured Tax Capacity(CTC) $1,931,335
Original Local Tax Rate 1.1387 Pay 2004
Estimated Annual Tax Increment(CTC x Local Tax Rate) $2,199,211
Percent Retained by the Port Authority 100%
Pursuant to M.S., Section 469.177, Subd. 4, the Port Authority shall, after a 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 TIF 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 has reviewed the area to be included in the District and found four parcels for which building
permits have been issued during the 18 months immediately preceding approval of the Plan by the City.
Following are the parcels and the estimated increase in market value as a result of the building permit:
Parcel Number Estimated Valuation of Improvement
346465002001 $63,492
340370001048 $9,000
340370001048 $20,000
340370001048 $9,000
Please see Appendix H for copies of the building permits that were issued.
Subsection 2-9. Sources of Revenue/Bonded Indebtedness
Public improvement costs, acquisition, relocation, utilities, parking facilities, streets and sidewalks,
environmental remediation,and site preparation costs and other costs outlined in the Uses of Funds will be
financed primarily through the annual collection of tax increments. The Port Authority or City reserves the
right to use other sources of revenue legally applicable to the Port Authority or City and the TIF Plan,
including,but not limited to,special assessments,general property taxes,state aid for road maintenance and
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-6
construction,proceeds from the sale of land,other contributions from the developer and investment income,
to pay for the estimated public costs.
The Port Authority or City reserves the right to incur bonded indebtedness or other indebtedness as a result
of the TIF Plan. As presently proposed,the project will be financed by a combination of general obligation
(GO) TIF bonds, interfund loans, and pay-as-you-go notes. Additional indebtedness may be required to
finance other authorized activities. The total principal amount of bonded indebtedness,including a GO TIF
bond,or other indebtedness related to the use of tax increment financing will not exceed$18,000,000 without
a modification to the TIF Plan pursuant to applicable statutory requirements. It is estimated that$18,000,000
will be financed with tax increment revenues.
This provision does not obligate the Port Authority or City to incur debt. The Port Authority or City will
issue bonds or incur other debt only upon the determination that such action is in the best interest of the City.
The Port Authority or City may also finance the activities to be undertaken pursuant to the TIF Plan through
loans from funds of the Port Authority or City or to reimburse the developer on a"pay-as-you-go"basis for
eligible costs paid for by a developer.
The estimated sources of funds for the District are contained in the table on the below.
SOURCES OF FUNDS TOTAL
Tax Increment $52,000,000
Interest $500,000
Land Sales $5,000,000
PROJECT REVENUES $57,500,000
Interfund Loans $18,000,000
Transfers $18,000,000
Bond Proceeds $18,000,000
Subsection 2-10. Uses of Funds
Currently under consideration for the District is a proposal to facilitate multi-phase multi-use redevelopment
of the Downtown Rosemount and Brockway area. The Port Authority and City have determined that it will
be necessary to provide assistance to the project for certain costs. The Port Authority has studied the
feasibility of the development or redevelopment of property in and around the District. To facilitate the
establishment and development or redevelopment of the District, 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.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-7
USES OF FUNDS TOTAL
Land/Building Acquisition* $9,000,000
Site Improvements/Preparation $6,000,000
Public Utilities $1,000,000
Parking Facilities $3,000,000
Streets and Sidewalks $1,000,000
Interest $31,750,000
Administrative Costs(up to 10%) $5,750,000
PROJECT COSTS TOTAL $57,500,000
Interfund Loans $18,000,000
Transfers $18,000,000
Loan Interest $18,000,000
*The Port and City will endeavor to provide affordability in the new housing units through a number of
efforts,including land write-down to eligible developments in cooperation with other state and local housing
agencies.
The above budget is organized according to the Office of State Auditor(OSA)reporting forms.
It is estimated that the cost of improvements, including administrative expenses which will be paid or
financed with tax increments,will equal$57,500,000 as is presented in the budget above.
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,
without formal modification, the budget on the previous page pursuant to the applicable statutory
requirements. Pursuant to M.S.,Section 469.1763,Subd.2,no more than 25 percent of the tax increment paid
by property within the District will be spent on activities related to development or redevelopment outside
of the District but within the boundaries of the Rosemount Redevelopment Project,(including administrative
costs,which are considered to be spent outside of the District)subject to the limitations as described in this
TIF Plan.
Subsection 2-11. State Tax Increment Financing Aid (Local Contribution)
M.S., Section 273.1399(LGA/HACA penalty)was repealed by the 2001 Legislature and does not apply to
the District.
Subsection 2-12. Fiscal Disparities Election
Pursuant to M.S., Section 469.177, Subd. 3, the Port Authority or 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:
(1) The original net tax capacity and the current net tax capacity shall be determined before the
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-8
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 Port Authority will choose to calculate fiscal disparities by clause a(outside the District).
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 same for 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 2-13. Business Subsidies
Pursuant to M.S. Sections 116J.993, Subd. 3,the following forms of financial assistance are not considered
a business subsidy:
(1) A business subsidy of less than$25,000;
(2) Assistance that is generally available to all businesses or to a general class of similar businesses,
such as a line of business,size,location,or similar general criteria;
(3) Public improvements to buildings or lands owned by the state or local government that serve a
public purpose and do not principally benefit a single business or defined group of businesses at
the time the improvements are made;
(4) Redevelopment property polluted by contaminants as defined in M.S. Section 116J.552,Subd. 3;
(5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing
it up to code and assistance provided for designated historic preservation districts,provided that
the assistance is equal to or less than 50%of the total cost;
(6) Assistance to provide job readiness and training services if the sole purpose of the assistance is to
provide those services;
(7) Assistance for housing;
(8) Assistance for pollution control or abatement,including assistance for a tax increment financing
hazardous substance subdistrict as defined under M.S. Section 469.174, Subd. 23;
(9) Assistance for energy conservation;
(10) Tax reductions resulting from conformity with federal tax law;
(11) Workers'compensation and unemployment compensation;
(12) Benefits derived from regulation;
(13) Indirect benefits derived from assistance to educational institutions;
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-9
(14) Funds from bonds allocated under chapter 474A,bonds issued to refund outstanding bonds,and
bonds issued for the benefit of an organization described in section 501 (c) (3) of the Internal
Revenue Code of 1986,as amended through December 31, 1999;
(15) Assistance for a collaboration between a Minnesota higher education institution and a business;
(16) Assistance for a tax increment financing soils condition district as defined under M.S. Section
469.174, Subd. 19;
(17) Redevelopment when the recipient's investment in the purchase of the site and in site preparation
is 70 percent or more of the assessor's current year's estimated market value;
(18) General changes in tax increment financing law and other general tax law changes of a principally
technical nature.
(19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or local
government agency;
(20) Funds from dock and wharf bonds issued by a seaway port authority;
(21) Business loans and loan guarantees of$75,000 or less;and
(22) Federal loan funds provided through the United States Department of Commerce,Economic
Development Administration.
The Port Authority will comply with M.S., Section 116,1993 to 116J.994 to the extent the tax increment
assistance under this TIF Plan does not fall under any of the above exemptions.
(AS MODIFIED ON NOVEMBER 5,2013 TO INCLUDE NEW LANGUAGE IN CURRENT LA R9
Pursuant to M.S.,Section 1161.993,Subd. 3, the following two items related to what is considered a
Business Subsidy were increased from$75,000 to$150,000:
(1) A business subsidy of less than$150,000;
(21) Business loans and loan guarantees of$150,000 or less;
(22) Federal loan funds provided through the United States Department of Commerce,Economic
Development Administration; and
(23) Property tax abatements granted under M.S.,Section 469.1813 to property that is subject to
valuation under Minnesota Rules,chapter 8100.
The Port Authority will comply with M.S.,Sections 1161.993 to 1161.995 to the extent the tax increment
assistance under this TIF Plan does not fall under any of the above exemptions in this Subsection.
Subsection 2-14.County Road Costs
Pursuant to M.S.,Section 469.175,Subd. la,the county board may require the Port Authority or 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. At a
meeting on April 6, 2004, the County Board requested$100,000 in tax increments to provide funding for
certain upgrades of existing county roads.
Subsection 2-15. 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 Port Authority or City has determined
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-10
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
2003/2004 Estimated Captured
Total Net Tax Capacity(CTC) Percent of CTC
Tax Capacity Upon Completion to Entity Total
Dakota County 298,666,431 1,931,335 0.6467%
City of Rosemount 13,895,450 1,931,335 13.8990%
Rosemount-Apple Valley- 112,883,942 1,931,335 1.7109%
Eagan ISD No. 196
IMPACT ON TAX RATES
2003/2004 Percent Potential
Extension Rates of Total CTC Taxes
Dakota County 0.303000 26.61% 1,931,335 585,195
City of Rosemount 0.523680 45.99% 1,931,335 1,011,402
Rosemount-Apple Valley- 0.260740 22.90% 1,931,335 503,576
Eagan ISD No. 196
Other 0.051280 4.50% 1,931,335 99,039
Total 1.138700 100.00% 2,199,211
The estimates listed above display the captured tax capacity when all construction is completed. The tax
rate used for calculations is the actual 2003/Pay 2004 rate. The total net capacity for the entities listed
above are based on actual Pay 2004 figures. The District will be certified under the actual 2003/Pay 2004
rates.
Subsection 2-16. Supporting Documentation
Pursuant to M.S. Section 469.175 Subd 1, clause 7 the TIF Plan must contain identification and
description of studies and analyses used to make the determination set forth in M.S. Section 469.175 Subd
3, clause(2)and the findings are required in the resolution approving the TIF district. Following is a list
of reports and studies on file at the City that support the Authority's findings:
• An Update of a Market Potential Analysis for Downtown Rosemount,Minnesota,Maxfield
Research Inc.,November 2003
Subsection 2-17. Definition of Tax Increment Revenues
Pursuant to M.S., Section 469.174, Subd. 25,tax increment revenues derived from a tax increment
financing district include all of the following potential revenue sources:
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-11
1. Taxes paid by the captured net tax capacity,but excluding any excess taxes,as computed under
M.S., Section 469.177;
2. The proceeds from the sale or lease of property,tangible or intangible,purchased by the
Authority with tax increments;
3. Principal and interest received on loans or other advances made by the Authority with tax
increments;and
4. Interest or other investment earnings on or from tax increments.
(AS MODIFIED ON NOVEMBER 5,2013 TO INCLUDE NEW LANGUAGE IN CURRENT LA 09
In accordance with M.S.,Section 469.175,Subd 4,any:
3. A determination to capitalize interest on debt if that determination was not a part of the
original TIF Plan;
5. Increase in the estimate of the cost of the District,including administrative expenses,that will
be paid or financed with tax increment from the District; or
6. Designation of additional property to be acquired by the Port Authority or City,
Subsection 2-18. Modifications to the District
In accordance with M.S., Section 469.175, Subd. 4,any:
1. Reduction or enlargement of the geographic area of the Rosemount Redevelopment Project or the
District,if the reduction does not meet the requirements of M.S., Section 469.175, Subd. 4(e);
2. Increase in amount of bonded indebtedness to be incurred;
3. A determination to capitalize interest on debt if that determination was not a part of the original TIF
Plan,or to increase or decrease the amount of interest on the debt to be capitalized;
4. Increase in the portion of the captured net tax capacity to be retained by the Port Authority or City;
5. Increase in the estimate of the cost of the project,including administrative expenses,that will be paid
or financed with tax increment from the District; or
6. Designation of additional property to be acquired by the Port Authority or City,
shall be approved upon the notice and after the discussion,public hearing and findings required for approval
of the original TIF Plan.
Pursuant to M.S.Section 469.175 Subd.4(n,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,paragraph(a),clauses(1)to
(5),must be documented in writing and retained. The requirements of this paragraph do not apply if(1)the
only modification is elimination of parcel(s)from the Rosemount Redevelopment Project 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 Port Authority 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 of the parcel(s)eliminated from the District.
The Port Authority or City must notify the County Auditor of any modification that reduces or enlarges the
geographic area of the Rosemount Redevelopment Project 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.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-12
Subsection 2-19. Administrative Expenses
In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the
Port Authority or 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
project;
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 fmance
costs described in clauses(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. Pursuant to M.S., Section 469.176, Subd. 3, 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 estimated tax increment expenditures authorized by the TIF Plan
or the total tax increments, as defined by M.S., Section 469.174, Subd. 25, clause (1), from the District,
whichever is less.
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(currently .36
percent)of any increment distributed to the Port Authority or 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. This amount may be adjusted annually by the
Commissioner of Revenue.
Subsection 2-20. Limitation of Increment
Pursuant to M.S., Section 469.176,Subd. la,no tax increment shall be paid to the Port Authority or 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 unless within the three(3)year period:
(1) 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
(2) The Port Authority or City has acquired property within the District,or
(3) The Port Authority or City has constructed or caused to be constructed public improvements
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-13
within the District.
The bonds must be issued,or the Port Authority or City must acquire property or construct or cause public
improvements to be constructed by approximately April,2007 and report such actions to the County Auditor.
The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District
may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow
account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or
redemption date.
Pursuant to M.S., Section 469.176, Subd. 6:
if after four years from the date of certification of the original net tax capacity of the tax increment
financing district pursuant to M.S.,Section 469.177, no 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, has been commenced on a
parcel located within a tax increment financing district by the authority or by the owner of the parcel
in accordance with the tax increment financing plan,no additional tax increment may be taken from
that parcel and the original net tax capacity of that parcel shall be excluded from the original net
tax capacity of the tax increment financing district. If the authority or the owner of the parcel
subsequently commences demolition, rehabilitation or renovation or other site preparation on that
parcel including qualified improvement of a street adjacent to that parcel, in accordance with the
tax increment financing plan, the authority shall certify to the county auditor that the activity has
commenced and the county auditor shall certify the net tax capacity thereofas most recently certified
by the commissioner of revenue and add it to the original net tax capacity of the tax increment
financing district. The county auditor must enforce the provisions of this subdivision. The authority
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 of the fifth year following
the year in which the parcel was certified as included in the district.For purposes of this subdivision,
qualified improvements of a street are limited to (1) construction or opening of a new street, (2)
relocation of a street, and(3)substantial reconstruction or rebuilding of an existing street.
The Port Authority or City or a property owner must improve parcels within the District by approximately
April,2008 and report such actions to the County Auditor.
Subsection 2-21. Use of Tax Increment
The Port Authority or 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 cost of redevelopment of the Rosemount Redevelopment Project
pursuant to the M.S., Sections 469.048 to 469.068;
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 of the
Port Authority or City or for the benefit of the Rosemount Redevelopment Project 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 M.S., Sections 469.178; and
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-14
7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on
g P Ym P 1?
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 Dakota County to the Port Authority for the Tax
Increment Fund of said District. The Port Authority or 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 Port Authority or City administration (up to 10 percent) and the costs of public
improvement activities outside the District.
Subsection 2-22. Excess Increments
Excess increments,as defined in M.S.,Section 469.176,Subd. 2,shall be used only to do one or more of the
following:
1. Prepay any outstanding bonds;
2. Discharge the pledge of tax increment for any outstanding bonds;
3. Pay into an escrow account dedicated to the payment of any outstanding bonds;or
4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in
proportion to their local tax rates.
In addition,the Port Authority or City may,subject to the limitations set forth herein,choose to modify the
TIF Plan in order to fmance additional public costs in the Rosemount Redevelopment Project or the District.
Subsection 2-23. Requirements for Agreements with the Developer
The Port Authority or City will review any proposal for private development to determine its conformance
with the Redevelopment Plan 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 Port Authority or City to demonstrate the conformance
of the development with City plans and ordinances. The Port Authority or City may also use the Agreements
to address other issues related to the development.
Pursuant to M.S., 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 TIF Plan shall at any time be owned by the Port Authority or 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 of 25 percent of the
acreage, the Port Authority or City concluded an agreement for the development or redevelopment of the
property acquired and which provides recourse for the Port Authority or City should the development or
redevelopment not be completed.
Subsection 2-24. Assessment Agreements
Pursuant to M.S., Section 469.177, Subd. 8,the Port Authority or City may enter into a written assessment
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-15
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 County 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 County Assessor shall
also certify the minimum market value agreement.
Subsection 2-25. Administration of the District
Administration of the District will be handled by the Community Development Director.
Subsection 2-26.Annual Disclosure Requirements
Pursuant to M.S., Section 469.175, Subd. 5, 6, and 6b the Port Authority or 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 OSA will direct the County Auditor to withhold the distribution of tax
increment from the District.
Subsection 2-27. Reasonable Expectations
As required by the TIF 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 fmancing would be less than the increase in the 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 District permitted by the TIF Plan. In making said
determination,reliance has been placed upon written representation made by the developer to such effects
and upon Port Authority and 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 D,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.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-16
Subsection 2-28. Other Limitations on the Use of Tax Increment
1. General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF
Plan. The revenues shall be used to finance,or otherwise pay the cost of redevelopment of the pursuant
to the M.S., Sections 469.048 to 469.068.Tax increments may not be used to circumvent existing levy
limit law. No tax increment may be used for 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 provision does not prohibit the use of revenues derived from tax increments for the
construction or renovation of a parking structure.
2. Pooling Limitations. At least 75 percent of tax increments from the District must be expended on
activities in the District or to pay bonds,to the extent that the proceeds of the bonds were used to finance
activities within said district or to pay,or secure payment of,debt service on credit enhanced bonds. Not
more than 25 percent of said tax increments may be expended,through a development fund or otherwise,
on activities outside of the District except to pay,or secure payment of,debt service on credit enhanced
bonds. For purposes of applying this restriction,all administrative expenses must be treated as if they
were solely for activities outside of the District.
3. Five Year Limitation on Commitment of Tax Increments. Tax increments derived from the District shall
be deemed to have satisfied the 75 percent test set forth in paragraph(2)above only if the five year rule
set forth in M.S., Section 469.1763, Subd. 3, has been satisfied; and beginning with the sixth year
following certification of the District,75 percent of said tax increments that remain after expenditures
permitted under said five year rule must be used only to pay previously committed expenditures or credit
enhanced bonds as more fully set forth in M.S., Section 469.1763,Subd. 5.
4. Redevelopment District. At least 90 percent of the revenues derived from tax increment from a
redevelopment district must be used to finance the cost of correcting conditions that allow designation
of redevelopment and renewal and renovation districts under M.S.,Section 469.176 Subd.4j. 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 for development of
the land,and installation of utilities,roads,sidewalks,and parking facilities for the site. The allocated
administrative expenses of the Port Authority or City, including the cost of preparation of the
development action response plan,may be included in the qualifying costs.
(AS MODIFIED ON NOVEMBER 5,2013 TO INCLUDE NEW LANGUAGE IN CURRENT LA
In 2009 M.S.,Section 469.1763,Subd. 3 was amended to include Subd 3(c)which reads:
For a redevelopment district or a renewal and renovation district certified after June 30, 2003 and
before April 20,2009,the five-year periods described in paragraph(a)are extended to ten years after
certification of the district. This extension is provided primarily to accommodate delays in
development activities due to the unanticipated economic circumstances.
This District was certified on July 29,2004. Since it meets the requirement of the updated language
in the law,the new date by which qualifying activities must take place is July 29,2014.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-17
Subsection 2-29. Summary
The Port Authority is establishing the District to preserve and enhance the tax base,redevelop substandard
areas, and provide employment opportunities in the City. The TIF Plan for the District was prepared by
Ehlers&Associates,Inc.,3060 Centre Pointe Drive,Roseville,Minnesota 55113,telephone(651)697-8500.
Rosemount Port Authority
Modification to the Tax Increment Financing Plan for the Downtown-Brockway Tax Increment Financing District 2-18
APPENDIX A
PROJECT DESCRIPTION
The Metropolitan Council through a Livable Communities grant has funded a study of downtown Rosemount
in 2003 and early 2004 involving a cross-section of the Rosemount community. There is widespread
agreement that the core of downtown must be revitalized through additional retail, office, and other
commercial development. The vitality of downtown will be enhanced by additional residential development
in the Brockway area as well as housing interspersed in the core of downtown.
The Port Authority is authorized to use TIF through a variety of methods including G.O.TIF Bonds,interfund
loans and developer notes. The development of the potential 800 to 875 new housing units and 140,000 s.f.
of commercial space will occur over several years involving a multitude of developments.
APPENDIX A-I
APPENDIX B
MAPS OF THE ROSEMOUNT REDEVELOPMENT PROJECT AND THE DISTRICT
Downtown - Brockway Redevelopment Tax Increment Financing District
Rosemount Redevelopment Project
City of Rosemount Dakota County, Minnesota
u A UV III
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APPENDIX B-1
Downtown - Brockway Redevelopment Tax Increment Financing District
Rosemount Redevelopment Project
City of Rosemount Dakota County, Minnesota
(Downtown Section)
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APPENDIX B-2
Downtown - Brockway Redevelopment Tax Increment Financing District
Rosemount Redevelopment Project
City of Rosemount Dakota County,Minnesota
(Northern Section)
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APPENDIX B-3
APPENDIX B
MAPS OF THE ROSEMOUNT REDEVELOPMENT PROJECT AND THE DISTRICT
(AS MODIFIED NOVEMBER 5, 2013)
APPENDIX G1
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Rosemount Redevelopment A
ROSEMOLINT Project - Revised N
MINNESOTA 0 Redevelopment Project Revised TIF District Parcels
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Rosemount Redevelopment
!t ROSEMOUNT Project - Revised N
MINNESOTA ORedevelopment Project Revised i� Redevelopment Project
APPENDIX C
DESCRIPTION OF PROPERTY TO BE INCLUDED IN THE DISTRICT
The District encompasses all property and adjacent rights-of-way identified by the parcels listed below.
TAXPIN 'FULLNAME
340211002131 'JAMES D PICKENS
340201001012 'CUE PROPERTIES LLC
340201001012 'CUE PROPERTIES LLC
340201001077 'CUE PROPERTIES LLC
340201001091 'BROCKWAY GLASS COINC
• 340201001288 'CUE PROPERTIES LLC
340201001091 'BROCKWAY GLASS COINC
340370004700 'DAKOTA CENTRAL PARTNERS
340370005000 'DAVID J FINNEGAN
340370_004400 DAVID J FINNEGAN
340370001131 'DAVID J FINNEGAN
340370001029 'JAMES V AHERN
346480008105 'MICHAEL R KOKER
346480007006 'ROSEMOUNT AM LEGION 65
346465002001 'ROSEMOUNT PLAZA LMT PTNSHP
346465001401 'ROSEMOUNT PLAZA CO
346465001301 'STEVEN D NIELSEN
340370001032 'ROSEMOUNT CORNERSTONE INC
340370001033 'HAROLD 0 III HAWK
340370001034 'E & E ENTERPRISESINC
340370001035 'DAKOTA CENTRAL REALTY LTD
346480008205 'ROSEMOUNT PORT AUTHORITY
346480006006 'ROSEMOUNT AM LEGION POST 65
346480005005 'PETER F RAUCHWARTER
340370002032 'DAKOTA AWARDS &ENGRAVING LLC
346480005006 'ROSEMOUNT POST 65
340370001049 'E &E ENTERPRISESINC
340370001047 'E & E ENTERPRISESINC
346465001201 'ROSEMOUNT PLAZA CO
340370001050 'E & E ENTERPRISESINC
340370002048 'E & E ENTERPRISESINC
340370001048 'E & E ENTERPRISESINC
346465101001 'ROSEMOUNT PLAZA CO
346480003005 'RAYMOND E BENDT
346465102001 'DUANE L BERGH
340370001051 'E & E ENTERPRISESINC
346480002006 'ROSEMOUNT POST 65
346480002005 'DAVID ACKERMAN
340370001052 'E & E ENTERPRISESINC
340370004061 'E & E ENTERPRISESINC
346480001205 'MIKE R&LUCILLE SMOLAK
340370001053 'E & E ENTERPRISESINC
340370001054 'MC-HERMS LLC
340370005.261 'MC-HERMS LLC
346480001105 'JAMES E &SHARON STAATS
346480007003 'DONALD A RATZLAFF
346480009003 'ROSEMOUNT PORT AUTHORITY
346480009103 ;MARION MCNEARNEY
APPENDIX C-2
346480007104 'JAMES E &SHARON STAATS
346480007204 'LI CHING CHEUNG
340370001155 JMC-HERMS LLC
340370005161 TERRY INVESTMENTS
346480010003 'ROSEMOUNT PORT AUTHORITY
346480005004 'JEROME R CLARKE
346480004003 'ROSEMOUNT SAW&TOOL CO
346480013003 'ROSEMOUNT PORT AUTHORITY
346480004004 'JEROME R CLARKE
346480003003 KURT WALTER HANSEN
340370001058 'HALIM S &NAWAL A ZERKA
346480003004 'FLUEGEL ELEVATOR INC
340370003061 'DAN JOHNSON
340370002061 'TAD P JOHNSON
340370001061 :ROBERT S &LUANA THOMPSON
346480002003 KURT WALTER HANSEN
340370001060 'HALM S & NAWAL A ZERKA
346480002004 'FLUEGEL ELEVATOR INC
346480001003 'KURT WALTER HANSEN
346480014003 'ROSEMOUNT PORT AUTHORITY
340380013014 'JOHN F RYAN LIVING TRUST
340370001062 'FLUEGEL ELEVATOR INC
342485001001 'JOHN F & MARGIE M RYAN
340370002062 'FLUEGEL ELEVATOR INC
342485002001 JOHN F & MARGIE M RYAN
UNIDENTIFIED DEDICATED RIGHT OF WAY SOUTH OF
ITAXPIN 34-03700-020-62
UNIDENTIFIED 1GAP PARCEL SOUTH OF
'TAXPIN 34-03700-051-61
346465120302 'PATRICIA R RATZLAFF
346465130502 'KEVIN J &MARY K ERVASTI
346465120402 'EDWARD B TSTE MCMENOMY
346465130602 'MILTON T BRUFLODT
346465110002 'HARRIET H TSTE BARFKNECHT
346465110102 'ROBERT L ERICKSON JR
346465110202 'DORIS J LOFTUS
346465120502 'GERTRUDE A MEYER
346465110302 'JOANNE A VAREY
346465120602 'WALTER H JR& ETHEL KRIESEL
346465110402 'VICKI R LOEDING
346465130002 'ELIZABETH A MCDONOUGH
346465110502 'WAYNE H & HELEN R LUCKING
346465130102 'GLORIA L EDWARDS
346465110602 'PHYLLIS M BRUNELLE
346465130202 'KRISTINA BULLINGER
346465120002 'RONALD R&JOAN A GOETTSCH
346465130302 'FRANCIS A& MARY J LIPINSKI
346465120102 'H KENNETH &VIRGINIA STRESE
346465130402 'EVERETT L& PHYLLIS SWANSON
346465120202 IMARJEAN L TREBIL
APPENDIX C-3
APPENDIX D
ESTIMATED CASH FLOW FOR THE DISTRICT
•
APPENDIX D-1
APPENDIX E
MINNESOTA BUSINESS ASSISTANCE FORM
(MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT)
(AS UPDATED NOVEMBER 5, 2013)
A Minnesota Business Assistance Form(MBAF)should be used to report and/or update each
calendar year's activity by April 1 of the following year.
Please see the Minnesota Department of Employment and Economic Development(DEED)website
at http://www.deed.state.mn.us/Community/subsidies/MBAFForm.htm for information and forms.
•
APPENDIX E-1
APPENDIX F
REDEVELOPMENT QUALIFICATIONS FOR THE DISTRICT
APPENDIX F-1
APPENDIX G
BUT/FOR QUALIFICATIONS
BUT/FOR ANALYST 's
Current Market Value-Est. 14,533,200
New Market Value-Est. 186,400,000
Difference 171,866,800
Present Value of Tax Increment 12,004,289
Difference 159,862,511
Value Likely to Occur Without Tax Increment is Less Than: 159,862,511
Without tax increment financing, the core of downtown is expected to remain much as it has for several
decades. Occasional new construction of buildings to replace substandard buildings may occur without TIF.
No development of similar size and scope is expected in the near term.The TIF Plan budget for downtown
Rosemount includes increases to the tax base which could total as much a 10 times current market value.
Without the use of TIF,the increase in tax base would likely be less than two to seven times current market
value. No specific evidence can either dispute or prove the validity of the future tax base increases absent
TIF except to turn to history of the downtown and other properties which have sat vacant or underutilized for
well over 20 years. TIF itself will not cause redevelopment to occur. Any coordinated effort of assembly
of land for a larger scale redevelopment will require public involvement due to the carrying costs of long-term
holding of land and cost of demolition and associated costs. The City of Rosemount has experienced many
failed attempts at redevelopment in the downtown area and what development has occurred has been less
intense than proposed in the TIF Plan.
APPENDIX G-1
APPENDIX H
PRIOR PLANNED IMPROVEMENTS
APPENDIX H-t