HomeMy WebLinkAbout6.f. Port Authority Assessments Abatement n
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CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: November 4, 1997
AGENDA ITEM: Port Authority Assessments Abatement AGENDA SECTION:
Consent
PREPARED BY: Dan Rogness, Community Development Director AGEN���� � � �
ATTACHMENTS: Proposed Resolution APPROVED BY•
At its last meeting on October 21, 1997,the Rosemount Port Authority'voted to request that the City Council
abate the assessments recently levied against property it owns in the Business Park. The reason for such a
request relates to the existing debt and repayment structure. The attached resolution further identifies specific
information related to the general obligation debt issued in 1994 and the existing repayment sources. In
essence,the existing Tax Increment Financing(TIF)District plus land sale proceeds are estimated to provide
the following income for debt repayment:
Land Sales: 1996 =$100,000
1997+ _$225,000
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Total =$325,000
Tax Increments: 1998 =$150,000
1999 =$175,000
2000 =$200,000
2001 =$225,000
2002 =$250,000
2003+ _$300,000 (x 4 years)
Total =$2.2 million
RECOMMENDED ACTION: A Motion to Adopt a Resolution Approving the Abatement of Special
Assessments Against the Rosemount Business Park
COUNCIL ACTION:
CITY OF ROSEMOUNT I
DAKOTA COUNTY, MINNESOTA I
RESOLUTI4N 1�17- 'i
A RESOLUTION APPROVING 1�ABATEMENT OF SPECIAL '�,
ASSESSMENTS AGAINST THE ROSEMOUNT BUSINESS PARK �'
WHEREAS, Rosemount Port Authority issued a General Obligation Bond ($1,630,000 Series '
1994A dated August 1, 1994) for public street and utility improvements in the Rosemount '
Business Park (the "Project"); and
WHEREAS, the Rosemount Port Authoriry is utilizing three financing sources for debt
payments, including land sales, tax increments and city tax levy; and
WHEREAS, the City of Rosemount levied on October 7, 1997 a total assessment of
$1,156,627.00 for the Project against the following parcels within the Rosemount Business
Park: (1) 34-64550-010-01; (2) 34-64551-010-00; (3) 34-64551-010-00; (4) 34-64551-010-01;
(5) 34-64551-020-01; (6) 34-64551-030-01; and
WHEREAS, the Rosemount Port Authority approved a motion on October 21, 1997 to
request the Rosemount City Council to abate such assessments due to the existing financing
structure for the public improvements in the Rosemount Business Park; and
WI�REAS, the Ta3c Increment Plan for the Rosemount Business Park dated March 6, 1996
(the "Plan") provides that tax increment from the Rosemount Business Park Tax Increment
Financing District and the proceeds of land sales of Port Authority property within the
business pazk are authorized to be applied to the payment of bonds to finance the Project; and
WHEREAS, the Plan further provides that it will be necessary to finance payment of bonds
for the Project in part with tax increment within the District rather than with land sale
proceeds and special assessments; and
WHEREAS, the Council has determined that land sale proceeds and tax increment from the
District will be in an amount substantially in excess of the amount levied against property in
the business park; and
WHEREAS, the Ciry Council is authorized by Minn. Stats. 469.041(7) to incur the cost of
public improvements in aid of a Project.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Rosemount
hereby abates the special assessments as shown on the attached Statement of Assessments in
the amount of$1,156,627.00 to the Rosemount Port Authority.
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ADOPTED this 4th day of November, 1997. I
Cathy Busho, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against:
' ,
STATEMENT OF ASSESSMENT
PROJECT NAME: Rosemount Business Park Street& Utility improvements
PROJECT NO.: 256
ASSESSMENT HEARING DATE : October 7, 1997
ASSESSMENT DUE BEFORE: November 6, 1997
ASSESSMENT TERM (YEAR): Ten (10)
A E
IDENTIFICATION
NUMBER qM TOTAL ASSESSMENT
34-64550-010-01 Rosemount Port Authority
34-64551-010-00
34-64551-020-00
34-64551-010-01
34-64551-020-01
34-64551-030-01
TOTAL DUE $1,156,627.00