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HomeMy WebLinkAbout09-27-2016 Council Handouts q(�-Jju+ St. Croix Crossing Construction Update Bridge Update: • Crews are continuing to install the drainage system at Piers 8 and 9.Work on Piers 10—12 will begin once all segments have been lifted. • All segments should be lifted at Piers 10 and 12 by the end of the week. • Final segments at Pier 11 will be lifted next week, marking the final river bridge segments being placed. • Overlook construction continues at Piers 8 and 10.The overlook construction at Pier 12 will begin in mid-October. • All stay cables are installed. • Crews will work over the winter doing closure pours and installing railing. Minn.Approach Update: • All segments have been placed on the Hwy 36 eastbound and westbound approach bridges. • All segments will be placed on the new Hwy 95 off-ramp by mid-October. • The new Hwy 95 on-ramp to Hwy 36 eastbound will be complete by late fall. • Now that all segments have been cast at the on-site casting yard work can begin on the ramp from Hwy 95 to Hwy 36 westbound.The new ramp will be open to traffic by the end of November/beginning of December. MnDOT anticipates the bridge will open to traffic in Fall 2017.This spring we should be able to have that narrowed down to a specific month. The Stillwater Chamber of Commerce has reached out to MnDOT regarding a ribbon cutting ceremony. They will be putting a committee together consisting of folks from both sides of the river including Oak Park Heights and Bayport. MnDOT and WisDOT will also be involved in the planning. Mayor McComber should expect a call from the Chamber if she hasn't already received one. Stay connected ■ Visit the project website:www.mndot.gov/stcroixcrossing(Sign up for weekly email updates) ■ Call the hotline at 1-855-GO-CROIX(462-7649) ■ Like us on Facebook:www.facebook.com/saintcroixcrossingmndot ■ Follow us on Twitter @stcroixcrossing ■ Stop by the office at 1862 Greeley St.S.,Stillwater 1-7 Eric Johnson From: Higgs Arlene <arlenehiggs@gmail.com> Sent: Monday, September 26, 2016 10:50 AM To: Eric Johnson Subject: Re: Emailing - Potentially Dangerous Dog - Ord Amendments - DRAFT.pdf Dear Mr.Johnson, I have read the draft of 601.14 and I have a few areas of concern that I would like to address. • Under definitions 601.1 J2b-"apparent attitude of attack" needs to be more clearly defined. • Regarding 601.14 A-D- Because"apparent attitude of attack" is subjective it seems that the city should have an outside expert evaluate the dog before the label is assigned when no bite or injury has occurred(and the dog does not have a history of biting). I understand that the recourse for a dog that has been labelled "potentially dangerous" due to bite or injury needs to be more stringent. • If the city does not agree to assessing the dog before the"potentially dangerous" label is applied.The statute should allow for this label to be removed completely if the dog has 1) not bitten or caused injury AND 2) has passed the AKC assessment In regards to my specific situation,does the city of Oak Park Heights and/or the City of OPH Police Department have a written procedure in place for reports of potentially dangerous dogs and can you provide that to me? In other words, if anyone other than Police Chief Brian DeRosier had been involved and a report was made to the police,what procedure would have been followed before the dog was labelled potentially dangerous and the letter was sent? Perhaps this procedure needs to be addressed in the statute as well. I want to thank both you and Mayor McComber for your time in this matter. I appreciate that once my concerns were made you are both taking the time to review the statutes. Unfortunately I am not able to attend the 9 27City Council meeting as I will be out of town. Can you read this letter into the record? Sincerely, Jim and Arlene Higgs On Tuesday,September 20, 201611:36 AM, Higgs Arlene<arlenehiggs@gmail.com>wrote: City of Oak Park Heights Bills Presented for Payment September 27, 2016 Payroll Gross Payroll with PERA, FICA, and Medicare City Administration: 9-30-16 10,646.32 Finance: Full-Time 9-30-16 7,885.44 Police Department: Full-Time 9-30-16 44,388.00 Building Inspection Department: 9-30-16 3,910.05 Public Works-Street Maint. Department: Full-Time 9-30-16 888.16 Park and Recreation Department: Part-Time 9-16-16 1,810.67 Full-Time 9-30-16 1,036.88 UTILITY FUNDS Water Department Full-Time 9-30-16 6,435.22 Sewer Department Full-Time 9-30-16 4,214.69 Storm Sewer Full-Time 9-30-16 831.12 Total Utility Funds 11,481.03 Total Payroll $ 82,046.55 CL co C Cl) N N OW fh O O O CD O � O M M N N N N N PI N d E o 0 0 0 v o_ 0 0 0 O O N a O aO O �_ !O V O O O O O OD V Oz Ir IT �f < 04 I� O O O O O O O O O O N I- r r r V r r r r r O. 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W 7 F Q z LU z w p F F C7 CD (7 U (7 (7 (7 CD 0 0 CD 0 CD z j: w x of w w Ir 2' Of K of 2' of w (n Q z WLLJWWWWLUWUJWWWW z z z z z z z z z z z z z 2 z U 0 p W W W W W W W W W W W W W C7 X: z } J J J J J J J J J J J J J Q z W W W W W W W W W W W W W a. = F W Q U U U U U U U U U U U U U W Y z X X X X X X X X X X X X X z ofOf W y 2 M W 0000000000000 J N (n } (0 (0 10 (0 10 10 10 Ln (0 (0 (0 (0 10 Y N M Q v W U FO- Q > z X o p m m m 16 m W N m n n n n n n n n n n n n n p Y N N F N F N N N N N N N N N N N N N F 0 O a u7 w N w N w N N N N (0 (0 w w N } O) E O O O O O O O O O O O O O O O U U z CL m � m IL $ m U E z O J Z N (� N Q U O d C 0 O E Q C O E N Z 0Oi O c m m c d E m m CL a� m 0 m U O c 0 � N a N N O d _ c0 Q O O N CL N aI Q C N a) a) Eccas cc 6 L C a O Q a) cr d E z N U O C t V N E ca Z \ ols\Al -moo J c H 2 W 2 > zLL 0 ' >o 8 0 a U U U Z I U U CITY OF OAK PARK HEIGHTS Journals-Council Report(2) Page: 1 CASH DISBURSEMENTS(CD) Sep 27,2016 03:18PM Period:8/31/2016(08/16) Report Criteria: Journal Code.Journal Code=CD Transaction.GL Account(3 Characters)_{<>)^990" Reference Account Debit Credit Date Number Payee or Description Number Account Title Amount Amount CD 1 08/31/2016 1 COBRA HEALTH INSURANCE-AUG 101-20970-000 COBRA INS PREMIUM PAYABLE 369.57 08/31/2016 1 NON-EMPLOYEE HEALTH INSURANC 101-40690-415 EMPLOYEE HEALTH LIFE&DENTAL 569.88 08/31/2016 1 RECORD HEALTH INSURANCE CR-KI 101-20970-000 COBRA INS PREMIUM PAYABLE 531.61 2 08/31/2016 2 COBRA DENTAL INSURANCE 101-20970-000 COBRA INS PREMIUM PAYABLE 88.20 3 08/31/2016 3 RECORD PSN FEES INVOICE#136412 705-48100-212 OTHER CONTRACTUAL SERVICES 99.70 4 08/31/2016 4 RECORD PSN FEES INVOICE#136412 706-48200-212 OTHER CONTRACTUAL SERVICES 99.70 5 08/31/2016 5 DELTA DENTAL PREMIUM CREDIT-KI 101-20950-000 DENTAL INSURANCE PAYABLE 44.10- 6 08/31/2016 6 BANK FEES WIRE&NSF-AUG 101-40600-212 OTHER CONTRACTUAL SERVICES 10.00 Grand Totals: 1,768.66 44.10- CITY OF OAK PARK HEIGHTS Journals-TREASURER'S REPORT(2) Page: 1 JOURNAL ENTRIES(JE) Sep 27,2016 03:19PM Period:8/31/2016(08/16) Report Criteria: Journal Code.Journal Code=JE Transaction.GL Account=90110900000 Reference Account Debit Credit Date Number Payee or Description Number Account Title Amount Amount JE 08/02/2016 8 WF 16-22 INV Matured-Everbank 901-10900-000 INVESTMENTS-AT PAR 248,000.00- 08/02/2016 8 WF Purchase WF MM 901-10900-000 INVESTMENTS-AT PAR 248,134.53 08/17/2016 8 WF 16-17 INV Called-FHLM 901-10900-000 INVESTMENTS-AT PAR 425,000.00- 08/17/2016 8 WF Purchase WF MM 901-10900-000 INVESTMENTS-AT PAR 426,062.50 08/18/2016 8 WF 16-18 INV Called-FHLM 901-10900-000 INVESTMENTS-AT PAR 300,000.00- 08/18/2016 8 WF Purchase WF MM 901-10900-000 INVESTMENTS-AT PAR 300,750.00 08/18/2016 8 UBS 15-04 INV Matured-Banco 901-10900-000 INVESTMENTS-AT PAR 240,000.00- 08/18/2016 8 UBS Purchase UBS MM 901-10900-000 INVESTMENTS-AT PAR 240,598.36 08/24/2016 8 UBS 16-32 Purchase INV Summit 901-10900-000 INVESTMENTS-AT PAR 240,000.00 08/24/2016 8 UBS Sale of UBS MM 901-10900-000 INVESTMENTS-AT PAR 240,000.00- 08/30/2016 8 UBS 16-33 Purchase INV Wash Trust 901-10900-000 INVESTMENTS-AT PAR 240,000.00 08/30/2016 8 UBS Sale of UBS MM 901-10900-000 INVESTMENTS-AT PAR 240,000.00- 08/31/2016 8 SB Purchase SB MM 901-10900-000 INVESTMENTS-AT PAR 4,577.62 08/31/2016 8 WF Purchase WF MM 901-10900-000 INVESTMENTS-AT PAR 3,338.41 08/31/2016 8 UBS Purchase WF MM 901-10900-000 INVESTMENTS-AT PAR 1,209.86 08/31/2016 8 Interest on MM 901-10900-000 INVESTMENTS-AT PAR 357.34 Grand Totals: 1,705,028.62 1,693,000.00- Oak Park Heights Request for Council Action Meeting Date September 27th`i' 2016 Time Required: 1 Minute Agenda Item Title:. Consider TIF 1-1 Plan Amendments Agenda Placement New Business Originating Department/Reque E ohnson, City Administrator Requester's Signature Al / Action Requestedcussio ossibie Action Background/Justification(Please indicate if any previous action has been taken or if other public bodies have advised); At this time Staff is proposing an amendment to Tax Increment Financing District#1-1. In short,the City has allocated up to$577,000(20%of City use-eligible TIF proceeds)to both Administrative Costs(10%)and to Pooling Projects(10%)of$288,500 each.As the City cannot justify the use of dollars in that magnitude for Administrative costs,it Is best that the City reconsider such allocation to the Pooling side of most of these dollars from the Administration Costs.'Pooling' permits the expenditure of tax increment revenues outside a TIF district,but within the project area in which the district is located. In this fashion,the City will essentially not have to forego the use of such dollars I it is used in eligible projects.The City must therefore MODIFY the TIF 1-1 Plan to reallocate such funds.The amended breakdown would be$58,000 for Admin and$519,000 for Pooling. Please note these amounts mussed above are based on the initial TIF 1-1plan(Exhibit IV)and such estimates of the development values and related Tax Capacity.To dale the values have not reached the planned maximum of 216,000 of Net Tax Capacity annually and will likely only be 75%+/- of these amounts over time,the City simply will not know until each year's values are determined through 202712028.Overall,this will result in fewer dollars to pooling,but does not cause a financial burden on the City as the City did not provide any financial guarantee for the Developer nor was there any City issued debt for public elements. The fact that the tax capacity values are lower then estimated generally impacts the Developer as they mint make up the financial /cash difference on the issued bonds that have pledged TIF revenues to repay them. Use of'Pooling*dollars is an allocation of TIF increment to the City that is not provided to the Developer(Nolde).The City may use such funds within the Development District—which in this case is coterminous with the City's boundaries.Uses of such funds may only be for public improvements(not maintenance or other staff costs).There is not an established statutory timeline as to when these kinds must be expended,however the City will went to consider a refunding resolution that will enjoin the use of such funds so that they may not be last In order to a=mplish these tasks,two resolutions are necessary for approval Recommended Action: Approve Resolution—Modification of the Tax Increment District Plan for District 1.1.This resolution includes an amended Exhibit 11 with various placeholders for the allocation of Pooling funds—such as Site Improvements, Parking Facilities, Streets and Sidewalks,etc, Approve Resolution—Authorizing Inter fund Loan for Advance of Certain Costs In TIF District 14.This resolution does not authorize any specific expenditure,rather afford the City future latitude to capitalize TIF Pooling dollars. 1 of 15 CITY OF OAK PARK HEIGHTS WASHINGTON COUNTY,MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING A MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1.1 WHEREAS, it has been proposed that the City of Oak Park Heights (the "City") adopt a modification of the Tax Increment Financing Plan(the"TIF Plan")for Tax Increment Financing District No. 1-1(the"District"); WHEREAS,the City originally established the District 1-1 and approved the TIF Plan therefor on June 9, 2009, all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.134 and Sections 469.174 to 469.1794,all inclusive,as amended,(the"Act"); WHEREAS, the City proposes modification to the original TIF Plan for the District (the "Modifications')to amend the line item project costs within the total original adopted project costs to be paid or financed with tax increment; WHEREAS, the City has investigated the facts and has caused to be prepared a modification to the TIF Plans for the Districts;and NOW, THEREFORE,BE IT RESOLVED,by the City Council of the City of Oak Park Heights as follows: 1. The City finds,determines and declares that with respect to the Modifications: a) The City is not modifying the boundaries of the District nor increasing the budget in the Modifications therefor,but is,however,making modification thereto. b) The City affirms the findings previously made with respect to the Distria c) The Modifications conform to the general plan for the development of the City as a whole. d) The Act does not require a public hearing on the Modifications. e) The City shall consider necessary Inter-fund Loan Authorzation for any related public expenditures. 2. The Modifications to the District as set forth in Attachment 1 to this resolution are hereby approved and adopted. 3. The City Administrator is hereby authorized and directed to transmit a certified copy of this resolution and a certified copy of this resolution approving and adopting the Modifications, together with Attachment 1, to the Office of the State Auditor, the Minnesota Department of Revenue, and Washington County. Approved this day of ,2016,by the City Council of the City of Oak Park Heights. 2of15 Mayor ATTEST: City Clerk 3of15 ATTACHMENT 1 MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO.1-1 MUNICIPAL DEVELOPMENT DISTRICT NO.1 L Background The City of Oak Park Heights(the"City-)originally established Tax Increment Financing District No. 1-1 (the"District")within Municipal Development District No. 1 (the-Development District")and adopted the Tax Increment Financing Plan(the"TIF Plan")therefor on June 9,2009; The City has now determined a need to modify the TIF Plan in order to amend the estimated use of tax increment, the primary modification element being a transition of Administrative costs to other pooling eligible expenses; Nothing in this modification is intended to modify or supersede or after the activities described in the original Development Program for Development District. The TIF Plan remains in full force and effect and is not modified except as described in this modification document. IL TIF Plan Modifications to TIF District No.1-1 Use of Tax Increment Section 4.10 Estimated Sources of RevenuelPublic Casts The estimated sources of revenue, along with the estimated public costs of the TIF District, are itemized and attached as Exhibit R. Such costs are eligible for reimbursement from tax increments, and other listed sources of revenue from the TIF District. The City reserves the right to administratively adjust the amount of any of the items in Exhibit Il and Exhibit III or to incorporate additional eligible items, so long as the total estimated public cost(uses) is not increased. The City anticipates providing financial assistance to the proposed development through the use of a pay- as-you-go technique. As tax increments are collected from the TIF District in future years, a portion of these taxes will be reimbursed to the developer for TIF eligible costs. The City reserves the right to finance any or all public costs of the TIF District using pay-as-you-go assistance, internal funding, general obligation or revenue debt, or any other financing mechanism authorized by law. The City also reserves the right to use other sources of revenue legally applicable to the Project Area to pay for such costs including,but not limited to, special assessments, utility revenues, federal or state funds,and investment income, The City anticipates using tax increments to pay for eligible public costs outside of the TEF District subject to the limitations of the TIF Act. Section 4.14 Five-Year Rule-Tax Increment Pooling BTA of the tax increments(net of administrative expenses)from the TIF District must be expended on activities within the district or to pay for bonds used to finance the estimated public costs of the TIF District(see Section 4.04 for additional restrictions).All administrative expenses are considered to have been spent outside of the TIF District.Tax increments are considered to have been spent within the TIF District if such amounts are: (1)actually paid to a third patty for activities performed within the TIF District within five years after certification of the district; 4of15 (2)used to pay bonds that were issued and sold to a third party,the proceeds of which are reasonably expected on the date of issuance to be spent within the later of the five-year period or a reasonable temporary period or are deposited in a reasonably required reserve or replacement fund. (3)used to make payments or reimbursements to a third party under binding contracts for activities performed within the TEF District,which were entered into within five years after certification of the district;or (4)used to reimburse a party for payment of eligible costs(including interest)incurred within five years from certification of the district;or (5)in the case of a housing district,used for a housing project,as defined in section 4+69.174,subdivision 11. Beginning with the sixth year following certification of the TIF District,at k&qAQO/-q of the tax increments must be used to pay outstanding bonds or make contractual payments obligated within the first five years.When outstanding bonds have been defeased and sufficient money has been set aside to pay for such contractual obligations,the TIF District must be decertified. The City may also elect to increase by up to ten percentage points the permitted amount of expenditures for activities located outside of the geographic area of the district.As permitted by NLS. Section 469.176, subdivision 4k,the expenditures,including the prior permitted expenditures,need not be made within the geographic area of the project if the expenditures: (1)are used exclusively to assist housing that meets the requirement for a qualified low income building, as that term is used in Section 42 of the Internal Revenue Code; (2)do not exceed the qualified basis of the housing,as defined under Section 42(c)of the Internal Revenue Code,less the amount of any credit allowed under Section 42 of the Internal Revenue Code; and (3)be used to: a)acquire and prepare the site of the housing; b)acquire,construct,or rehabilitate the housing;or c)make public improvements directly related to the housing. 5of15 Exhibit II—Sources and Uses Statement Sources of Funds Ofiginal Plan Modification No. I Tax increment revenue 2,897,237 2, 897,237 Interest on invested funds 0 0 Bond proceeds 0 0 Loan Proceeds 0 0 Real estate sales 0 0 Special assessments 0 0 Rent/lease revenue 0 0 Grants 0 0 Developer Equity 0 0 Transfers in 0 0 Total Sources of Funds 2,897,237 2,897,237 Uses of Funds Original Plan Modification No. l Land/building acquisition 1,200,000 1,358,850 Site improvements/preparation costs 0 158,850 Installation of public utilities 0 0 Parking facilities 0 52,950 Streets and sidewalks 0 158,850 Public park facilities 0 0 Social,recreational,conference facilities 0 0 Interest reduction payments 0 0 Bond principal payments 0 0 Bond interest payments 0 0 Loan principal payments 0 0 Loan/note interest payments 959,737 959,737 Administrative expenses 288,500 58,000 Capitalized Interest 150,000 150,000 Other(OSA) 10,500 0 Transfers out(Pooling) 288,500 0 Total Uses of Funds 2,897,237 2,897,237 6of15 EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCII,OF THE CITY OF OAK.PARK HEIGHTS WASHINGTON COUNTY,MINNESOTA HELD: ,2016 Pursuant to due call and notice thereof; a regular meeting of the City Council of the City of Oak Park Heights, Washington County, Minnesota, was duly held at the Oak Park Heights City Hall on Tuesday,the_day of ,2016 at 7:00 p.m. for the purpose, in part,of adopting a modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 1-1. The following members were present: and the following were absent: Member introduced the following resolution and moved its adoption:RESOLUTION ADOPTING A MODIFICATION OF THE TAX INCREMENT FINANCING PLAN FOR TAX INCREhM1gT FINANCING DISTRICT NO.1-1 The motion for the adoption of the foregoing resolution was duly seconded by Member and upon vote being taken thereon,the following voted in favor: and the following voted against the same: Whereupon said resolution was declared duly passed and adopted. 7of15 CERTIFICATION STATE OF 1MINNESOTA ) ss. COUNTY OF WASHINGTON ) I,the undersigned,being the duly qualified and acting Clerk of the City of Oak Park Heights,DO HEREBY CERTIFY that the attached resolution is a true and correct copy of an extraet of minutes of a meeting of the City Council of the City of Oak Park Heights,duly called and held,as such minutes relate to the adopting a modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 1-1. WITNESS my hand as such City Clerk of the City of Oak Park Heights this _ day of 2016. City Clerk 8of15 THLS PAGE NOT PART OF REsOLul ON TABLE A Tor IrKrernalt yinpKirg District NM 1-1 Projected lax btcrenwK For Man PurpoSISOMY OdgHn4 Adopted MoIcaHon 6/9/2004 Na 1!/27/16 laWIFIr"at Pool" Total Estimated Tax Incrunme Renames(frmn for IrKnmwt gerwatad by the dWcQ Tax inag Tort reverares distributed from the county 52,847,237 $2.897,237 $2,309,737 $577,000 $2,88@73 k tared and investrnent comings SO 10 10 $0 Loardadramce repsyrnenb So $0 50 10 4aau proceeds S0 s0 50 $0 Marketvalue homestead credit SO $0 $0 $0 Total Estlrnated Tan Increment Rawaum $2,897,237 $2,897,23 $2,309,737 5577,0DD $2.884737 Estimated Pro)actM w+cing Costs(to be paid or ftnarrcad-M tax increxmnQ Projectcons 51,200,000 51.358 51.200,000 $158,850 51,358,850 Lang acquisition Site lrnWv amwtWprsparation costs $0 $148,3 $0 $148,350 $144350 Utilities $0 $ 50 $0 $0 Other public Improvements $28"W $211,80 $0 $211,800 $211,900 Construction of affordable housing $0 $ $0 $0 $0 SmaN city autturired colt N rut already included above $0 $ $0 $0 $0 Admirdstrative costs $288,500 $58,00 $0 $58,000 $581wo Other(OSA) slum $10,50 Slum $0 $0 Ist meted Tor Maeawd pr lasts $1,787,500 $1,787,500 $1,210,500 1577,000 $1,777, ODO Estimated financing coats Interest expense $1,109,737 $1,109,737 $1.109,737 3o $1,104,737 Total Ertimated Pro nndng costa to be Paid from Tax InoremeM 52097,237 $2,897,23 $2,320,237 $577,000 SZ856,737 Estimated Fkwvdng Total artwurrt of bonds to be Issued $1,921,000 $1,927,000 $1,927,000 So 51,927, 000 SUWts ed ddrwdtu $ 163,800 v„ s saom TOW 1 nI.M 4-1 9of15 Nor P",r O TW a RPSO 7700 EXHIBIT W-7, urca & Uses Statement NORTH LANDOSF.CURITIBS City of Oak Park Heights,MN Tax Increment Financing(Renewal and Renovation)District No.1-1 Oa Project Sources of Funds Tax increment revenue 2,897,237 Interest on invested funds 0 Bond proceeds 0 Loan Proceeds 0 Real estate sales 0 Special assessments 0 Rp"OPSIVQ mvenue 0 Grants 0 Developer Equity 0 Transfers in 0 Total%urees of Funds 1997.237 Uses of Funds Land/building acquisition 1,200,000 Site improvements/preparation costs 0 ._...._-- --r----- ---- -- 0 Parking facilities 0 Streets and sidewalks 0 Public park facilities 0 Q—W —+;-1 nn-,P . "Ao fnnSlitioo 0 Interest reduction payments 0 Bond principal payments 0 Bond interest payments 0 Loan principal payments 0 j,-.T-.V-- 959,737 Administrative expenses 288,500 Capitalized Interest 150,000 Other(OSA) 10,500 288,500 (Total Uses of Funds 2,897,237 rtomwfp;becunties, inc.-z/i uzut i at irut Nen sir m 70i 7.xissourceWse rNFOeftwrON OQUY PO4T;AW_ -hc„ Aipsu v n'c N) NORTHLAND SECURITIES 1EXHIBIT III - TIIF District Assumptions City of Oak Park Heights,MN Tax Increment Financing(Renewal and Renovation)District No. 1-1 Oakgreen Pro ect Certification Request Date 07/01/09 Decertification Date 12131/26 (16 Years of Increment) Present Value Date 07/01/09 Present Value Rate 6.00% Type of TIF District: Renewal and Renovation Type of Debt: Loan(Pay-as-you-go) Fiscal Disparities Election: NA Fiscal Disparities Rate: 0.0000% Local Tax Capacity Rate: 86.432% 20=009 Administration: 10.000/0 Pooling: 10.000/0 Market Value Inflator: 100.00% Base Value Information(*Prior to re-plat) 2009/2010 2009/2010 2009/2010 CLASS RATE CLASS RATE 2009/2010 Class FID# EMV 1 st Tier 2nd Tier NTC RES 05-029-20-14-0003* 175,100 1.00% 1.25% 1,999 RES 05-029-20-11-0053* 119,400 1.00'/0 1.25% 1,303 REN 05-029-20-11-0062* 100 1.25% 1.25% 1 REN 05-029-20-11-0059■ 219,200 1.25% 1.25% 2,740 REN 05-029-20-14-0136* 100,000 1.25% 1.25% 1,250 RES 05-029-20-11-0026* 182,300 1.009/0 1.25% 2,089 RES 05-029-20-11-0065* 177,300 1.001YO 1.25% 2,026 REN 05-029-20-11-4028* 168,000 1.25% 1.25% 2,100 REN 05-029-24-11-0064* 28,600 1.25% 1.254/0 358 REN 05-029-20-11-0117* 129,300 125% 1.25% 1,616 Total 1,299,300 15,481 2010/2011 2011/2012 2012/2013 2013/2014 Base EMV Coop $654,100 $654,100 $654,100 $654,100 Base EMV Assisted $616,600 $616,600 $616,600 $616,600 Increase in EMV Coop 0 3,896,925 5,195,900 51195,900 Increase in EMV Assisted 9,850,050 13,133,400 13,133,400 13,133,400 Total Estimated Market Value $11,120,750 $18,301,025 $19,600,000 $19,600,000 NTC Project 1 -1st Tier RES 0 0 0 0 NTC Project 1 -2nd Tier RES 0 38,969 51,959 51,959 NTC Project 2.- 1 st Tier REN 0 0 0 0 NTC Project 2-2nd Tier REN 123,126 164,168 164,168 164,168 NTC Base 15,481 15,481 15,481 15,481 Total Net Tax Ca ity $138,607 $218,618 $231,608 $231,608 NolthWrld Securities, Inc.-2/16/2011 at 12:01 PM 71F 011511.xIs-Assumptions r, O CA h V5 Vf %n V1 Vp1 Vp1 vn VOi In Vpp7 W. kn 115 kn O O O O O O O O Q O 0 0 R 01 Q� CT O� Q1 Qt O� O� iT OOi � C C P m z _ _ r .. 49 0 O M M en mCD 0 0 0 0 0 0 0 0 0 O O O K b04 Q O r- 00. 00 0 00 00 00 DO 00 00 00 Od ee 00 60 0 r .-. 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W;i V) Vi Vi .moi V1 W) to kn kn h Vi r moi -V. Ln •-+ — .- — r r i — .- — i - N . r r- — M M M M M M M M M M M M fD Ita bj N " N N N N N N N N N N .o z c, a 16o n o0 0o eo eo 0o Oo 00 00 00 0o Oo 00 00 00 00 0o eo Oo 00 oO 00 0o ao ao oO oo Oo 0o r o Q o a o Q o 0 0 0 o a o V) 00 00 16 M M M M M M C-q M M M M t� M �ry M M M M M M :C zN N N N N N N N N N N N N N N N N N CV N fV N N N N N N O O O O O O a L LL. N 12 of 15 CITY OF OAK PARK HEIGHTS RESOLUTION NO. —. AUTHORIZING INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO.1-1 BE TF RESOLVED By the City Council Of the City Of Oak Park Heights (the "City")as follows: Section 1. Background. 1.01. The City has adopted Resolution No.— on the proposed modification of Tax Increment Financing District No. 1-1. (the "TIF District) on . 2016, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794,inclusive,as amended (collectively,the"TIF Act"). 1.02 The City plans to incur certain costs related to the TIF District,which costs may be financed on a temporary basis from legally available City funds. 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the City is authorized to advance or loan money from any fund from which such advances may be legally made in order to finance expenditures that are eligible to be paid with tax increments under the TIF Act. 1.04- The City expects to finance up to$519,000 in costs related to site land acquisition,site improvements, and other qualifying public improvements within the TIF District (the "Qualified Costs") and/or within the approved Municipal Development District using City funds legally authorized for such purpose, and to reimburse such funds from tax increments from the TIF District when received. 1.05. The City has also determined that it may be necessary to finance up to $58,000 in administrative costs associated with the TIF District (the "Administrative Costs")using City funds legally authorized for such purpose,and to reimburse such funds from tax increments from the TIF District when received. 1.06. The City intends to designate such advances as an interfund loan in 45015tvI MNIMN190-101 13 of 15 accordance with the terms of this resolution and the TIF Act. Section 2. 12epayent of Interf and Loan. 2.01. The City hereby authorizes the advance of up to$519,000 in legally available City funds to pay the Qualified Costs, plus up to $58,000 to pay the Administrative Costs,for a total aggregate principal amount of$577,000,together with interest at the rate of 4`ya per annum (the "Interfund Loan"). Interest shall accrue on the principal amount of each advance from the date of such advance. The interest rate is no more than the greatest of the rate specified under Minnesota Statutes,Section 270C.40 and Section 549.09,both in effect for calendar year 2015, and will not be adjusted. Expenditures other than statutorily approved Administrative Costs, if any, shall be first considered separately by the City Council. 2.02. Principal and interest ('Payments") on the Interfund Loan shall be paid semi-annually on each August 1 and February 1 (each a "Payment Date"), commencing on the first Payment Date on which the City has Available Tax Increment (defined below), or on any other dates determined by the City Administrator, through the date of last receipt of tax increment from the TIF District. 2.03. Payments on the Interfund Loan will be made solely from Available Tax Increment,defined as tax increment from the OF District received by the City from Washington County in the six-month period before any Payment Date. Payments shall be applied first to accrued interest, and then to unpaid principal. Payments on this Interfund Loan may be subordinated to any outstanding or future bonds, notes or contracts secured in whole or in part with Available Tax Increment, and are on a parity with any other outstanding or future interfund loans secured in whole or in part with Available Tax Increment. 2.04. The principal sum and all accrued interest payable under this resolution is pre-payable in whole or in part at any time by the City without premium or penalty. 2.05. This resolution is evidence of an internal borrowing by the City in accordance with Section 469.178, subdivision 7 of the TIF Act, and is a limited obligation payable solely from Available Tax Increment pledged to the payment hereof under this resolution.The Interfund Loan shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, 450151vl MNl MN190-101 2 14 of 15 including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on the Interfund Loan or other costs incident hereto except out of Available Tax Increment. The City shall have no obligation to pay any principal amount of the Interfund Loan or accrued interest thereon, which may remain unpaid after the final Payment Date. 2.06. The City may at any time make a determination to forgive the outstanding principal amount and accrued interest on the Interfund Loan to the extent permissible under law. 2.07. The City may from time to time amend the terms of this Resolution to the extent permitted by law, including without limitation amendment to the payment schedule and the interest rate;provided that the interest rate may not be increased above the maximum specified in Section 469.178.subd.7 of the TIF Act. Section 3. Effective Date. This resolution is effective upon approval. Adopted this 27th day of September,2016. Mayor ATTEST: City Clerk 450151v1 MNI MN190-101 3 15 of 15