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HomeMy WebLinkAbout12/23/1997 TENTATIVE AGENDA ADJ.REG.SESSION SHAKOPEE, MINNESOTA DECEMBER 23, 1997 LOCATION: 129 Holmes Street South ECONOMIC DEVELOPMENT AUTHORITY President R. O. Sweeney presiding 1. Roll Call at 7:00 p.m. 2. Approval of the agenda 3. Res. No. 97-13 -Approving Modification of Tax Increment Financing Plans for Tax Increment Financing District Nos. 1, 2, 3, 6, 7, and 9 and a Modified Redevelopment Plan for Project No. 1 4. Res.No. 97-14 - Decertifying TIF District No. 6 (Motel) 5. Res. No. 97-15 - Decertifying TIF District No. 2 (Hirise) 6. Other business 7. Adjourn * * * * * CITY COUNCIL Mayor Jeff Henderson presiding 1. Roll Call following the EDA meeting at 7:00 p.m. 2. Approval of the agenda 3. Public Hearing on the modification of the Redevelopment Plan for the Minnesota River Valley Housing and Redevelopment Project No. 1 and modification of the Tax Increment Financing Plans for the TIF District Nos. 1, 2, 3, 6, 7, and 9 - Resolution No. 4812 4. Res. No. 4813 - Decertifying TIF District No. 6 (Motel) 5. Res. No. 4814 - Decertifying TIF District No. 2 (Hirise) 6. Other business CITY OF SHAKOPEE Memorandum TO: Mayor and Council Shakopee EDA Mark McNeill, City Administrator/Executive Director FROM: Gregg Voxland, Finance Director SUBJ: TIF Plan Modifications DATE: December 19, 1997 Introduction One of the required steps for the modification of the TIF Plan and Budget is for the City Council to hold a public hearing before approving the changes. Background The remaining steps _necessary for the TIF Plan and Budget to be modified are for -the EDA to adopt a resolution approving and adopting the modification to the plan and budget. The City Council needs to hold a public hearing on the changes and then if acceptable, adopt a resolution approving and adopting the modifications. - The attached documents were prepared by Steve Bubul of Kennedy and Graven. The reasons for the modifications are; 1) to bring- the budget up to date for actual costs/revenues, 2) to update the budget with current projections of future cost/revenues and 3) to reformat the budget to match the reporting requirements of the State Auditor. This revision does not add any new TIF districts, extend the life of expand any districts or add any expenditures for new projects . The revision only updates and restates the 1995 TIF modifications . - The revised budget includes District #6 (Motel) closing and rebating the increment for 1996 back to the county as per previous discussion. The EDA and Council are also requested to consider closing District #2 (HiRise) . It appears that due to the timing of when #2 was established, expenditures should have been only for costs within the district and not pooled. Recommended action is to close TIF District No. 2 and rebate the 1997 collections to the county. We have paid the school the first half of its referendum share of tax increment, but the are holding the second half. Direction is requested on whether to recoup the first half, pay the second half also, or to leave the first half and not pay the second half . The amount involved is about $2,475 out of each half year settlement of $17, 739 . I have not heard anything from the school district or the county since responding to questions from their staff. Enclosed is Resolution 97-123 from the Planning Commission documenting its positive comment on the revisions . Recommendation Adopt the modifications to the TIF Plan and Budget as presented or amended to include District #2 and #4 closing. It is recommended to close District #2 and #4 . This needs to be done this year in order to avoid reporting and compliance problems again for 1997 . Action Offer: EDA: RESOLUTION NO. 97-13 RESOLUTION APPROVING_ MODIFICATION OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS . 1, 2, 3 , 6, 7 AND 9 AND A MODIFIED REDEVELOPMENT PLAN FOR THE MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 and move its adoption. RESOLUTION NO. 97-14 RESOLUTION CLOSING TAX INCREMENT FINANCING DISTRICT NO. 6, and move its adoption. RESOLUTION NO. 97-15 RESOLUTION CLOSING TAX INCREMENT FINANCING DISTRICT NO. 2 , and move its adoption. Council: RESOLUTION NO. 4812 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 1, 2 , 3 , 6, 7 AND 9 AND A MODIFIED REDEVELOPMENT PLAN FOR THE MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 and move its adoption. RESOLUTION NO. 4813 RESOLUTION CLOSING TAX INCREMENT FINANCING DISTRICT NO. 6, and move its adoption. RESOLUTION NO. 4814 RESOLUTION CLOSING TAX INCREMENT FINANCING DISTRICT NO. 2, and move its adoption. Gregg oxland Finance Director I:\finance\docs\taxinc\97Bud1 CITY OF SHAKOPEE PLANNING COMMISSION RESOLUTION NO. 97-123 RESOLUTION FINDING THE MODIFICATION OF HOUSING AND REDEVELOPMENT PLAN FOR MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 AND MODIFICATIONS OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS NOS. 1, 2, 3, 6, 7 AND 9 CONSISTENT WITH THE PLANS FOR DEVELOPMENT OF THE CITY OF SHAKOPEE WHEREAS, the City Council of the City of Shakopee has authorized preparation of a modified Redevelopment Plan for the Minnesota River Valley Housing and Redevelopment Project No. 1 ("Project") and modification to the Tax Increment Financing Plans ("TIF Plans") for Tax Increment Financing District Nos. 1, 2, 3, 6, 7 and 9 within the Project, and the modified Redevelopment Plan and TIF Plans have been submitted to the Planning Commission for comment; and WHEREAS, the Planning Commission has reviewed the modified Redevelopment Plan and TIF Plans and has compared them with the plans for development of the City as a whole. NOW, THEREFORE, BE IT RESOLVED By the Planning Commission of the City of Shakopee, Minnesota as follows: 1. The modified Redevelopment Plan for the Project and the modified TIF Plans for TIF District Nos. 1, 2, 3, 6, 7, and 9 are found to be consistent with the plan for development of the City of Shakopee as a whole. 2. City staff are authorized and directed to provide a copy of this resolution to the City Council and the board of commissioners of the Shakopee Economic Development Authority as the Planning Commission's written comment regarding the proposed plan modifications. Approved this 4th day of December, 1997, by the Planning Commission of the City of Shakopee, Minnesota. aty til ,474CCv Chairpersdn ATTEST: Community Development Director SJB134435 SH235-3 ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE RESOLUTION NO. 9 7-13 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 1, 2, 3, 6, 7 and 9 AND A MODIFIED REDEVELOPMENT PLAN FOR THE MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic Development Authority for the City of Shakopee ("Authority") as follows: Section 1. Recitals. 1.01. The City of Shakopee ("City") has previously established its Minnesota River Valley Housing and Redevelopment Project No. 1 (the "Project") pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act"). 1.02. Within the Project the City has created Tax Increment Financing Districts Nos. 1, 2, 3, 6, 7, and 9 (the "TIF Districts") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act"). 1.03. The Project and the TIF Districts are now administered by the Authority. 1.04. The Authority has determined to consider a modification of the redevelopment plan ("Project Plan") for the Project and the tax increment financing plans ("TIF Plans") for the TIF Districts, as described in a modification document presented to this Board on this date. 1.05. The City Planning Commission has provided a written comment to this Board finding that the modified Project Plan and TIF Plans are consistent with the comprehensive City plan. Section 2. Plans Adopted; Further Proceedings. 2.01. The modified Project Plans and the TIF Plan are hereby approved and adopted. 2.02. The Board hereby transmits the modified Project Plan and TIF Plans to the Council and recommends that the Council hold the required public hearing and adopt the modified Project Plan and TIF Plans. 2.03. Upon approval of the modified Project Plan and TIF Plans by the Council, Authority staff and consultants are authorized to take all actions necessary to implement those plans. Approved by the Board of Commissioners of the Economic Development Authority for the City of Shakopee this 23rd day of December, 1997. President Attest: Secretary SJB135304 SH235-3 1 The Project Plan and each TIF Plan remain in full force and effect and are not modified except as provided in this document. III. Estimated Impact on other Taxing Jurisdictions. The Authority believes that the TIF Plan modifications described herein have no fiscal impact on other taxing jurisdictions, as the modifications do not add new property to any TIF District, propose any increase in captured tax capacity, or extend the duration of any TIF District. Rather, the purpose of the modifications is to increase and revise the budget of expenditures from existing projected tax increments, in order to accomplish the redevelopment goals for the Project. SJB134433 SH235-3 2 MODIFICATION OF HOUSING AND REDEVELOPMENT PLAN FOR MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 AND MODIFICATIONS OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS NOS. 1, 2, 3, 6, 7 AND 9 I. Background. The Shakopee Economic Development Authority ("Authority") currently administers the Minnesota River Valley Housing and Redevelopment Project No. 1 ("Project"). Within the Project, the Authority administers Tax Increment Financing Districts ("TIF Districts") Nos. 1, 2, 3, 6, 7 and 9 (among other districts not addressed in this document). The Project is governed by a Housing and Redevelopment Plan("Project Plan"), which generally describes the overall objectives for the Project and contains estimates of public improvement costs (Section 1.7) and descriptions of public improvements (Section 1.8). Except as described below, each TIF District is also governed by a tax increment financing plan ("TIF Plan"), which is incorporated into the Project Plan. Generally, the budget of expenditure s for each TIF Plan is described by cross-reference to Section 1.7 of the Project Plan. The Authority and City have determined a need to modify the Project Plan and the TIF Plans for the cited TIF Districts. The purpose of this modification is to summarize expenditure s to date and modify the budget for future expenditures. TIF District No. 1 was established prior to August 1, 1979 under the predecessor statute to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"). As such, this TIF District is not generally subject to the requirements of Minnesota Statutes, Sections 469.174 to 469.179 (the "TIF Act"). However, under Section 469.179, subd. 2, if development or redevelopment activity of this "Pre-1979" district is extended beyond the scope of activity set forth in the redevelopment plan under the HRA Act after May 1, 1988, the Authority must, with regard to the new activity, conform to the provisions of the TIF Act. Accordingly, to the extent any activity described in this modification extends beyond the scope of the Project Plan as of May 1, 1988, this document is intended to constitute a tax increment plan for TIF District No. 1 for the purposes of complying with Section 469.179, subd. 2. Nothing in this document is intended to alter r the status of TIF District No. 1 as a "pre-1979" district for the purposes of the TIF Act. II. Redevelopment and TIF Plan Modifications. The tables attached as Exhibit A modify Subsection 1.7 of the Project Plan and the comparable - "estimated public cost" sections of the TIF Plans for TIP District Nos. 1, 2, 3, 6, 7 and 9. Consistent with the existing Project Plan, it remains the Authority's intent that all public costs set forth in the Project Plan may be financed by expenditures from any of the named TIF Districts, subject to any limitations otherwise imposed on expenditures from any TIF District under the TIF Act. SJB134433 SH235-3 1JAfLD11 H. • Tax Increment Budget Amendment Districts 1-9 November 1997 • TIF District 1 TlEplattict 2 Sources Through 1996 Future Total Through 1996 Future Total Tax Increment $27,199,363 25,398,000 232,597,363 2667,916 •$115,000 $782,918 Interest Income 7,367,514 225,000 7,592,514 222,629 222,629 Bond Proceeds 29,178,932 29,178.932 385,997 365,997 Loan Proceeds 500000 500,000 Real Estate Sates 1,139.468 1,139,488 20,000 Special Assessments 228,978 228.978 20,000 Rent/Lease 43,097 1,155 44,252 - State Ald Construction 1,758,281 1,756,281 62(476 62,476 Transfer in - District#1 District#2 340.602 100,923 441.525 - District#3 327,188 100,322 427,510 - District 04 2,221,636 2,221,838 - District#6 214,254 7,933 222.187 - District 07 48,138 90,000 138,138 - District 09 5,199 747,148 752,345 - Transfer From Other Funds - - General Fund 72 72 Capital Improvement Fund 108,669 108,089 Total Sources 70,179,391 7,170,479 77,349,870 1,339,018 115,000 1,454,018 Project Costs Land AcquisitionANriledown - - KMart -1,139,468 1,139,488 - Highnse - 83,965 • 83,965 -Mebco FMG - Block 3&4 607,535 1,322,097 1,929,632 - - Subtotal 1,747,003 1.322,097 3,069,100 83,965 - 83,965 Site Improvements KMert 1.598.915 FM O 1,598,915 - Subtotal 1,598,915 - 1,598,915 - • Public Utilities - KMart 1,576,045 1,578,045 Hlghrise Offsite - 139.843 139,843 Storm Drainage 8,563,791 102,000 6,865,791 Rehr Force Main 304,765 - 304,785 - • Chaska Interceptor 976.700 978,700 - Subtotal 8,444,601 1,078,700 9,523,301 139,843 - - 139,843 Parking Facilities - Streets&Sidewalks 210,916 _ 210,916 87,819 - 87,819 Offsite-Track 2,932,395- - 2,932,395 Downtown 3,035,420 - 3,035,420 _- KMart 158.497 158,497 South Bypass , 1,136,454 1,138,454 - - 169 Bridge/junction 1,922,808 - - - _. 1,922,808 - Downtown Alleys 500,000-- 500.000 - - 9,896,490 - 9,896,490 - - 87 87,819 87,819 Public Parks - Park Improvements _ - - - - Tahpah Stadium Restrooms _ - -380,000 380,000 - Social/Roc/Conference 5,679,529 - 91,000 - -5;770,529- - - 5,679,529 471,000 - 8,150,529 • - - Bond Principal 24,390,000 4,725,000 29,115,000 370,000 370,000 Bond Interest 10,509,022 644,218 11,153.240 210,390 - - 210,390 Loan Principal 500,000 - 500,000 _ Loan/note Interest _ 942 - 25,000 25,942 - 34,899,964 - 5,894,218 40.794,182 580,390 - - - - 580,390 Administrative Costs Debt Service 378,541 -7,500 386,041 - - - -- -_ - KMArtProject - 48,476- - 48,478- Highnse --- - ._11,544- .. 11,544 Highrise Relocation -- -- - 5,819 - - 5,819 - - Downtown -_ Motel ._ . - - 169 Bridgelunction 22.785 22.785 - - Drainage 34,883 - 34,883 _ - So.Bypass 23,179 -- 23,179 -- _ - _- HRA/EDA 228.720 --- _ 228,720 - - - - - Offsite 33,875 - Downtown 39,987 9,987 -- 9,987- Mebco -.Civic • Center • 15,301 15,301 City 439,000 439,000 - FMG - Block 3&4 13,191 30,703 43,894 Block 3&4 Relocation 354,214 30,588 384,802 Subtotal 1,600,152 88,791 1,6888,943 17,363 17,383 Other ISD pmts 1,629,243 567,865 2,197,10845,236 14,077 59,313 Relocation -- - - Returned for Distribution _ -- -- - -- - Subtotal 1,829,243 567,865 - 2,197,108 45,238 14.077 59,313 Total uses of Funds 65,495,897 9,402,871 -_.. 74,898,588 954,818 14,077 968,893 •• Transfer To Other Districts - - -- _ -- Distract 01 - 340,602 100,923 441.525 District 04 - 2,356,526 - 2.356,528- _ District 08 94,778 - -94,776 43,800 43,800 District 010=e1 - Transfer To Other Funds _• _. - - - Total Other Uses 2,451,302 --- - 2,451,302 - 384,402 100,923 485,325 Excess(deficiency)of - - - - RevenuesoverExpenditures 52,232,192 - (52.232.192) SO SO SO S0 • 8t10GET97.XLS8000ET97 11(2197 153 PM November 1997 I!E plttdct; TIF pistrjct s tires hrough 1996 Future Total Through 1996 Future _ Total Tax Increment $509,880 $115,000 5824,880 896,460 88,772 $105,232 Interest Income 188,310 828 187,138 Bond Proceeds 159,188 159,188 492,500 - 492,500 Loan Proceeds Reel Estate Sales • - Special Assessments _ - Rent/Lease • - Stats Aid Construction - - • Transfer k1 • - District e1 • 94,776 94,776 District e2 • 43,800 43,800 District e3 - District 114 - - District 06 - District s7 - 157,984 157,984 District 09 - - Transfer From Other Funds • - General Fund - Capital Improvement Fund Total Sources 889,086 115,000 784,066 1,071,830 9,600 1,081,430 Project Costs • Land Acqdsitionlvditedown • - KMart - Highrise - _ - - - - Mebco - - FMG - - _ - -- . Block 3&4 _ Subtotal - • - - ' Site Improvements KMart . FMG _ - Subtotal - - _ ..Public Utilities KMert Highrise Offsite - _- Storm Drainage • _ , Rehr Force Main - - - Chaska Interceptor - _ Subtotal - - - - - Parking Facilities - • - Streets 6 Sidewalks 243.941 243,941 - Offsite-Track Downtown - - - - KMart South Bypass - _ 169 Bridge/unction - - - - Downtown Alleys - - - -. 243,941 • _ 243,941 - - Public Parks Park Improvements - - - TahpehStadium Restrooms • Social/Rec/Conference - - - Bond Principal - - 500,000 500,000 Bond Interest- - - 159,123 159,123 Loan Principal 157,984 157,984 Loanlnote Interest _ - • 817,107 - 817,107 Administrative Costs Debt Service - - - _ _ • KMArt Project - - - Highrise - - _ - -. - Highrise Relocation _ - - _ - - - Downtown 54,240 _-. -_-- 54,240 - Motel _ _ 23,858 23,858 - 189 Bridge/junction -- - - Drainage - _ - So.Bypass - -- - HRA/EDA _ _ - - _ - Offsite- Downtown tfsiteDowntown - - _ - Mebco - - Civic Center - - - City _- - -. FMG - - Block 3&4 - Block 3&4 Relocation Subtotal 54,240 - 54,240 23,858 - 23,858 Other ISO pmts 43,697 14.878 58,375 8,678 1,667 10,345 Relocation -- • - Returned for Distribution - _ - - 7,933 7,933 Subtotal_ 43,897 -. 14,878 .58,375 - 8,678 9,600 - 18,278 Total uses of Funds -341,878 14.878 356,558 849,643 - 9,600 - 859,243 Transfer To Other Districts District at - 327,188 100,322 --- 427,510 214,254 7,933 222,187 District 04 - - - - District 06 _. _- - - - - District 010=e1 - - - • Transfer To Other Funds - ---- _ • Total Other Uses 327,188 100,322. 427,510 214,254 -7,933 222,187 Excess(deficiency)of Revenues over Expenditures SO - SO SO $7,933 ($7,933) $0 9000ET97.XLSBl1DOET97 11/21/97 3.54 PM November 1997 TW Olaylat T 71f9104014 11140 hrough 1996 Future Total Through 1996 Future Total Tax Increment $227,086 $90,000 • $317,066 $1,786,130 $1,143,000 $2,929,130 Interest Income 5,904 5,904 5,200 5,200 Bond Proceeds Loan Proceeds 157,984 157,984 • -_ Real Estate Sales _ Special Assessments _ RenULease State Aid Construction •Transfer In District#1 District#2 ' District 03 - District e4 District#8 District#7 - District 99 - Transfer From Other Funds General Fund Capital Improvement Fund • - Total Sources 390,954 90,000 480,954 1,791,330 1,143,000 2,934,330 Project Costs Land Acquisition/Writedown KMart • _ -Hghnse - ' Meboo - 142.682 142,682 - FMG - - 717.529 348,589 1,064,098 Block 3 d 4 Subtotal 142,882 - 142,682 717,529 348,569 1,064,098 Site Improvements KMert FMG Subtotal - - 17,293 17,293 • Public Utilities - 17,283 17.293 KMart • Highrise Offske S• torm Drainage • Rehr Force Main _ Chaska Interceptor Subtotal _ •- _ Parking Facilities - ' Streets&Sidewalks Offsite-Track • ' Downtown • ' - KMart _ I South Bypass 169 Bridge/junction - - • Downtown Alleys • Public Parks - -- Perk Improvements - • _ - _. Tahpah Stadium Restrooms ' SOdaURec/Conference • Bond Principal Bond Interest Loan Principal 157,984 157,984 Loan/note Interest - 716,954 43,056 780,010 157,984 _ 157,984 718,954 43,056 760,010 AdminisUative Costs -Debt Service - KMArt Project • Highrise - Highrise Relocation - ' - __ - Downtown -- - - -- - Motel --- 189 Bridge/junction -189Bridge/unction - - -_- Drainage So.Bypass - - HRA/EDA- - - . - Offsite - - - - Downtown - - - Mebco 15,303 15,303 Civic Center- . City - FMG Block 3 6 4 59.881 59,881 • Block 3&4 Relocation Subtotal 15303 - 15,303 59,881 59,881 Other ISO pmts 26,847 26,847 280,703 280,703 Relocation Returned for Distribution ' Subtotal -- • 28,847 - 28,847 280,703 - 280,703 Total uses of Funds - 342,816 • - 342,816 -- 1.775,087 406,918 2,181,985 -- -. - Transfer To Other Districts - - District#1 - 90,000 90,000 5,199 747,146 752,345 District$34 - District 96 - _ District 910=91 -. 48.138 48,138 _ Transfer To Other Funds Total Other Uses 48.138 90,000 138,138 5,199 747,148 752,345 -- Excess(deficiency)of Revenues over Expenditures S0 $0 SO $11,064 ($11,p84) SO BUDGET97.XLSBUDGET97 11/21!97 154 PM TIF Olehlcts TOTAL Sources Through 1998 Future Total Tax Increment $30,486,815 $6,8699,772 $37,358,587 Interest Income 7.787.557 225,828 8,013,385 Bond Proceeds 30.196.615 - 30,196.615 Loan Proceeds 157,984 500,000 657,984 Real Estate Sales 1.159.468 - 1.159,468 Special Assessments 228,978 • 228,978 Rent/Lease 43,097 1,155 44,252 State Aid Construction 1,818,757 1,818,757 Transfer In - - DistrlctXt 94,778 • 94,776 I*sktr:t 03 304,4(17 1101.023 4115,310 Dhnlct 03 327,168 1(0),322 427,510 District 04 2,221,638 - 2,221,836 District 08 214,254 7,933 , 222,187 District 07 206,122 90,000 296,122 District X9 5,199 747,146 752,345 Transfer From Other Funds - General Fund 72 72 Capital Improvement Fund 108,669 - 108.689 Total Sources 75.441,589 8.843,079 84,084,888 Project Costs Land Acquisillon Writedown KMart 1,139,468 - 1,139,488 Highrise 83.965 • 83,965 Mebco 142,682 • 142,682 FMG 717.529 346,569 1,064,098 Block 3 3 4 807.535 1,322.097 1,929,632 Subtotal 2.891,179 1.668,888 4.359,845 Site Improvements KMart 1.598,915 - 1,598,915 FMG - 17.293 17,293 Subtotal 1,598,915' 17,293 1,816,208 Public Utilities KMart 1,576.045 - 1,576.045 Highnse Offsite 139,843 - 139,843 Storm Drainage 6,563,791 102,000 6,665,791 Rehr Force Main 304,765 - 304,765 Chaska Interceptor w6.700 976 700 Subtotal 8.584,444 1.078,700 9.663,144 Parking Facilities - - - Streets 6 Sidewalks 542,676 - 542,676 Offal's-Track 2,932,395 2,932.395 Downtown 3,035,420 - 3,035,420 - KMart 158,497 158,497 South Bypass 1.136,454 - 1,138,454 189 Bridge/junction 1,922,808 - 1,922,808 Downtown Alleys _ 500,000 - 500,000 10.228,250 10,228,250 - - Public Parks Perk Improvements - • Tehpah Stadium Restrooms - 380,000 380,000 SociatRec/Conference 5.879,529 91,000 5,770,529 5679 529 471,000 6,150,529 Bond Principal 25,260,000 4.725,000 29,985,000 Bond Interest 10,878,535 644,218 11,522,753 Loan Principal • 315,968 500,000 815,968 Loan/note Interest 717.896 68,058 785,952 37,172.399 5,937,274 43,109,873 Administrative Costs Debt Service 378,541 7,500 386,041 KMAR Project 46.476 - 46,476 Highrise 11,544 11,544 Highrise Relocation 5,819 - 5,819 _ - Downtown 54,240 - 54,240 Motel 23,858 - _ 23,858 .... --_ __- 169 Bridgequnetron 22.785 - 22,785 - - - Drainage 34,883 -- 34,883 - So.Bypass 23,179 - 23,179 HRA/EDA 228,720 - 228.720 Offsite - 33.875 • 33.875 Downtown - 9,967 - 9,987 _ _ Mebco - - 15,303 - 15,303 Civic Center 15,301 - 15,301 City 439,000 439,000 FMG 59,881 59,881 Block 3&4 13,191 30,703 43.894 Block 3&4 Relocation 354.214 30,588 384,802 Subtotal 1,770,797 68,791 1,839,588 Other . ISO pmts • 2,034,404 598,287 2,832,691 Relocation Returned for Distribution - 7,933 7,933 Subtotal -2,034,404 606,220 2,840,624 Total uses of Funds -L 69759,917- 9,847,944 79,607,881 Transfer To Other Districts District 01 887.243 1,048,324 1,933,567 District 04 2,358,528 - 2,358,528 District 06 138,576 - 1 138,576 District X10•01 48,138 - - 48,138 - . Transfer To Other Funds - _ -- Total Other Uses 3,430,483 1.048,324 4,476,807 Excess(defIcIency)of Revenues over Expenditures - $2,251,189 ($2,251,189) SO BuOGET07.X1SSUDGET97 11121/97 3:55 PM ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE RESOLUTION NO. 97-14 RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 6 BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic Development Authorityforthe City of Shakopeeee ("Authority") as follows: Section 1. Recitals. Cit has previouslyestablished its Minnesota River 1.01. The City of Shakopee ( . Y Valley Housing and Redevelopment Project No. 1 (the "Project") pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act");and 1.02. Within the Project the City has created Tax Increment Financing District No. 6(the "TIF District") pursuant to Sections 469.174 to 469.179 (collectively. the TI ). 1.03. The Project and the TIF District are now administered by the Authority. 1.04. The Authority and City, have on this date (by separate action) modified the tax increment financing plan("TIF Plan")for the TIF District in order to authorize cettain additional tax increment expenditures collected through December 31. 1997. 1.05. The Authority and City have further determined that is in the best interest of the City to decertify the TIF District as of December 3L 1997. Section 2. IIF District Decertified; Tax Increment Returned; Filing. 2.01. The TIF District is hereby deemed decertified as of December 31, 1997. 2.02. Staff is authorized and directed to transmit a copy of this resolution to Scott County with instructions to de-certify the TIF District, it being the intent of the City that no collection of tax increment from the TIF District will be distributed to the Authority after December 31, 1997. 2.03. Staff is also authorized and directed to return to the Scott County Auditor all tax increment revenues from the TIF District received during 1996 for distribution to the various - taxing jurisdictions. 2.04. Notwithstanding decertification of the TIP District and return of increment received in 1996.the Authority may expend the balance of any other tax increment revenues from the TIF District collected through December 31., 1997 in accordance with the TIF Plan for the TIF District as modified on December 23. 1997. SJ8335395 SH235-3 8617—d 10/90 d E61-1 OtE61EEZ19 N3AV89 V Aa3NN3N—woad wegl:Ol 16-61—"8a Approved by the Board of Commissioners of the Economic Development Authority for the City of Shakopee this 23rd day of December, 1997. President Attest: Secretary - II SJ81?S395 SH235-3 2 86P—� 10/!0'd E6L-1 01E61EEZ19 N3AYb9 7 A03NN3N—woad wegl:Ol L6-61-390 ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE RESOLUTION NO. 9 7—15 RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 2 BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic Development Authority for the City of Shakopee ("Authority") as follows: Section 1. Recitals. - 1.01. The City of Shakopee ("City") has previously established its Minnesota River Valley Housing and Redevelopment Project No. 1 (the"Project")pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act"):and 1.02. Within the Project the City has created Tax Increment Financing District No. 2 (the "TIF District") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act"). 1.03. The Project and the TIF District are now administered by the Authority. ("Authority"). 1.04. The Authority and City have determined that is in the best interest of the City to decertify the TIF District as of December 31. 1997. Section 2. TIF District Decertified; Tax Increment Returned; Filing. 2.01. The TIF District is hereby deemed decertified as of December 31. 1997. 2.02. Staff is authorized and directed to return to the Scott County Auditor all tax increment revenues from the TIF District received during 1997 for distribution to the various taxing jurisdictions. 2.03. Staff is authorized and directed to transmit a copy of this resolution to Scott County with instructions to de-certify the TIF District, it being the intent of the City that no collection of tax increment from the TIF District will be distributed to the Authority after December 31, 1997. Approved by the Board of Commissioners of the Economic Development-Authority for the City of Shakopee this 23rd day of December. 1997. President Attest: - Secretary SJB135393 Sy73S-3 8617—d 10/EO d 861-1 Ole6LEEE19 N3AVb9 I A03NN3N—woad we171:01 l6-61-390 CITY OF SHAKOPEE RESOLUTION NO. 4812 RESOLUTION APPROVING MODIFICATION OF TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICT NOS. 1, 2, 3, 6, 7 and 9 AND A MODIFIED REDEVELOPMENT PLAN FOR THE MINNESOTA RIVER VALLEY HOUSING AND REDEVELOPMENT PROJECT NO. 1 BE IT RESOLVED By the City Council ("Council") of the City of Shakopee ("City") as follows: Section 1. Recitals. 1.01. The City has previously established its Minnesota River Valley Housing and Redevelopment Project No. 1 (the "Project") pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act");and 1.02. Within the Project the City has created Tax Increment Financing Districts Nos. 1, 2, 3, 6, 7, and 9 (the "TIF Districts") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act"); and _ 1.03. The Project and the TIF Districts are now administered by the Economic Development Authority for the City of Shakopee ("Authority"). 1.04. The Authority and City have determined to consider a modification of the redevelopment plan ("Project Plan") for the Project and the tax increment financing plans ("TIF Plans") for the TIF Districts, as described in a modification document presented to the Council on this date. 1.05. The modified Project Plan and TIF Plans were, in accordance with the HRA Act and TIF Act, referred to the City planning commission which submitted to the City its written opinion that such plans conform to the general plan for the development of the City as a whole. 1.06. Estimates of the fiscal and economic implications of the modified TIF Plans were presented to the school board of Independent School District No. 720 and to the county board of commissioners of Scott County at least 30 days before the public hearing on the TIF Plans, all in accordance with the TIF Act. 1.07. By resolution dated December 23, 1997, the Authority approved the modified Project Plan and TIF Plan and referred them to the Council for public hearing and consideration. 1.08. This Council has fully reviewed the contents of the modified Project Plan and TIF Plans and this date conducted a duly noticed public hearing thereon, at which the views of all interested persons were heard. Section 2. Findings; Redevelopment Project. 2.01. It is hereby found and determined that within the Project as modified there exist conditions of economic obsolescence, underutilization and inappropriate uses of land constituting blight within the meaning of the HRA Act. The findings stated in the modified Project Plan are incorporated herein by reference. SJB135305 SH235-3 1 2.02. It is further specifically found and determined that: a) the land within the Project as modified would not be made available for development without the public intervention and financial assistance described in the Project Plan; b) the Project Plan as modified will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the Project by private ' enterprise; and c) the Project Plan as modified conforms to the general plan for development of the City as set forth in the comprehensive municipal plan. Section 3. Findings; TIF District Nos. 1, 2, 3, 6, 7 and 9. 3.01. It is found and determined, and it is the reasoned opinion of the Council, that the redevelopment of the Project as described in TIF Plans, as modified, could not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the use of tax increment financing for assistance as described in the TIF Plans as modified is deemed necessary. 3.02. The proposed public costs to be financed in part through tax increment financing are necessary to permit the City to realize the full potential of the Project in terms of development intensity, employment opportunities and tax base. 3.03. The modified TIF Plans conform to the general plan of development of the City as a whole. 3.04. The modified TIF Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Project by private enterprise. 3.05. TIF District No. 1 remains a TIF District established before August 1, 1979 and is not subject to the TIF Act except as described in the modified TIF Plan therefor; TIF District Nos. 2, 3 and 6 remain redevelopment districts under the TIF Act in effect upon approval of the TIF Plan for those TIF Districts; and TIF District Nos. 7 and 9 remain economic development districts under the TIF Act in effect upon approval of the TIF Plans for those TIF Districts. 3.06. The approval of the modified TIF Plans is intended, and in the City's judgment its effect will be, to promote the public purposes and accomplish the objectives specified in the TIF Plans and the Project Plan. 3.07. The reasons and supporting facts on which findings in this Section are based include the reports and recommendations of City staff regarding unmet redevelopment needs within the Project, as well as reasons and facts set forth in each TIF Plan and the Project Plan as a whole. Section 4. Plans Adopted; Filing. 4.01. The modified Project Plan and TIF Plans are hereby approved and adopted. 4.02. The Authority is authorized and directed to file a copy of the modified Project Plans and TIF Plans with the Minnesota Commissioner of Revenue as required by the TIF Act. SJB135305 SH235-3 2 Approved by the City Council of the City of Shakopee this 23rd day of December, 1997. Mayor Attest: City Clerk SJB135305 SH235-3 3 CITY OF SHAKOPEE RESOLUTION NO. 4 813 RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 6 BE IT RESOLVED By the City Council ("Council") of the City of Shakopee ("City") as follows: Section 1. Recitals. 1.01. The City has previously established its Minnesota River Valley Housing and Redevelopment Project No. 1 (the 'Project") pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act");and 1.02. Within the Protect the City has created Tax Increment Financing District No. 6 (the "TIF District") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act"). 1.03. The Project and the TIF District arc now administered by the Economic Development Authority for the City of Shakopee ("Authority"). 1.04. The Authority and City, have on this date (by separate action) modified the tax increment financing plan("TIF Plan")for the TiF District in order to authorize certain additional tax increment expenditures collected through December 31, 1997. 1.05. The Authority and City have further determined that is in the best interest of the City to decertify the TIF District as of December 31, 1997. Section 2. TIF-District Decertified; Tax Increment Returned; Filing. 2.01. The TIF District is hereby deemed decertified as of December 31, 1997. 2.02. The Authority is authorized and directed to transmit a copy of this resolution to Scott County with instructions to de-certify the TIF District, it being the intent of the City that no collection of tax increment from the TIF District will be distributed to the Authority after December 31. 1997: 2.03. The Authority is also authorized and directed to return to the Scott County Auditor alt tax increment revenues from the TIP District received during 1996 for distribution to the various taxing jurisdictions 2.04. Notwithstanding decertification of the TIP District and return of increment received in 1996. the City intends that the Authority may expend the balance of any other tax increment revenues from the TIP District collected through December 31, 1997 in accordance with the TIF Pian for the TIF District as modified on December 23, 1997. SJ8135383 SM235-3 86P—i 10/170 d E6L-1 01E61EEZ19 N3AV U 9 A03NN3N—woai wepl:01 16-61-300 Approved by the City Council of the City of Shakopee this 23rd day of December. 1997. Mayor Attest: City Clerk 5JB135383 SIi235-3 2 86k-d 10/SO d E61-1 OIE61EEZI9 N3Atla9 ! Aa3NN3N-woad WE51:01 16-61-38a CITY OF SHAKOPEE RESOLUTION NO. 4 814 RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 2 BE TT RESOLVED By the City Council ("Council") of the City of Shakopee ("City") as follows: Section 1. Recitals. 1.01. The City has previously established its Minnesota River Valley Housing and Redevelopment Project No. 1 (the "Project") pursuant to Minn. Stat. Section 469.001 to 469.047 ("HRA Act");and 1.02. Within the Project the City has created Tax Increment Financing District No. 2 (the "TIF District") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act"). 1.03. The Project and the TIF District are now administered by the Economic Development Authority for the City of Shakopee ("Authority"). 1.04. The Authority and City have determined that is in the best interest of the City to decertify the TIF District as of December 31. 1997. Section 2. TIF District Decertified; Tax Increment Returned; Filing. 2.01. The TIF District is hereby deemed decertified as of December 31. 1997. 2.02. The Authority is authorized and directed to return to the Scott County Auditor all tax increment revenues from the TIF District received during 1997 for distribution to the various taxing jurisdictions. 2.03. The Authority is authorized and directed to transmit a copy of this resolution to Scott County with instructions to de-certify the TIF District, it being the intent of the City that no collection of tax increment from the TIF District will be distributed to the Authority after December 31. 1997. Approved by the City Council of the City of Shakopee this 23rd day of December. 1997. Mayor Attest: City Clerk 5JA135394 5X235-3 8611—d 10/ZO d E6L-1 01E6AEEZl9 N3AV89 7 A03NN3X—woad w2k1:Ot 16-6t-0e0 Utiv The Project Plan and each TIF Plan remain in full force and effect and are not modified except as provided in this document. III. Estimated Impact on other Taxing Jurisdictions. The Authority believes that the TIF Plan modifications described herein have no fiscal impact on other taxing jurisdictions, as the modifications do not add new property to any TIF District, propose any increase in captured tax capacity, or extend the duration of any TIF District. Rather, the purpose of the modifications is to increase and revise the budget of expenditures from existing projected tax increments, in order to accomplish the redevelopment goals for the Project. In addition, along with this modification, the City and Authority intend to decertify TIF District Nos. 2 and 6. The Authority intends to rebate to the county auditor the tax increment collected in 1996 from TIF District No. 6, and the tax increment collected in 1997 from TIF District No. 2, and terminate collections from both districts after December 31, 1997. Therefore, the tax capacity in these two districts will be returned to the tax rolls for all taxing jurisdictions for taxes payable in 1998. SJB134433 2 SH235-3