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Home My WebLink About1995-02-22 NAC Ltr to OPH IA Northwest Associated Consultants, Inc. C U R B A N P L A N N I N G • D E S I G N M A R K E T R E S E A R C H ' 22 February 1995 Mr. Mike Robertson City Administrative Offices P.O. Box 2007 Oak Park Heights, MN 55082 RE: Oak Park Heights - St. Croix Mall TIF Modification #1 Street Reconstruction Project FILE NO: 798.02 - 95.01 Dear Mr. Robertson: Enclosed is a draft letter to be sent to the County and School District concerning the proposed modification of the St. Croix Mall to permit the use of surplus TIF funds for the street reconstruction project. This is a required thirty day notice that must be sent this week if the public hearing is going to be held 27 March 1995. My 4 January 1995 letter to Bob Voto (attached) describes the process we will complete to permit the use of the TIF funds. This plan amendment now has a sense of urgency around it. A bill has been introduced into the Legislature that will restrict your ability to use surplus TIF funds. I think the bill will pass, we just aren't sure of the effective date yet. Therefore, I would strongly encourage the Council to modify the TIF District now. Please call with any questions. Sincerely, NORTHWEST ASSOCIATED CONSULTANTS, INC. Daniel Wilson Director of Financial Analysis 5775 Wayzata Blvd. - Suite 555 - St. Louis Park, MN 55416 • (612) 595- 9636•Fax. 595 -9837 F"A 0 • Northwest Associated consultants, Inc. C U R B A N P L A N N I N G - D E S I G N -MARKET R E S E A R C H 4 January 1995 Mr. Bob Voto Tautges, Redpath & Company Ltd. 4810 White Bear Parkway White Bear Lake, MN 55110 RE: Oak Park Heights - St. Croix Mall TIF Amendment: 1995 Street Improvement Project FILE NO: 798.02 - 95.01 Dear Bob: I have compared the proposed assessment area with the area of the TIF Plan authorized improvements. The street improvements south of 57th Street North were not authorized in the TIF Plan. Therefore, the TIF Plan will need to be amended to include those activities. The TIF PIan has sufficient budget authority to cover all current and anticipated tax increments. The TIF Plan has a $489,000 street improvement and $97,500 capitalized interest budget authority. Your 5/17/93 report identified public improvement expenditures to date of only $150 The TIF Plan amendment will require the following: 1. HRA call public hearing. 2. Thirty day notice to School District and County of public hearing and economic impact. 3. HRA to hold public hearing. 5775 Wayzata Blvd. • Suite 555 • St. Louis Park, MN 55416 • (612) 595- 9636-Fax. 595 -9837 Mr. Bob Voto Page Two We will prepare the following documents to accomplish the above: 1. Resolution calling public hearing. 2. Notice to School District and County. 3. Public hearing notice. 4. TER Plan amendment. 5. RRA resolution adopting plan amendment. The public hearing can be scheduled for approximately 45 days of the HRA calling the public hearing. I will discuss this date with Mike Robertson. Sincerely, NORTHWEST ASSOCIATED CONSULTANTS, INC. Daniel H. Wilson Director of Financial Analysis PC: Mike Robertson DRAFT - DRAFT - DRAFT 22 February 1995 Mr. Gary Poser Mr. David Wettergren Washington County Auditor Independent School District 834 P.O. Box 6 Central Services Building Stillwater, MN 55082 1875 South Greeley Street Stillwater, MN 55082 RE: Oak Park Heights - St. Croix Mail TIF Plan Amendment Notification Dear Mr. On behalf of the City of Oak Park Heights, I am writing to notify you that the City proposes to modify its St. Croix Mall Tax Increment Financing Plan to permit the inclusion of additional street improvements south of the St. Croix Mall. The proposed activities are within the Oak Park Heights Redevelopment Area. Project Background The City established the St. Croix TIF District in August 1989. The district was established as an economic development district with a ten year duration. That plan authorized $489,000 in street improvements in the vicinity of the St. Croix Mall. To date, only $150,000 of the budget authority has been used. Modification No. 1 The City proposes to use the previously approved budget on street improvements not identified in the original TIF Plan. The TIF Plan identified street improvements to be made in conjunction with the City's street reconstruction program as an objective of the plan. The proposed TIF Plan modification would provide for the use of the previously budgeted tax increments to be used to write down the street reconstruction costs in a two block area south of the St. Croix Mall (see attached map). The remaining budget authority would be used. Page Two Economic Impact on Taxing Jurisdictions This is the required statement of the economic impact that the proposed project will have on your taxing jurisdiction. The City is not capturing additional tax increments over what has already been approved. The duration for the collection of tax increments is not being altered from the original plan. Therefore, the proposed plan amendment will have no impact on your taxing jurisdiction. The taxing jurisdictions within which the district is located will continue to receive taxes as if no new development were to occur with the current tax capacity valuation neither increasing nor decreasing. The City will receive all taxes derived from the increased tax capacity valuation above the frozen base within TIF Districts previously provided for. The tax capacity value of the taxable property will be frozen at the annually adjusted original tax capacity through 1999, as provided in the original TIF Plan. At that point, the taxing jurisdiction will begin to receive taxes on the full tax capacity value of the property. The amount each jurisdiction will receive annually during the life of the district will vary with changes in the tax capacity rate. In the event that the tax capacity rate decreases, the tax paid to the ta)ting jurisdiction on the frozen base will be computed at the tax capacity rate in place at the time of original certification. In the event a tax capacity rate increase is approved by a School District referendum, the resulting tax increase would be paid to the School District. Notice of Public Hearing The Oak Park Heights City Council will hold a public hearing on 27 March 1995 at 7:00 PM in the Council chambers to obtain citizen views and input on the proposed project. You are invited to attend the public hearing to express your views. If you have any questions regarding the estimated economic impact statements, please call our office. Sincerely, CITY OF OAK PARK HEIGHTS Mike Robertson City Administrator Attachment: Exhibit A -TIF District Boundary Map ST. CROIX MALL A L j 1 A I � +�ll+o:l ern... :.;•� ('� i .................; �:�: %`:' %' � - � — CT i - •I I �� I • I •rl • - I_ I ...I :fir: ,�.�. ..• :�`iy;: �;;•1'�.;.;.; • ,�::!;:.r:.l• r, i•�•f•,•, �-.� '� ��_ I - -� J. k l ! STREET IMPROVEMENTS ADDED BY MODIFICATION #1 N mwm'='PREVIOUSLY APPROVED This map is for planning purposes only and should not be used when precise measurements are required 0 ak EXHIBIT A - TIF DISTRICT BOUNDARY MAP North _D 11-88 -c. I. g. ark TIF District northwest Planning District 5 ighti associated consultants, inc. A minnefoto