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Home My WebLink About6.n. Decertification of the Endres Tax Increment Financing District 4 ROSEMO EXECUTIVE SUMMARY CITY COUNCIL City Council Regular Meeting: February 19, 2008 AGENDA ITEM: Decertification of the Endres Tax AGENDA SECTION: Increment Financing District Consent PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. (9.n. ATTACHMENTS: Resolution APPROVED BY: RECOMMENDED ACTION: Motion to approve resolution approving decertification of the Endres Tax Increment Financing District. BACKGROUND In May 1997, the Endres Tax Increment Financing District was certified with the County. The TIF District runs until April 1, 2008. The economic development TIF District was established for two properties relating to the Endres project. The use of funds, as designated by the Plan, was for land acquisition and site improvements. The District was a pay -as -you -go and Endres has been receiving payments relating to the increment generated from their property only. The total amount paid out to date is $286,681.22. DISCUSSION Dakota County notified the City that we should decertify the District. Staff is asking for action on the item now to allow time to get the necessary paperwork together. The resolution is required as part of the decertification process. RECOMMENDATION Approve the attached resolution. CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2008 RESOLUTION APPROVING THE DECERTIFICATION OF THE ENDRES TAX INCREMENT FINANCING DISTRICT WITHIN THE ROSEMOUNT REDEVELOPMENT PROJECT OF THE CITY OF ROSEMOUNT WHEREAS, on March 6, 1996, the City of Rosemount (the "City established the Rosemount Business Park Tax Increment Financing District (the "TIF District within its Rosemount Redevelopment Project (the "Project and WHEREAS, the Rosemount Port Authority (the "Port Authority is the administrative authority for the TIF District; and WHEREAS, the City no longer requires tax increments from the TIF District to meet general obligation bond tax increment bond payments which are still outstanding, and all other costs of the Project have been paid; and NOW THEREFORE, BE IT RESOLVED by the City Council as follows: 1. The City Council desires by this resolution to cause the decertification of the TIF District after which all property taxes generated by property within the TIF District will be distributed in the same manner as all other property taxes, effective for taxes payable in 2008. 2. Upon approval of a similar resolution by the Port Authority, staff is authorized and directed to file a copy of this resolution in the City's TIF District files, file a copy of this resolution with the County Auditor of Dakota County along with instructions to adjust the records for the TIF District accordingly, and file a copy of the resolution with the Minnesota Department of Revenue. ADOPTED by the City Council this 19th day of February, 2008. William H. Droste, Mayor ATTEST: Amy Domeier, City Clerk Motion by Voted in favor: Voted against: Member absent RESOLUTION 2008 CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION 2008 RESOLUTION CALLING FOR AN ELECTION ON $8,000,000 GENERAL OBLIGATION RECREATIONAL FACILITY BONDS BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota, as follows: 1. Project. The City Council has investigated the facts and does hereby find, determine and declare it is necessary and expedient to issue general obligation bonds to finance the acquisition and betterment of recreational and cultural facilities, including the construction of recreational facilities on donated land, and the renovation of the former St. Joseph Church for use as a multipurpose cultural facility. 2. Election. The proposition of authorizing the issuance of not to exceed $8,000,000 bonds for said purpose shall be submitted to the qualified electors of the City at a special election to be held on Tuesday, April 22, 2008. Said election shall be held between the hours of seven o'clock a.m. and eight o'clock p.m. The polling places shall be: Precinct 1— Rosemount Community Center, 13885 South Robert Trail Precinct 2 Community of Hope Lutheran Church, 14401 Biscayne Avenue West Precinct 3 Shannon Park Elementary, 13501 Shannon Parkway Precinct 4 Lighthouse Community Church, 3285 144th Street West Precinct 5A Central Park Shelter, 2893 145th Street West Precinct 5B Jaycee Park Shelter, 15425 Shannon Parkway Precinct 6 Rosemount United Methodist Church, 14770 Canada Avenue West 3. Notice and Ballot. The Clerk is hereby authorized and directed to post and publish according to law a Notice of Special Election and Ballot, and to prepare ballots for the question (which shall be blue in color) for use at said election, which notice shall be in substantially the following form: 2140666v2 RESOLUTION 2008 NOTICE OF SPECIAL ELECTION NOTICE IS HEREBY GIVEN that a special election will be held in and for the City of Rosemount, Dakota County, Minnesota, on Tuesday, April 22, 2008, between the hours of 7 o'clock a.m. and 8 o'clock p.m., at which time the following question will be submitted: "Shall the City of Rosemount, Minnesota, be authorized to issue its general obligation bonds in an amount not to exceed $8,000,000 to finance the acquisition and betterment of recreational and cultural facilities, including the construction of recreational facilities on donated land, and the renovation of the former St. Joseph Church for use as a multipurpose cultural facility The polling places for said election will be: Precinct 1— Rosemount Community Center, 13885 South Robert Trail Precinct 2 Community of Hope Lutheran Church, 14401 Biscayne Avenue West Precinct 3 Shannon Park Elementary, 13501 Shannon Parkway Precinct 4 Lighthouse Community Church, 3285 144th Street West Precinct 5A Central Park Shelter, 2893 145th Street West Precinct 5B Jaycee Park Shelter, 15425 Shannon Parkway Precinct 6 Rosemount United Methodist Church, 14770 Canada Avenue West at which place all of the qualified electors of the City may cast their ballots. Dated: February 19, 2008 BY ORDER OF THE CITY COUNCIL /s/ Amy Domeier City Clerk 2140666v2 2 RESOLUTION 2008 SPECIAL ELECTION OFFICIAL BALLOT APRIL 22, 2008 CITY OF ROSEMOUNT DAKOTA COUNTY MINNESOTA YES "Shall the City of Rosemount, Minnesota, be authorized to issue its general obligation bonds in an amount not to exceed $8,000,000 to finance the acquisition and betterment of recreational and cultural facilities, including the construction of recreational facilities on donated land, and the NO renovation of the former St Joseph Church for use as a multipurpose cultural facility The maximum amount of increased levy as a percentage of market value is The maximum amount that would be raised by the new referendum tax rate in the first year if it were to be levied is NOTICE: BY VOTING "YES" ON THIS BALLOT QUESTION, YOU ARE VOTING FOR A PROPERTY TAX INCREASE. INSTRUCTION TO VOTERS: If you wish to vote in favor of the above proposition, mark a cross (X) in the square before the word "YES If you wish to vote against the above proposition, mark a cross (X) in the square before the word "NO (NOTE: On the back of each ballot shall be printed the words "Official Ballot the date of the election and lines for the initials of the judges.) 2140666v2 3 RESOLUTION 2008 4. Manner: Canvass. Said election shall be held and conducted in accordance with the statutes of the State of Minnesota applicable, and the City Council shall meet as required by law for the purpose of canvassing said election and declaring the results thereof. ADOPTED this 19 day of February, 2008 William H. Droste, Mayor AT ST: Amy Domeier, City Clerk Motion by: Seconded by: Voted in Favor: Voted Against Members Absent: 2140666v2 4 RESOLUTION 2008 CERTIFICATE STATE OF MINNESOTA COUNTY OF DAKOTA CITY OF ROSEMOUNT I, Amy Domeier, duly appointed, acting and qualified City Clerk of the City of Rosemount, do hereby certify that I have examined the City of Rosemount records and the Minute Book of said City for the meeting of the 19th of February, 2008 and that the attached copy of the RESOLUTION CALLING FOR AN ELECTION ON $8,000,000 GENERAL OBLIGATION RECREATIONAL FACILITY BONDS was approved and is a true and correct copy of the City Proceedings relating to said Resolution. IN WITNESS WHEREOF, I have hereunto set my hand this day of 2008. Amy Domeier, City Clerk City of Rosemount 2140666v2 5 Alternate "C" Master Plan (2 -6 -08) 1 0417 Excelsior (952) 238-0831 F. (95, "8,..50:4333 Tel. 952) 238-0831 Fa+. (952) 23 t Outdoor Recreation Complex Brauer Associates, Ltd. 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Annual Levy $644,385 $656,465 Less Existing Levy $0 $0 Estimated Increase $644,385 $656,465 Market Pay 2008 RMV $2,318,778,500 $2,318,778,500 Value (a) Tax Rate Increase (b): 0.028% 0.028% $100,000 28 28 150,000 42 42 200,000 56 57 250,000 69 71 300,000 83 85 350,000 97 99 400,000 111 113 500,000 139 142 600,000 167 170 700,000 195 198 800,000 222 226 900,000 250 255 1,000,000 278 283 1,500,000 417 425 2,000,000 556 566 2,500,000 695 708 3,000,000 834 849 3,500,000 973 991 4,000,000 1,112 1,132 4,500,000 1,251 1,274 5,000,000 1,389 1,416 (a) Estimated market value is the basis from which the net tax capacity is calculated. This value is not necessarily the price the property would bring if sold. (b) The tax rate increase is derived by dividing the average debt service by the referendum market value. The dollar increase in taxes payable is derived by multiplying the market value by the tax rate increase. Note: Changes in interest rates, timing or size of the bond issue may cause significant alterations of this information.