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Home My WebLink About4.q. Set Public Hearing to Modify Redevelopment Project No. 1 and Establish Rosemount Buisness Park TIF DistrictCity of Rosemount Executive Summary for Action Agenda Item: Setting a Public Hearing for the Agenda Section: Business Park TIF District/Plan I CONSENT Prepared By: Dan Rogness —OZ— Agenda No: Community Development Director ITEM # 4 Attachments: Resolution; Notice of Public Hearing; Approved By: Map of TIF District; Review Schedule The port authority will be reviewing a proposal to establish a Tax Increment Financing (TIF) district for the full 80 -acre business park property. Section IX (A) of the new TIF Policy allows the port authority to initiate the proposed district/plan without application based upon a deter- mination on the suitability of a particular area in a TIF district. The first step in the public review process is to call for a public hearing, which essentially authorizes staff to complete the necessary documents for a TIF district and plan with corresponding legal notices and notifications to the county and school district. The purpose of establishing this TIF district is to provide a source of revenue for possible land write -downs to businesses locating within the business park. The two bond issues related to this park for land acquisition and public improvements ($2.2 million) was done based on repayments from land sales and assessments. If land write -downs are to occur, then another source of funding is necessary ... in addition to the tax levy. The district will be structured in such a way that future projects may or may not receive TIF based on further review according to the TIF Policy. I believe that a realistic target may be that two- thirds of the property will be sold with a write -down. A schedule for establishing this district is also attached for your review. Consultants for this project will include Sid Inman of Ehlers & Associates for development advisory and Steve Bubul of Kennedy & Graven as development counsel. Recommended Action: MOTION to approve a RESOLUTION CALLING FOR A PUBLIC HEARING ON THE MODIFICATION OF THE REDEVELOPMENT PLAN FOR ITS REDEVELOPMENT PROJECT AND THE CREATION OF THE ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT. Council Action: CITY OF ROSEMOUNT, MOWMOTA RESOLUTION NO. RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY ON THE MODIFICATION OF THE REDEVELOPMENT PLAN FOR ITS REDEVELOPMENT PROJECT AND THE CREATION OF THE ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT. BE IT RESOLVED by the City Council (the "Council ") of the City of Rosemount, Minnesota (the "City "), as follows: Section 1. Public Hearing. This Council shall meet on Tuesday, March 5, 1996, at approximately 8:00 p.m., to hold a public hearing on the proposed modification of its Redevelopment Project and the creation of the Rosemount Business Park Tax Increment Financing District (an economic development district), all pursuant to and in accordance with Minnesota Statutes, Sections 469.174 to 469.179, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and Section 2. Notice of Hearing; E i , of Program__. Staff is authorized and directed to modify the Redevelopment Plan and create the Tax Increment Financing Plan (the "Plans ") and to forward documents to the appropriate taxing jurisdictions including Dakota County and Independent School District No. 196. The City Clerk is authorized and directed to cause notice of the hearing, substantially in the form attached hereto as Exhibit A, together with an appropriate map as required by law, to be published in the official newspaper of the City not later than 10 days prior to March 5, 1996 and to place a copy of the Plans on file in the Clerk's Office at City Hall and to make such copy available for inspection by the public. ADOPTED this of , 1996. ATTEST: Susan M. Walsh, City Clerk Motion by: Mayor Seconded by: NOTICE OF PUBLIC HEARING CITY OF ROSEMOUNT COUNTY OF DAKOTA STATE OF MINNESOTA NOTICE IS HEREBY GIVEN that the City Council (the "Council) of the City of Rosemount, County of Dakota, State of Minnesota, will hold a public hearing on Tuesday, March 5, -1996, at approximately 8:00 p.m. in the City Council Chambers in the Rosemount City Hall, 2875 145th Street West, Rosemount, Minnesota, relating to the modification of its Redevelopment Project and the establishment of the Rosemount Business Park Tax Increment Financing District (an economic development district) and the approval and adoption of a modified Redevelopment Plan and a Tax Increment Financing Plan (collectively, the "Plans ") relating thereto, pursuant to Minnesota Statutes, Sections 469.001 through 469.047 and Minnesota Statutes, Sections 469.174 to 469.179, inclusive, as amended. Copies of the Plans are on file and available for public inspection at the office of the Community Development Director at City Hall. The Rosemount Business Park Tax Increment Financing District encompasses all property and adjacent and interior roads and rights -of -way as found on the attached map and indicated by parcel identification numbers and general descriptions below: INSERT RID LIST HERE Subject to certain limitations, tax increment from the Rosemount Business Park Tax Increment Financing District may be spent on eligible uses within the boundaries of its Redevelopment Project as shown on the attached map. All interested persons may appear at the hearing and present their views orally or prior to the meeting in writing. Dated , 1996 . BY ORDER OF THE CITY COUNCIL OF THE CITY OF ROSEMOUNT, MINNESOTA Clerk 4 .. I "-'.• _ _. � I.= �� '�--.,�1 -� �� .� � it •% ,. NA 1 r t+.: : • �.•:�: :� �I bd I.1 � 1 I � �. r — • __ fill UJI `~' , 1 �" - i sl jwS• ------- - - - -/_ •ice- ..�H 1.,.,11. _ � ..�__� n-n N." L�f�La: }I�i I'" �.. �..��! �. r:.�M..~.,i. -I•.I .•T—�� _. �`1 yam' •J •!/ u 11-- r�'._' 1 �� '�` -y . -.' i :sic �I • -••t1♦ - !/ W. AGRICULTURAL y • S/ 1 � 5 �`1(G CS /� EXPE4MENT: IF STATI io NJ PROJ. NO. ROSEMOUNT 1990 DEVELOPMENT DISTRICT O NUMBER ONE FIGURE golsemount JAN 10 '96 P.2 /6 Ehlers and Associates, Inc. LEADERS IN PUBLIC FINANCE ROSEMOUNT PORT AUTHORITY AND TM ROSEMOUNT CITY COUNCIL FOR THE IVIODMICATION OF REDEVELOPMENT PROJECT NO.1 AND THE ESTABLISHMENT OF THE ROSEMOUNT BUSINESS PARK TAX INCREMENT FINANCING DISTRICT (an economic development disWct) Schedule December 19, 1995 port Authority request staff to prepare schedule for establishment of District. January 16, 1996 Port Authority requests the City Council to call for a public hearing. January 16, 1996 City Council calls for a public hearing to modify Redevelopment Project No. i and establish The Rosemount Business Park Tax Increment Financing District January 31, 1996 Plans forwarded to School District(s) and County Board (at least 30 days prior . to public hearing). February 13, 1996 Planning Commission finds plans to be in compliance with the comprehensive Plan- February 19,1996 Send public hearing notice and map to local paper. February 23,1996 Date of publication of hearing notice and map (at least 10 days but not more than 30 days prior to hearing). March 5, 1996 Port Authority approves the Playas. March 5, 1996 City Council holds public hearing on the modification of Redevelopment Project No. I and the establishment of The Rosemount Business Park Tax Increment Financing District and passes resolutions approving the PIans. March 6, 1996 Ehlers/Publicorp certifies Playas to county and state. rr:WMA7A%0UM Knausp�tucrM="XRCES IN MINNEAPOLIS, MN AND BROOKFIELD, WI 2950 Norwest Center. 90 South Seventh Street. Minneapolis, MN 55402 -4100 Telephone 612- 339 -8291 . FAX 612 - 339 -0854