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Home My WebLink About4.b. Carlson Tax Increment Plan Discussion f f CITY OF ROSLMOUNT LXLCIITIVE SII�ttY FOR ACTION PORT AUTHORITY MEETING DATE: DECEMBER 6, 1994 AGENDA ITLNi: CAR.LSON TAX INCREMENT PLAN AGFsNDA SLCTION: DISCUSSION OLD BUSINESS PRFsPARED BY: RON WASMUND, AGENDA NO. COMMtTNITY DEVELOPMENT DIRECTOR 4 . B. ATTAC�TS: LETTER FROM- STEVE BUBUL APPROVED BY: At the last meeting a question was asked about what changes could be made to the Tax Increment Plan after adoption. The question was posed to the city attorney. His response is attached. Admittedly I am still learning the requirements and regulations of Tax Increment Financing. I will facilitate any further discussion you may want to concerning this subject. RECO�DFsD ACTION: None. Discussion only. PORT AIITHORITY ACTION: HULMES & G�4,'t�N ca�n S`r�Aoe�J. ��BLZ, a�o��c�,�,�ow��w ssao: Atcomey ac I.a� TQlepbone(6�337.9900 Dizocc l�ist(612)3�-9� Faesino�e<6�33�-93x0 December 1, 1994 VZA, FACSIl�I�E_ 423-5203 Ron Wxsmuud Public Works Director City of Rosemount P.Q. Box 510 Rasemoun�, MN 55068-0510 �LE: TIF and �2.edevelopment Modi�catians Dear Ron: The Port Authority and City are cu�xexxtly in the process of modify'�g the Redevelopment Fraject Plau for the exi,sfing Rosemount Red.evelopment Projeet, and creatiug a new Ta..� Increment �nancix�,g�listriCt ("'Y'TF District") in connection with the CarLsaxx property redevelopment. You asked us to explain the optivz�s that will be avaz,i,able to the Port Authority and City for future m�d.ificati.ans of the Project and TIF Distriet pla.ns. �t�eve��pment Plan Uxzder Minnesota Statutes, Seetion 469.025, the Redevelopment Plau zz�ay be modified at any time under the same proeedures applicable to creation of a red�velopment pz oject. That ineludes submissian of the p1ax�. modificatian ta the City Council, written commeut from the Planning Commisszon, a public hearing held by the City� Councal wi.th at least 1Q days published notice, and approval by the Couneil_ Hawever, chang�s t�.at do not alter the exterior baundaraes o£ the Project area or substantially alter or effect the general la�ad uses established in the plan do not constitute a "moclificationn umder 9ection 469.419 and do nat require apFrov�al.a�the City Council ox� any of the procedures descrx'bed above. A resolution of the Port Aut�tox�ity is all that i� needed. Having said tb.at, #he Port Authority must still comply with the requirements imposed by the Enabling Resolutivn that created the Port Authority. Secti.on 10.B. of the �abling 12eso1ution requires that, before "establ,�shing the bounda.ries of and undertal�ng public activities with respect to a redevelopment project . . . the Authority shall submit a Project �lan and Project Budget to the Council for AppT`o�al�" with p1,&,ririi� co*nm;ssion cautment and a public hearing as descrs�ed abov�. Thus, any plan modification that also changes a Froject budget or substan�tially modifies the 'tpublie aeti�ci.tiesr with r�spect to the Project apparent3y S�3H80248 F5230-5 b/Z 3JKd 0LE6G£E�L9'QI N3/1'd21� '8 S341'IOH'W0213 6E '9L fis6-L0-�3Q Rar� Wasmund December 1, 1994 Page 3 • If the district is e:rpanded in area, the additional propertp must meet all the criteria. for a z�edevelopmezit distriet. • If the district is egpanded, the added area m�zst be cer�ed to the county auditor and wi.11 be subject to whate�ner statutes are in effect at the time of tha.t eertifi.cation. . If thE TIF Plan is modified and the area is not ex��anded {i.e, tlie modi.fzeation simply increa.ses the budg�t), the district wiu z�emairt subject #o the laws in e�fect at the time the originat district was certified. • The 5-year rule of Section 469.1763 rueans that most incz�exnent�uust be used ta pasr bonds issued within 5 years aftex cert�ficatian, ar pap costs incurred within 5 years after cex�ification. This rule limits the abilitsr to moc�ify pians and undertake z��w activities after 5 pears. This discussion is not exhaustive, but I hope giQes e.n o�erview af the issues surroundaxxg PrQject and T�F PZan modificatian. If you have �urth�r questions on #his mattex, piease 1et me l�o,aw, Very trttly yours, / �� Step n J_ Bubul cc: Tom 8urt Charles Lef�vere sssaozas 1is230-5 b/b 3�Hd 0t£6L£EZL9°QI N3lY'd23� '8 S3W'IOH=W02l3 0b'9L i�6-i0-�3�