The URL can be used to link to this page

96-1321 r� � � � � �� ' � Council File # ��. • �3�1 d. U Q Green Sheet #` �1 i�O RESOLUTION OF SAINT PAUL, SO A � Presented B Referred To Committee: Date 1 2 3 4 RESOLUTION APPROVING THE TAX INCREMENT FINANCING PLAN FOR THE 5 WII.LIAMS HILL TAX INCREMENT FINANCING DISTRICT AND 6 HAZARDOUS SUBSTANCE SUBDISTRICT THEREIN 7 8 9 BE IT RESOLVED by the Council of the City of Saint Paul, Minnesota, as follows: 10 11 Section 1. Recitals. 12 13 1.01. It has been proposed that the Port Authority of the City of Saint Paul (the "Port Authority") 14 establish the Williams Hill Tax Increment Financing District (the "District") and a Hazardous Substance 15 Subdistrict therein (the "HSS") and, in connection therewith that the City of Saint Paul (the "City") 16 approve the Tax Increment Financing Plan relating thereto, all pursuant to and in accordance with 17 Minnesota Statutes, Section 469.174 through 469.179, inclusive; and Minnesota Statutes, Sections 18 469.048 through 469.068, inclusive; and 19 20 1.02. The Port Authority has investigated the facts and has caused to be prepared a proposed Tax 21 Increment Financing Plan (the "Plan") for the District and the HSS. 22 23 1.03. The Council of the City (the "Council") proposes to make a loan from the City to the 24 Authority from Community Development Block Grant funds (the "CDBG Loan"), and the proceeds of 25 the CDBG Loan will be required to be used by the Port Authority for Project Costs in accordance with 26 the Plan. In connection with the CDBG Loan, the City and the Port Authority will enter into a Loan 27 Agreement whereby the Port authority will pledge the tax increments to be received by the Port 28 Authority from the District and the HSS to the repayment of the CDGB Loan. 29 30 1.04. It has also been proposed that the Port Authority issue bonds to repay the CDBG Loan at 31 some point in the future, which bonds are proposed to be secured by the general obligation of the City 32 which will, in turn, be secured by a pledge of tax increments. The Council will consider adopting an 33 ordinance authorizing the issuance of said bonds by the Port Authority under Minnesota Statutes, Section 34 469.060, and pledging the City's general obligation thereto. The proceeds of the bonds will be used to 35 repay the CDBG Loan, and the tax increments will then be pledged to the payment of the bonds. 36 37 1.05. The Port Authority and/or the City, as applicable, have performed all actions required by 38 law to be performed prior to the establishment of the District and the HSS and the adopdon of the Plan 39 relating thereto, including, but not limited to, notification of Ramsey County and School District No. 625 40 having taxing jurisdiction over the property to be included in the District and the HSS, and the holding of 41 a public hearing after published notice as required by law. 42 43 44 ��r"�3.Z� 45 Section 2. Findings by the City for the Approval of the Tax Increment Financing Plan for the 46 Williams Hill Tax Increment Financing District and the Hazardous Substance Subdistrict therein. 47 48 2.01. The Council hereby finds that the District is a redevelopment district pursuant to Minnesota 49 Statues, Section 469.174, Subd. 10, paragraph (a), clause (2), and the HSS is a hazardous substance 50 subdistrict pursuant to Minnesota Statues, Section 469,175, Subd. 7. The Port Authority shall make the 51 fmdings necessary to qualify the �ISS. 52 53 2.02. The Council hereby finds that the District and the HSS, and the approval of the Plan relating 54 thereto, are intended and, in the judgment of this Council, the effect of such actions will be, to provide 55 an impetus for rede�elopment in the District and to further the public purposes and accomplish certain 56 objectives as specified in the Plan. 57 58 2.03. The Council further finds that the proposed development or redevelopment in the District, in 59 the opinion of the City, would not occur solely through private investment within the reasonably 60 foreseeable future and that the increased market value on the site that could reasonably be expected to 61 occur without the use of tax increment financing (being $0) would be less than the increase in the mazket 62 value estimated to result from the proposed development (being approximately $9,300,000) after 63 subtracting the present value of the projected ta�c increments for the maximum duration of the District 64 permitted by the Plan (being approximately $3,760,000) and, therefore, the use of tax increment 65 financing is deemed necessary; that the Plan conforms to the general plan for the development or 66 redevelopment of the City as a whole; and that the Plan will afford maximum opportunity consistent with 67 the sound needs of the City as a whole, for the development of the District by private enterprise. The 68 City dces not elect to compute the tax increments in accordance with Minnesota Statutes, Section 69 469.177, subd. 3, clause (b), meaning that tax increments will be determined before the application of 70 the fiscal disparities provisions of Minnesota Statutes, Chapter 473F. 71 72 2.04. The City elects to make a qualifying local contribution in accordance with Minnesota 73 Statutes, Section 273.1399, Subd. 6(d), in order to qualify the District for exemption from state aid 74 losses set forth in Secdon 273.1399. 75 76 2.05. The Council further finds, declazes and determines that the City made the above findings 77 stated in this Section 2 and has set forth the reasons and supporting facts for each determinadon in 78 writing, attached hereto as Attachment A. 79 80 Section 3. Approval of the Plan and Further pocumentation. 81 82 3.01. The Plan for the District and the HSS is hereby approved and adopted, and shall be placed 83 on file in the office of the City Clerk. 84 85 3.02. The City staff of the City, the City's advisors and legal counsel are authorized and directed 86 to cooperate as necessary with the Port Authority in the implementation of the Plan and for this purpose 87 to negotiate and present to this Council for its consideration all further plans, resolutions, documents and 88 contracts which may be deemed necessary for this purpose, including without limitation an agreement to 89 be entered into between the City and the Port Authority providing for the use of increments received by 90 the Port Authority from the District and the HSS. 91 92 93 94 95 96 Section 4. Acknowledgment Regazding Tax Increments. ��—('3�1 97 98 4.01. The Council acknowledges that the County Auditor will forward all tax increments from the 99 District and the HSS to the Port Authority or at the direction of the Port Authority. �� --� � �--. R ; � /�; f , � . , ._ . i . , . �.� Y—_� Navs Absent Requested Department of: a ev y �os rom �– uerin nnin & Eco om' Develo ent arrss e ar man —' une BY� � O Adopted by Council: Date ��-� _ �(o �qq� Form App ed by C ttorney Adoption Certified by Council Secretary By: � -By� Approved by Mayor for S mission to Approved by a or: Da �."-" � Council , ., By: gY; G � INITIATE Q �`-�'�� PED 10/7/96 �REEN SH N_ _3_4 2 8 9 a E �DEPARTMENT DIRECT�� cm cou�i�J. �+m�uo�re M _ �es� cm nrr�v g�cm c�RK ( �� BUDOET DIRECTOR �FIN.d MQT.BERVICEE�R. October 16 1996 � � MAYOR(OR A861STMIn TOTAL#t OF�iNATUMIE PAGES (CLIP ALL LOCATIONS FOR 8ftiNATURE� .� �cr�or�n�s�reo: Establiah a tax increm�nt finance district and hazardous substance subdistrict for the �Williams Hill Redevelopment project. RECOI�MA�IW►TqNe:Appow(A)a Re�e.�(q) pERSONAL SERYICE CONTRACT8 MUST ANe1NEp TME FOLLOWINO OUlSTIONB: _PLANNINO COMMI8SION _.61Vt18Ef11lICE t�A1A18810N 1. Hes thi8 psrsOnAirm ever worksd under a c�nthCt for this dpY� _��E , _ YES NO 2. Haa this pereoNHrm ever bsen a cky empbyee9 OCT 0 9 1996 _8TAFF _ �g � _D18TRICT GOURr _ 3: Does thfa penoNfirm poss�es e skiU not normsNY Po�esNd bY anY airreM alty empbyN4 BUPPORTB WH1CH�uNC�OBJECENE4 YE3 NO � Explaln all yN�nawen on s�nb�hNt�nd Ntach to�� INI'fMTINO PROOLEM.�SUE�OPPARTUNITY(Wlro.�Mha.Whsn�Wh�►�.WhYY Approxfmately $5.5 million in tax increment finance, general obligation bonds will be issued to repay the CDBG Float loan. The creation of a TIF District is rec}uired for this financing. Creation of a hazardous substance subdistrict will allow us to access funds for pollution cleanup. �wv�rrr��s��oveo: TIF financing is needed for implementation of the project. � � �3Q�1 rielltN' OCT 0 8 1996 D18ADVANTAdEB IF APPRONED: ____ -_=-._. .--_. ...._'_"-......._..:::.....e.r.._:.,... __.._._J NONE o�►avN+n►cc�a�Nor�aveo: The pro3ect would not move forward. Loss of potential 325 new �obs and future commercial tax base from development. TOTA�AMQUNT OF TRANiACTION : N�A COST/REVENUE BUDBETED(CIRCLE ONE) YES NO FUNDINQ SOURCE Tax Increment Financing Ac�nvmr NuMS�R_ TBp FINAPICIAL INFORMATION:(EXPLAIN) �! G-I�al ATTACHMENT A RESOLUTION # The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan (the "Plan") for the Williams Hill Tax Increment Financing District (the "District") as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: 1. Finding that the District is a redevelopment district as defined in Minnesota Statutes, Section 469.174, Subd. 10, paragraph (a), clause (2). The District is a contiguous geographic area consisting of a portion of a project within which the following conditions, reasonably distributed throughout the District, exist: the property consists of vacant, underused, or inappropriately used vacated railroad rights-of-way. All but three of the parcels of the District are owned or were previously owned by Burlington Northern Railroad, and several pazcels contained, until recently, railroad tracks. The right- of-way represented by the railroad tracks and ownership by the railroad has been vacated in recent years and not succeeded by use, development or activity incompatible with the right- of-way. The parcels not owned by the railroad are necessary for the development of the other property in the District. 2. Finding that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and , therefore, the use of ta�c increment financing is deemed necessary and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. Due to the fragmented ownership of the property in the District, excessive costs for the clearance, grading, soil and pollution correction, and inadequate public improvements (including roadways and utilities) to serve the property, this project is feasible only through assistance, in part, from tax increment financing. The proposed development consists of an approlcimately 325,000 square foot industrial park for light industrial and manufacturing facilities, the increase in market value of which is estimated to be approximately $9,300,000. The value of development expected to occur without the use of tax increment financing is $0 which is less than the esdmated increase in market value expected to be created by the proposed project (approximately $9,300,000) minus the present value of the projected tax increments (approximately $3,760,000). 3. Finding that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. °l�-I�al The site is appropriately zoned. The proposed development or re�evelopment is consistent with the Phalen Corridor Initiative of the City, the Housing and Redevelopment Authority of the City of Saint Paul and the Port Authority. 4. Finding that the Tax Increment Financing Plan for the District and the HSS will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the District by private enterprise. The establishment of the District and the HSS will result in the facilitation of redevelopment in the Williams Hill area of the City and the creation of jobs for residents of the City. . DEPARTMENT OF PLANNING 8c ECONOMIC DEVELOPMENT P��. q,`_ I��I C1TY OF SAINT PAUL zs w�r F�v,sa�r Telephone:612-266-6655 Norm Coleman,Mayor Saint Paul,MN SS102 Facsimik:612-22&3261 � To: Councilmember Jerry Blakey Councilmember David Thune Councilmember Micheal Harris Councilmember Roberta Megard Councilmember Janice Rettman Councilmember Dan Bostrom Councilmember Dino Guerin From: Marie Franchett, PED 266-6702 Lonie Louder, Port Authority 224-5686 Re: Williams Hill Tax Increment Finance District PUBLIC HEARING Date: October 16, 1996 PURPOSE The City Council is being asked to approve the establishment of a tax increment finance district and hazardous substance subdistrict for the Williams Hill redevelopment project. BACKGROUND The Williams Hill project will result in the redevelopment of a blighted and underutilized 30 acre site. Development of a light industrial park on the site will create approxirnately 325 living wage jobs paying a minimum of$8 per hour, plus benefits and create 200 construction jobs. The Saint Paul Port Authority and Saint Paul Department of Planning and Economic Development (PED) will work together to redevelop the project. The Port Authority will be implementing the project and PED and the Port will jointly be providing staff expertise and financing for the project. The permanent jobs will generate a payroll of approximately �6.8 Million per year. The Port will require that 60% of new permanent employees, hired by companies locating in Williams Hill project be St. Paul residents and a minimum of 90 jobs will go to residents of the Enterprise Zone. New taxes of at least �550,000 will be generated by the project. Through redevelopment of the site existing contamination will be cleaned up, facilitating the reuse of this valuable inner city industrial site. � °I � - �� z� PROJECT DESCRIPTION/SCHEDULE 1996 Application for pollution cleanup funds to DTED and MET Council. 1997 Close on acquisitions, begin moving materials, grade site, and remediate pollution. 1998 Install utilities and street. Council approval of public works assessment. Sites ready for sa1e, construction of first industrial facility begins. 2002 Project fully developed. Tax increments collected for 100% project, bonds issued, repayment of CDBG Float loan. PROJECT FINANCING The largest source of permanent financing for this project will be provided through tax increment financing. Development of Williams Hill will result in the construction of 325,000 sq.ft. of building, assuming a 30% building to land coverage ration applied to the 25 acres. The Port Authority projections assume that the project will be built out at $32.00 a sq. ft. with a County assessed value at 90% of cost, or $28.80 per sq.ft. No inflation of property values is assumed. To the e�ent that the property values increase, increments collected may exceed projections. Interim financing for the project will be provided through the utilization of a CDBG float loan of$5.5 Million. Other funding sources include a $1,000,000 Enterprise Community grant, 5400,000 of 1995/1996 STAR funds, a public works assessment of approacimately $610,000, an EDI grant of$200,000, Port Authority funds of$394,000 and pollution cleanup funding from DTED/MET Council/Petro funds. Attached is a detailed Sources and Uses of Funds statement. Port Authority projections indicate that the project will be 100% complete and fully assessed by the first quarter of 2002. At that time the Port Authority will issue bonds and the CDBG float loan will be repaid. Utilization of the CDBG float loan will save the project approximately $2 Million in interest expense. When the project is fully assessed, it is estimated to generate tax increments of$550,000 per year. Tax increments will be deposited with the Port Authority and use of the increments will be subject to an agreement to be executed by the Port Authority and the City. Tax increments will be utilized for debt payment on the bonds, administration, and project costs. According to MN Statues, Section 273.1399, the City of St. Paul may be exempt from local government aid and agricultural credit aid penalties if the Port Authority or City make a local contribution to the Project equal to �ive percent of the tax increment. This amount is calculated to be approximately 5750,000. The City and Port Authority will make an upfront local contribution. Local contributions include the following funding sources: STAR, Enterprise Community, EDI, public works assessment and Port Authority. These local funds total �2,604,000 so there are more than enough funds to meet the local contribution requirement. MARKET FACTORS Over a 15 month period the Port Authority has experienced market demand for over 160 acres of industrial property that would have created or retained 1,500 jobs if land had been available. Towle Real Estate reports that over the past three years there have been record-low vacancy . �I�-� -� �,1 rates for nearly every sector of the industrial market. Because of the increased demand for industrial space, there has been an increase in rental rates and a rebound in industrial land prices. Continued market demand will be dependent on the regional, national and global economies. PUBLIC PURPOSE The project will result in economic development benefits including job creation, generation of tax base, stabilized market values, public improvements, creation and retention of businesses, and generation of private investment. Community development bene�ts include: removal of blight and pollution, public improvements, and an increase in the tax base. Through recycling and cleaning the contaminated industrial property, redevelopment will occur on a valuable inner city site. Existing broader transportation, utility and sewer infrastructure will serve the site. Employees of businesses located in the project will be able to utilize mass transit. All of the above will contribute toward more efficient utilization of our resources and help reduce CO2 emissions. Through redevelopment of industrial sites in the inner cities, we assist in limiting urban sprawl and the unnecessary waste of our environmental and fiscal resources. COMMUNITY SUPPORT The Williams Hill project is the gateway project for the Phalen Corridor. The proposed financing plan and establishment of a TIF district for the project is endorsed by the Phalen Conidor Initiative, a collaborative planning group which includes representatives from District Councils 2,4, and 5, elected officials, ESNDC, ESABA and 3M. The attached resolution is sponsored by Councilmember Janice Rettman. STAFF RECOMMENDATION Staff recommends that the City Council approve the attached resolution, creating a tax increment finance district and hazardous substance subdistrict for the Williams Hill project. . . q�/3� Williams Hiil Redevelopment Pro'ect / J Proposed Budget Saint Paul Port Authority 25-Jun-96 04:56:40 PM Project Costs Real Estate Acquisition $2,482,163 Relocation 2,668,000 (2) Pollution Remediation 612,000 Site Improvements 2,148,319 Professional Services 367,437 Marketing 202,728 Financing 415,251 (1) $8,895,898 (5) Sources of Funding General Obligation T1F Bonds $5,475,000 � City of St. Paul 1,450,000 (6) Po�t Authority 544,000• Pollution Funds 572,000 (4) City Public Works Funds 610,000 Investment Income 4,898 Land Sales 0 (3) Gap 240,000 (7) $8,895,898 (5) (1) Includes Issuance Costs plus other financing and administrative expenses. (2) Does not include Burlington Northern or Lametti,where there will be no relocation costs. (3) Land sale proceeds of$0,flow through the TIF district cashflow as revenue available for debt senrice. (4) In addition to the HSS TIF possible sources of this include Petro Fund, DTED and Metropolitan Council. (5)The total project cost shown here is less than that shown in the TIF Plan due to rounding up in the Plan. (6)City Funds Enterprise Community $1,000,000 • • Economic Development Initiative $200,000 STAR(1996) • 250 000• $1,450,000 (7)The funding for this gap(less than 3%of the total budget)has not yet been determined, but all parties are working to identify a fund source. Possible funding sources include applying for future STAR funds. Bonds will be issued as tax exempt governmental bonds secured by a pledge of tax increments generated from the project and will be a general obligation of the full faith and credit of the City. Bond Term 22 years Bond Interest Rate 7.50% Bond Amortization 22 years Annual Debt Servic �515,673 Total Gross Acreage of Park 30 acres Net Developable Acreage 25 acres Total Square Feet of New Construction 326,700 square feet Light Manufacturing jobs that will be created: 325 Construction jobs: 200 Wage'rates: At least$8 to$10 per hour. Construction cost of new buildings: Minimum of$32.00 per square foot Existing Property Taxes: $80,000.00 New Property Taxes(in excess of existing): $550,000.00 Land is being acquired at an average price of approximately $1.51 /sq.ft. Land is assume to be sold to end users at an average price of $0.00 /sq.ft. Overall Development Cost(per net Sq.Ft.) $8.17 /net sq.ft. Total Estimated Private Investment $9,408,960 8 , , . . � . . - �6 � � /30�- � z a �� .. / n ►� x d , � a �� r� : . � E, � " a��, �` �s Z� ° U O � C�l� �"� � z . y. d [:7 d�¢ � . o a az o� Qi ; . �. � � �, A g ° � ad W a � � a � , � `� � � � ,\\ ' � �---- � �--� . ,_�� I �. ---------------- ------- -�" � � �..` � � ;: � •�. _= ' �. . ., \ � � - {� . . � " �t � ;:: . � r� � ;�� ,.. � �� -- -- -- -------------- , ;� �\'�� _ - -- ------------ -` � ; � � - - �� .:: � �. �I a � '1 � � ,.. � ... ' '' `D ��— —— �IL—`` � -- I `—- , , � � � �- . �,, �� , � � ,� )r�� I .�� +• �� '`�'�1 I I I , ..��,/�./�—`�� \��+a�---�, " -•._•'_--._..J � L� �__ ./ : ' ' `\'.� �'---- — ••�'--- I -— � •�. ultus aass6s�w _� .—. �'~-.�( � .._._` -t . ..��."i. �. f ._..' - �- ---�' -�F�-�-�-��" �7�. . _ -�'�]G: A�aw'.� 3irSSlLltre -�' � i -.�', '_�..... _�� : ...... ... ..��.............. � . ..... ��.....�'�'' `_�J�== �.� /�i/ i � � � /Q � ---- - ::._,.,_..�.. � ,� t + c �� 13a-/ Port Authority of the City of Saint Paul TAX INCREMENT FINANCING PLAN FOR THE WILLIAMS HILL TAX INCREMENT FINANCING DISTRICT AND HAZARDOUS SUBSTANCE SUBDISTRICT I. Introduction A. Background The Phalen Corridor Initiative (PCI) commenced approximately three years ago by a concerted grassroots community effort involving a unique partnership among neighborhood groups, business associations, business representatives, community development corporations, and government agencies at various levels. Collectively these parties identified the fact that the East Side of Saint Paul must undergo certain revitalization activities in order to improve the lives of its residents and the environment for job-creating businesses. Groups such as the East Side Area Business Association (ESABA) and the area District Councils led the neighborhood � groundswell to formalize this economic development revitalization effort, which ultimately led to the formation of the Phalen Conidor Steering Committee, comprised of representatives of the aforementioned groups. Specific objectives related to the overall goals of job creation for neighborhood residents at livable wages, expansion of land opportunities for growing manufacturers along the Phalen Corridor, and creation of a new Phalen Roadway were developed. These objectives included the redevelopment of certain blighted and underutilized industrial properties, the remediation of contaminated industrial sites, the provision of ready-to- develop land for expanding manufacturers, the linkage of job opportunities with residents willing to train and apply for these jobs, and the commencement of an environmental impact study for the Phalen Corridor Roadway. The Saint Paul Port Authority and City Department of Planning ' ' and Economic Development (PED) have worked closely over the past few years with all of the interested parties and have responded to the community's collective request that the Williams Hill property be redeveloped by the Port Authority as an industrial business park. The Port Authority of the City of Saint Paul (the "Port Authority") proposes a plan for the redevelopment of the Williams Hill site (the "Project"), an approximately 30 acre site located approximately one mile to the northeast of downtown Saint Paul, northeast of the intersection of University Avenue and Interstate 35-E. On August 23, 1994 the Port Authority Board of Commissioners adopted its Resolution No. 3489 creating the Williams Hill Industrial Development District (which included the Project and an area immediately north of the Project). On August 22, 1995 the Port Authority Board adopted its Resolution No. 3538 creating the Phalen Corridor Industrial Development District, an approximately 100 acre site on the east side of Saint Paul along a line roughly adjacent to the Chicago Northwestern rail line running eastward beginning at Highway 35E and the north boundary of the Project and continues to Johnson Parkway on the east. The Port Authority's goal in creating both industrial development districts was identified as being to "create the maximum ta�c base and job creation possible in the azea." aoaszt.t ` r 1 ' / `� /V�/ B. Creation of Redevelopment Tax Increment District and Hazardous Substance Subdistrict; Statutory Authority. This tax increment plan relates to the creation, under Minnesota Statutes Section 469.174, Subd. 10 of the Williams Hill Redevelopment Tax Increment District (the "District"), and the creation within the District of a Hazardous Substance Subdistrict (the "HSS") pursuant to Section 469.175, Subd. 7. C. Need and Public Purpose The East Side of Saint Paul has seen a reduction in living wage manufacturing jobs since th� 1980s. The industrial park at Williams Hill will provide significant land area available to private companies to relocate to the City of Saint Paul or expand their businesses within the City. The City's tax base will be increased by the construction of approximately 32�,000 square feet of new light industrial and manufacturing facilities. Job creation potential will be maximized with over 325 jobs being created. These jobs will be available to Saint Paul and its East Side residents. This Project will be a catalyst for the creation of additional job opportunities and tax base enhancements at the various other smaller sites located along the Phalen Corridor. Private development of the Williams Hill site has not been possible for a variety of reasons. These reasons include fragmented ownership of the property, excessive property costs for the clearance, grading, soil and pollution correction, and inadequate public improvements, including roadways and utilities to serve the property. All of these conditions have resulted in a lack of private investment in this area. As a result, the property has not provided adequate employment opportunities and has not contributed to the tax base and general economy of the City, the school district ,the County and the State to its full potential. ' � It is necessary that the Port Authority exercise its port authority powers under state law to develop, implement, and finance a program designed to encourage, ensure and facilitate the industrial development and redevelopment of the property. This redevelopment will further accomplish the public purposes specified in this paragraph. The Williams Hill site is composed of several land use activities that are incompatible with the surrounding azea. All but one acre of this property was previously owned by a railroad and included several rail tracks. Also on the site were several lazge hills that historically were mined for their aggregate, sand and other material. As the mining operations reduced the hills, highway and roadway construction debris was deposited in their place. These piles of aggregate now cover most of the property. In addition to the storage of the aggregate material, portions of the site are used for aggregate crushing and processing. This activity is occurring on the northern portion of the site and the southern portion of the site as well. Other current uses include the storage of scrap metal and an active asphalt plant. aaasz i.i � � Y 1 ! " � /��/ II. Objectives of the Port Authorit,y for the imFrovements in the Williams Hill Project area. A. Provide job opportunities for Saint Paut residents. Given the new construction of approximately 325,000 square feet and using a ratio of one job per 1,000 square feet, it is estimated that the opportunity will exist for a minimum of 325 jobs. B. To redevelop unused, underused, inappropriately used, or infrequently used former railroad property. The Williams Hill area is a former railroad yard that has been underutilized for many years. The majority of the azea comprising the site has been used most recently as a gravel mining and storage azea and an asphalt production area. It has been otherwise undeveloped since termination of use by Burlington Northern Railroad. C. Provide Public Improvements This area is underserved by public utilities. To address this, a new roadway, sewers, streetlighting and gas and electric service will be brought to the site. In addition, the site will be graded to allow for the construction of light industrial and manufacturing facilities. Provision will be made for future roads that are being considered but not yet built, including the East Central Business District Bypass and Phalen Boulevard. Regional transit will be enhanced by a roadway connecting University Avenue to Pennsylvania and the entrance to Interstate 35-E. D. Develop an industrial park at the western terminus of the Phalen Corridor. ' The industrial park to be developed in the District will provide approximately 25 net developable acres of land intended for light industrial users. This area is in the midrange between the 30 acres being made available at Crosby Lake and the 15 acres in the first phase of the Arlington/Jackson site. The East Central Business District Bypass is proposed to pass along the eastern edge of the park, although the final route in the proximity of the park has not yet been determined. There will be good access to and from the pazk relative to University Avenue and Interstate 35E. There aze no residences immediately adjacent to the park, the nearest being approximately 0.2 mile to the east, separated from the park by railroad tracks and a large ravine. The Project area is currently zoned I-2. The pazk is neaz bus routes, enhancing access to jobs for East Side residents. A specific set of park covenants and restrictions will be developed and adopted prior to any land sales. � aoaaz�.t 3 y 7 r ' ! L �_/��/ E. Expand the industrial tax base of the City of Saint Paul. It is expected that the taxable market value of parcels in the ta�c increment district will increase by approximately $9,300,000 once the park is placed in service. This value will come from private development of approximately 325,000 square feet of light industrial buildings with an average construction value of$32.00 per square foot. The goal is to have 30%coverage of the land by buildings. The taxable value of new facilities is assumed to be 90%of their construction cost. F. Remove blight and improve air quality in a key site within view of downtown Saint Paul. The Williams Hill area is visible from most high rise buildings in downtown Saint Paul. The piles of aggregate material at the site will be removed in the redevelopment process, and replaced with new privately constructed buildings, substantially improving the East Side area and the entrance to downtown St. Paul. The aggregate processing activities, as well as the continued deposit of construction roadway debris has had a negative impact on the air quality of the area. These air quality concerns have been noted by the Minnesota Pollution Control Agency ("MPCA"), which is seeking enforcement to reduce the emissions of dirt and dust from the area. G. Hazardous Substance Remediation. The Port Authority will undertake activities for the removal and remediation of the Williams Hill area, as specified in a development response action plan to be approved by the MPCA, of possible contaminants such as heavy metals, petroleum and solvents. These activities � will eliminate areas of hazardous substance in the designated hazardous substance sites. III. Classification of the District. The Port Authority and the City of Saint Paul, in determining the need to create a tax increment financing district in accordance with Section 469.174, finds that the District is a redevelopment district pursuant to Minnesota Statutes, Section 469.174, Subd. 10 because the property consists of vacant, unused, underused, inappropriately used, or infrequently used railyards, rail storage facilities, or excessive or vacated railroad rights-of-way, and that the HSS is a hazardous substance subdistrict pursuant to Minnesota Statutes, Section 469.175, Subdivision 7. In addition, the District meets the requirements of a redevelopment district pursuant to Minnesota Statutes, Section 469.176, Subd. 4; because at least 90% of the revenues derived from tax increments from the District will be used to finance the cost of correcting conditions that allowed designation of the District as a redevelopment district under Section 469.174, Subd. 10 described above. These costs include acquiring properties and adjacent pazcels, demolition of aoaszi.� 4 . � , . � g� -�3�/ structures, clearing of land, and installation of utilities, roads, sidewalks and parking facilities for the site. The allocated administrative costs may also be included in the qualifying costs. IV. 1�crintion of the development�ro�ram for the Williams Hill Project. The development program consists of the development of an industrial park to provide buildable sites for industrial users in the District. This will require acquiring land, management of pollution remediation, installation of infrastructure, incumng financing related expenses and funding administrative functions, all as described in more detail below: A. Acquire property. Land will be purchased from three owners of property in the Williams Hill area. The following table shows the name of the sellers, the approximate area being acquired and the estimated total purchase price: Approximate Estimated Name of Seller Acres Purchased Purchase Price Ashbach Construction 25 acres $2,000,000 Burlington Northern Railroad 4 acres $ 345,000 Lametti Construction re $ 52,000 Total 30 acres $2,397,000 In addition, project costs will include approximately $85,000 of property taxes payable in 1997 on the acquired properties. � ' B. Relocate certain existing operations. Relocation benefits are estimated to aggregate $2,670,000. Relocation services will be available pursuant to Minnesota Statutes, Chapter 117 and other relevant state and federal laws. C. Remediate polluted soils. Due to the historical use of a significant azea of the site as an asphalt recycling operation and the proximity of the site to an auto salvage operation, various pollutants, including petroleum, heavy metals and solvents, have been identified in both the soil and in the groundwater. Remediation oversight cost is estimated at this time to total $612,000. This cost will be further defined when additional testing is completed and a Remedial Action Plan approved by the MPCA. The cost will include line items for legal advice, field testing, soil and groundwater remediation, and MPCA activities. Prior to certification of the HSS by the County Auditor, a development response action plan will be completed and approved by the MPCA. 404821.1 5 � � , : 9� /3a/ D. Undertake and install site improvements and utilities. Site improvements will include demolition, engineering, site grading, installation of�storm and sanitary sewers, water mains, roadway construction, traffic signals, gas and electric utilities, street lighting and landscaping. Total site improvement costs are anticipated to equal approximately$2,150,000. E. Contracts for professional services essential to the redevelopment activities. Professional services will include land surveys and title work, real estate, legal, civil engineering, geotechnical engineering, appraisals, relocation consultant, traffic engineering and park design. The total cost for professional services, other than bond issuance costs, is estimated at $370,000. F. Incur costs and expenses connected with financing activities. The Port Authority shall, by the end of the year 2002, issue tax exempt general obligation tax increment bonds to finance approximately $5,475,000 of total project costs. Bond issuance costs plus other financing related costs, including construction period interest, legal expenses, printing and underwriter's discount,are anticipated to total approximately$415,000. G. Incur costs and expenses in connection with the marketing of the redeveloped property for private development. Once redeveloped, the properties in the industrial park will be marketed for private � � development. Marketing costs, including advertising, promotional events and materials, and broker commissions,are expected to aggregate$203,000. V. Description of contracts entered into at the time of pre.�aration of the Plan The following, as required by Section 469.175, Subd. 1(3), is a list of development activities that are proposed to take place within the Williams Hill Project for which contracts have been entered into at the time of the preparation of this plan, including the names of the parties to the contract, the activity governed by the contract, the cost stated in the contract, and the expected date of completion of that activity. a. Toltz,King Duvall,Anderson Engineering Design and construction administration Estimated Cost: $403,000 Estimated completion date: December, 1998 aoas2 i.i 6 . � . . - �� -i3�-� b. DPRA Environmental consultants Estimated Cost: $250,000 Estimated completion date: December, 1998 c. Conworth Relocation consultants Estimated Cost: $36,500 Estimated completion date: December, 1996 d. Ashbach land purchase agreement Land acquisition component $2,000,000 Relocation component $2,500,000 Estimated final closing date June, 1997 VI. Descrintion of other tvnes of development activities which can reasonably be ex�ected to take nlace within the Williams Hill Project It is expected that the end-users of the Williams Hill Industrial Park will consist of light industrial businesses. These activities will include production,assembly,warehouse, distribution and attendant office space that lead to creation of living wage jobs. A goal of this tax increment plan is to generate new construction value equivalent to approximately 325,000 square feet with a construction cost of$32.00 per square foot, assuming a 30%building to land coverage ratio applied to 25 acres. Another goal is to provide at least 325 jobs,based upon at least one job per 1,000 square feet of building space. Both goals,along with the Port Authority's focus on light industrial � � and manufacturing development and customized training for city residents,will be the consideration for selecting the end use of individual land parcels in the District. Development activities in the District,which may require the expenditure of tax increments,will consist of activities necessary and ancillary to promoting and maximizing the above goals and focus. Construction of new buildings is expected to commence during the fourth quarter of calendaz year 1998 and will continue into 2001. VII. �ost of the Project and description of the Williams Hill Tax Increment District The following, as required by Section 469.175, Subd. 1(5), are estimates of the (i) cost of the Project, including administration expenses; (ii) amount of bonded indebtedness to be incurred; (iii) sources of revenue to finance or otherwise pay public costs; (iv) the most recent net ta�c capacity of taxable real property within the tax increment financing district; (v) the estimated captured net tax capacity of the tax increment financing district at completion; and (vi) the duration of the tax increment financing district's existence. aoas?t.i 7 � � � � �� /3�--/ A. Cost of the Project,including administrative expenses. The total cost of the Project is estimated at $8,902,000, plus administrative chazges in an amount up to 10%of the tax increment expenditures. B. Amount of bonded indebtedness to be incurred. The Port Authority shall be the issuer of one or more series of tax exempt general obligation tax increment bonds by the end of the year 2002 in the approximate amount of $5,475,000 as takeout financing for an interim loan to be provided by the City of Saint Paul for approximately $5,220,000 of the total project costs. The Port Authority may, after the initial issuance of bonds, issue refunding bonds for purposes of refinancing such bonded indebtedness. C. Sources of revenue to finance or otherwise pay public costs. The following are the likely sources for funding the total Project, including the tax increments which will be pledged to the bonded indebtedness: i. Tax Increments Tax increments, net of up to 10% for administrative expenses, aze anticipated to equal $490,000 annually. All tax increments will be first pledged to the payment of debt service on the$5,475,000 tax exempt general obligation tax increment bonds. ii. Land sales estimated at$0.00 per square foot. � ' Federal tax law, pursuant to which the bonds will receive their tax exempt status, prohibits more than a nominal private payment component. Due to the complexity of the present value calculations and associated risks when taking into account land sale prices over a three year period, compared to the value of the tax exempt nature of the bonds, it has been assumed that land parcels will be sold for a price of$1.00 each. T'he Port Authority will be compensated for the land through the required covenants from the buyers of the land regarding job creation. iii. Citv of Saint Paul The City of Saint Paul will provide interim funding for approximately$5,220,000 of project costs through a Community Development Block Grant float loan using funds available to the City from the US Department of Housing and Urban Development. It is expected that this loan will be repaid with the proceeds of the tax increment bonds referred to above. aoas2i.i 8 , .� �� i3�� In addition, the City of Saint Paul will provide other funds from the following sources in the approximate amounts indicated: a. Economic Development Initiative The City has a grant in the amount of$200,000 from the Office of Community Planning and Development,US Department of Housing and Urban Development(HUD). b. Enterprise Community Application is being made by the City for a grant from HLTD in the amount of$1,000,000. c.Neighborhood Sales Tax Revitalization(STAR)Program The source of these funds is the City's one-half cent sales tax.The Port Authority and its partners submitted an application for$250,000 in the 1996 application cycle. The application was submitted on April 15, 1996. d. City Public Works This source of funds will finance the installation of roadways through the industrial park. The expected funding amount is$610,000. iv. Pollution Funds Pollution funds estimated at$583,000 will be derived from some or all of the following sources: a. Petro-Fund This fund is administered by the Minnesota Pollution Control Agency (MPCA). This fund allows for the reimbursement of cleanup of petroleum related releases. b. State of Minnesota Department of Trade and Economic Development This agency has funding for the redevelopment of polluted sites that have a remedial action plan approved by the MPCA. The Port Authority will consider accessing these funds as appropriate. c. Metropolitan Council This agency has funding for the redevelopment of polluted sites that have a remedial action plan approved by the MPCA. The Port Authority will consider accessing these funds as appropriate. 404821.1 9 . ., 9�-�3�� d. Hazardous Substance Subdistrict The HSS will support that portion of the bonded indebtedness attributable to funding pollution remediation. v. Port Authority of the City of Saint Paul The Port Authority of the City of Saint Paul expects to contribute funds in the amount of$544,000. This amount will include $150,000 of STAR proceeds approved in 1995. vi. I�vestment income None expected. It is expected that all funds will be expended as received. vii. G�p Funding Approximately $240,000 of funds, as yet unidentified, will be required to complete the funding of the Project. These funds will be identified prior to full implementation of the Project. D. The most recent net tax capacity of taxable real property within the tax increment financing district. At January 31, 1996 the total tax capacity of property parcels to be included in the District was $52,779. Of the 25 separate existing parcels, 10 parcels with an aggregate mazket value of $350,100, or 22% of the $1,643,570 total base market value in the District, are exempt from taxation as railroad property. Of the $1,643,570 total base market value, only $112,100, or 7% of � � the total, is attributable to buildings, all of which will be removed in connection with the development pursuant to this Plan. The $1,531,470 of mazket value attributable to the land is assumed to remain constant. The original tax capacity and Tax Rate are calculated in accordance with Minnesota Statutes, Section 469.174, Subd. 7 and Section 469.177, Subd. 1. E. The estimated captured net tax capacity of the tax increment financing district at completion. � Twenty five acres of developable land at a 30%building to land ratio and $32.00 per square foot construction value are expected to result in 325,000 square feet of new construction with an aggregate assumed mazket value of $9,410,000. Assuming land values remain constant and the demolition of approximately $115,000 mazket value of existing structures in the District, the increase in market value is estimated at $9,300,000. Applying a 4.00% tax capacity rate results in estimated captured tax capacity of approximately $370,000 at January 2, 2002, the year following expected completion of construction of buildings in the industrial park. This captured tax capacity aoasi i.i 10 . , � 9� i,3a/ is calculated in accordance with Minnesota Statutes, Section 469.174, Subd. 4 and 469.177, Subd. 2. F. The original tax capacity and captured tax capacity of the HSS. The original tax capacity of the HSS is $49,568. Expected remediation expenditures of $612,000 deducted from the original tax capacity results in the maximum captured tax capacity allowed in the amount of$49,568. , G. The duration of the tax increment financing district's existence. The District will be certified in 1996. The first tax increments are anticipated to be generated for taxes payable in the yeaz 2000. The duration of the District will run 25 yeazs from the first receipt by the Port Authority of tax increments,which will be through calendar yeaz 2025. The maximum duration of a hazardous substance subdistrict is the lesser of(i) 25 years from the date additional tax increment from the HSS is received, or (ii) the period necessary to recover the costs of removal or remedial actions specified in the development response action plan. It is estimated that the Port Authority could collect tax increments on the HSS through the year 2012. The Port Authority does, however, reserve the right to decertify the District and the HSS prior to the legally required date. VIII. Alternate estimates of the imnact of the tax increment financing on the net tax capacities of all taxing jurisdictions. The taxing jurisdictions in which the District is located in whole or in part are as follows: . a. Independent School District #625, whose boundaries are coterminous with those of the City of Saint Paul. b. The County of Ramsey, the total market value of which the City of Saint Paul contributes approximately 45%. c. The Housing and Redevelopment Authority of the City of Saint Paul, whose boundaries are coterminous with those of the`City of Saint Paul. d. The Port Authority of the City of Saint Paul, the requesting authority, whose boundaries are coterminous with those of the City of Saint Paul and whose powers to levy and use property taxes are limited. e. Metropolitan authorities, such as the Metropolitan Council, Metropolitan Airports Commission, Metropolitan Waste Control Commission, and the Metropolitan Mosquito Control aoaa2i.i 11 .. . � q( /3�-/ District. Of these, only the Metropolitan Council and the Metropolitan Mosquito Control District currently levy taxes on real estate. The Port Authority is required by Minnesota Statutes Section 469.175, Subd. 1(a)(6) to make statements relative to the alternate estimates of the impact of the tax increment financing on the net tax capacities of all taxing jurisdictions in which the tax increment financing district is located in whole or in part. For purposes of one statement, which is made in Statement A below, the Port Authority shall assume that the estimated captured net tax capacity «�ould be available to the taxing jurisdictions without creation of the district. For purposes of the second statement, made in Statement B below,the Port Authority shall assume that none of the estimated captured net tax capacity would be available to the taxing jurisdictions without creation of the district. Statement A. Under the assumption that the estimated captured net tax capacity would be available to the taxing jurisdictions without creation of the District, creation of the District will serve to deny these taxing jurisdictions the taxes from the captured net tax capacity in the amount estimated under Section VII.E. above. In addition, the taxes on the base value will also be lost due to the Hazardous Substance Subdistrict created within the District. During the period between (i) the acquisition of the land, after which the buildings will be demolished, and (ii) the construction of the new private development, the taxing jurisdictions will not receive taxes on the demolished buildings, which account for 7.42% of the current market value within the District. For the period 1997 through 2001,when the property is held in the name of the Port Authority and is exempt from taxation prior to being sold to private parties,there will be no taxes paid from property in the District. Statement B. The Port Authority believes that ne of the estimated captured net tax capacity would be available � to the taxing jurisdictions without creation of the District due to the expense of getting the land to a state in which it would be conducive to the generation of such increased value. Assuming this to be true, the taxing jurisdictions would continue to receive the same amount of taxes as they have currently been receiving based on the current net tax capacity of the District as set forth in Section VII.D. above. Once the tax increment district terminates in 2025, the taxing jurisdictions will not only receive the taxes that they have received in the past, but pazcels currently valued at $350,100, or 22% of the $1,643,570 total base market value in the District, which are currently exempt from taxation due to their status as railroad property, will be put back on the tax rolls after having been developed to generate the captured tax capacity. IX. Studies and analysis used to determine need for tax increment financin� The Port Authority of the City of Saint Paul has determined that the proposed development or redevelopment of the Williams Hill area would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment aoas2�.i 12 . . � 9`� --�� financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. The Port Authority made this finding in a resolution adopted on , 199_based on data collected and presented to the Board by Port Authority staff. The studies and analyses used to make the determination that the proposed development in the opinion of the Port Authority would not reasonably be expected to occur through private investment within the foreseeable future, and therefore the use of tax increment is deemed necessary,are as follows: a. Phalen Corridor Redevelopment proposal -March 1994 b. Phalen Corridor Redevelopment proposal-March 1993,Updated Mazch 1994 c. Technical Report- Socio-Economic Background for the Phalen Boulevazd EIS - Surveys of residents, local leaders, commercial managers and industrial managers-February, 1996 d. Port Authority analysis of cost to develop Williams Hill-June 13, 1996 e. The project is contained within a federally designated Enterprise Zone. X. Identification of all parcels to be included in the District. Attached hereto in Appendix A is a list of the Properiy Identification Numbers for all � � properties to be included in the District, a map showing the Project area, the District and the _ existing properties,and a legal description identifying the boundaries of the District. XI. �Iazardous Substance Subdistrict. Certification of the HSS will allow taxes attributable to the base value of the District to be used to reimburse or pay all or a portion of the estimated $612,000 of pollution testing and remediation costs. As was mentioned in Section VIII above, the HSS will cause taxes on the base value of the District to be lost until such time as the pollution costs are satisfied. Total taxes payable in 1995 were approximately $80,400. As mentioned above, a response action plan will be completed and submitted to the MPCA for approval. The Port Authority has studied the tax increment district and concluded the development would not reasonably be expected to occur solely through private investment and tax increment otherwise available from the District, and therefore the use of the HSS is deemed necessary. aoaszi.i 13 . . � 9� �3�-/ Attached hereto in Appendix B is a list of the Property Identification Numbers for all properties to be included in the HSS, a map showing the Project azea, the HSS and the existing properties, and a legal description identifying the boundaries of the HSS. XII. District administration and annual disclosure. Administration of the District will be the responsibility of the City of Saint Paul. The resolutions of the City and the Port Authority approving and creating the District will direct the County to forward all tax increment from the District to the Port Authority. Use of such tax increment by the Port Authority will be subject to terms and conditions set forth in an agreement to be executed by the Port Authority and the City. Tax increments will be deposited into interest bearing accounts separate and distinct from other funds of the Port Authority. Tax increments will be used only for activities described in this tax increment plan. The City will report annually to the State Auditor, county boazd, school board and Departrnent of Revenue regarding activities in the District as required by Section 469.175, subdivision 5 and subdivision 6 and will include information with regard to the District in the data necessary to comply with subdivision 6a. With regazd to the local contributiori as discussed in Section XIX, the City will file necessary reports required by the Department of Revenue, in the form attached hereto as Appendix C,or such form as the Department of Revenue may then require. XIII. Modifications to District In accordance with Minnesota Statutes, Section 469.175, Subd. 4, any reduction or enlargement of the geographic area of the Project or tax increment financing district; increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on ' debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized; increase in the portion of the captured tax capacity to be retained by the Port Authority; increase in total estimated tax increment expenditures; or designation of additional property to be acquired by the Port Authority shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original plan. The geographic area of a tax increment financing district may be reduced, but shall not be enlarged after five years following the date of eertification of the original tax capacity by the county auditor. XIV. Administrative Ex enses In accordance with Minnesota Statutes, Section 469.174, Subd. 14; and Minnesota Statutes, Section 469.176, Subd. 3 administrative expenses means all expenditures of an authority other than amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of the real property in the District, relocation benefits paid to or services provided for aoaszi.� 14 �� , 9'��3�-/ persons residing or businesses located in the District or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to Section 469.178. Administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. Administrative expenses of the District will be paid from tax increments; provided that no tax increment shall be used to pay any administrative expenses for the Project which exceed ten percent of the total tax increment expenditures authorized by the tax increment financing plan or the total tax increment expenditures for the Project,whichever is less. Pursuant to Minnesota Statutes, Section 469.176, Subd. 4h, tax increments may be used to pay for the county's actual administrative expenses incurred in connection w7th the District. The county may require payment of those expenses by February 15 of the year following the year the expenses were incurred. XV. Necessary Imnrovements in the District No tax increment shall be paid to the Port Authority after three years from the date of certification of the original net tax capacity by the County Auditor unless within the three-yeaz period: (1) bonds have been issued in aid of the Project pursuant to Section 469.178 of the TIF Act or any other law, except revenue bonds issued pursuant to Minnesota Statutes, Section 469.159 to 469.165; (2) the Port Authority has acquired property within the District; or (3) the Port Authority has constructed or caused to be constructed public improvements �� within the District. The bonds must be issued, or the Port Authority must acquire property or construct or cause public improvements to be constructed by approximately October, 1999. Pursuant to Minnesota Statutes, Section 469.176, Subd. 6, if, after four years from the date of certification of the original taY capacity of the tax increment financing district pursuant to Minnesota Statutes. Section 469.177, no demolition, rehabilitation or renovation of property or other site preparation, including qualified improvement of a street adjacent to a parcel but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the authoriry or by the owner of the parcel in accordance with the taY increment financing plan, no additional tax increment may be taken from that parcel and the original tax capaciry of that parcel shall be excluded from the original tczY capaciry of the tax increment financing district. If the authority or the owner of the parcel aoasz i.i 15 , , � .� �� i�� subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including improvement of a street adjacent to that parcel, in accordance with the tax increment�nancing plan, the authoriry shall cert� to the counry auditor in the annual disclosure report that the activity has commenced. The counry auditor shall certify the tc�capacity thereof as most recently certified by the commissioner of revenue and add it to the original tax capacity of the tczx increment financing district. The county auditor must enforce the provisions of this subdivision.. Far purposes of this subdivision, qualified improvements are limited to (1) construction or opening of a new street, (2) relocation of a street, and(3)substantial reconstruction or rebuilding of an existing street. The Port Authority or a property owner must begin making improvements to parcels within the District by approximately October,2000. Pursuant to Minnesota Statutes, Section 469.1763, Subd. 3, revenues derived from tax increments are considered to have been spent on an activity within the District only if one of the following occurs: 1. Before or within five years after cert�cation of the District, the revenues are actually paid to a third party with respect to the activity; 2. Bonds, the proceeds of which must be used to finance the activity, are issued and sold to a third party before or within five years after certification of the District, the revenues are spent to repay the Bonds, and the proceeds of the Bonds either are, on the date of issuance, reasonably expected to be spent before the end of the latter of(i) the five year period, or (ii) a reasonable temporary period within the meaning of the use of that term under Section 148(c)(1) of the Internal Revenue Code, or deposited in a reasonably required reserve or replacement fund; �� 3. Binding contracts with a third party are entered into for performance of the activity before or within five years after certification of the District and the revenues are spent under the contractual obligation; or 4. Costs with respect to the activity are paid before or within five years after cert�cation of the District and the revenues are spent to reimburse a parry for payment of the costs, including interest on unreimbursed costs. Therefore, one of the above four events must occur by approximately October,2001. XVI. Use of Tax Increment All revenues derived from tax increment shall be used in accordance with this tax increment financing plan, pursuant to Minnesota Statutes, Section 469.176, Subd. 4, and Section 469.174, Subd. 11. 404821.1 16 � - �� i XVII. Notification of Prior Planned Imnrovements Pursuant to Minnesota Statutes, Section 469.177, Subd. 4, the Port Authority has reviewed the area to be included in the District and has found properties for which building permits have been issued during the 18 months immediately preceding approval of the Plan by the Port Authority. Therefore, the county auditor shall increase the original tax capacity of the District by the valuation of the improvements for which the building permits were issued. XVIII. Excess Tax Increments Pursuant to Minnesota Statutes, Section 469.176, Subd. 2, in any year in which the tax increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subd. 3,the Port Authority sha11 use the excess amount to do any of the following: , 1. prepay the outstanding bonds; 2. discharge the pledge of tax increment therefor; 3. pay into an escrow account dedicated to the payment of such bonds; or 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion of their tax capacity rate. aoas2i.i 17 . . . . �� 3�/ XIX. I1oca1 Contribution Requirement For tax increment financing districts which request certification after June 30, 1994, Minnesota Statutes, Section 273.1399, Subd. 6(d) provides that the Port Authority may be exempt from local government aid or homestead and agricultural credit aid penalty if the Port Authority and/or the City of Saint Paul makes a local contribution to the Project equal to five percent of the tax increment. The Port Authority and the City elect to make the local contributions in lieu of the state aid penalty. Five percent of the future value of the tax increments expected to be collected from the District, including the HSS, is approximately $750,000. The City and the Port Authority will make an upfront local contribution(rather than a yearly contribution) in the amounts identified above in Section VII(C)(iii a. through d.) and (v). These amounts constitute a local contribution in the amount of approximately $2,604,000. All components of the local contribution are expected to be paid prior to December 31, 1999. Pursuant to Section 273.1399, Subd. 6(d)(2), if the Port Authority of the City fails to make the required contribution for any year, the state aid reduction will apply for that year. The sta.te aid reduction will be equal to the greater of(A)the required local contribution (5% of tax increments collected that year) or (B) the amount of the aid reduction that applies under Subdivision 3 of Section 273.1399. XX. Fiscal DisFarities The Port Authority and the City have elected to compute Fiscal Disparities contribution for the District in accordance with Section 469.177, subdivision 3,pazagraph a. h:\dqlwmsplan2 40482t.t ig � q� ��/ APPENDIX A . ��-�3�-/ PORT AUTHORTTY OF ST. PAUL WILLIAMS HR..L Tax Increment Financing District All that property including all streets and alleys,vacated streets and alleys and streets and alleys to be vacated,lying within the following described boundary and as shown on the attached Exhibit "A". Commencing at the North quarter comer of Sec. 31,T29N, R22W; thence easterly along the North line of said Sec. 31 to the centerline of Mississippi Street; thence nonherly along said centerline of Mississippi Street to its intersection with the westerly extension of the southerly line of Soo Line Plat No. 6; thence southeasterly along said southerly line of Soo Line Plat No. 6 and along the southerly line of Edmund Rice's Trout Brook Addition to the East line of Sec. 30, T29N, R22W; thence south along said East line of said Sec. 30, and along the East line of Sec. 31,T29N, R22W to the North line of Lot 23, Block 1,Wanren &Winslow's Addition; thence easterly along said North line of said Lot 23 to the intersection of a line lying 15 feet southwesterly from base line No. 1 as described in Registrar of Deeds book 274,page 42; thence southeasterly along said line lying 15 feet southwesterly of said base line No. 1 to the east right- of-way line of Westminster Street as platted in Warren &Winslow's Addition; thence south �• along sa.id east line of Westminster Street to the intersection of base line No. 2 as described in Registraz of Deeds book 274,page 42; thence southeasterly along said base line No. 2 to the southeasterly right-of-way line of widened Lafayette Road; thence southwesterly along said southeasterly right-of-way line of widened Lafayette Road a distance of 215 feet more or less; thence continuing along said southeasterly right-of-way line of widened Lafayette Road, deflecting 90 degrees in a southeasterly direction to the northeasterly line of Soo Line Plat No. 8; thence southwesterly along said northeasterly line of Soo Line Plat No. 8 and its southwesterly extension thereof to its intersection with the easterly eztension of the southerly right-of-way line of University Avenue; thence westerly along said southerly right-of-way line of University Avenue and its westerly extension thereof to the West line of the SE1/4 of the NE1/4 of Sec. 31, T29N, R22W (including widened University Avenue in Block 2, Daytons Addition and adjacent Mississippi Street right-of-way); thence northerly along said West line of sa.id SE1/4 and along the West line of the NE1/4 of the NE1/4 of Sec. 31, T29N,R22W to the point of beginning and there temunating. Ezcepting therefrom those parcels as shown on the attached Exhibit "A". .. . ; �l/3�-� PORT AUTHORTTY OF ST PAUL . WILLIAMS HILL Tax Increment Financing District Parcel List 30-29-22-44-0024 30-29-22-44-0025 31-29-22-11-0001 31-29-22-11-0002 31-29-22-11-0038 31-29-22-11-0039 31-29-22-11-0040 31-29-22-11-0041 31-29-22-11-0042 31-29-22-11-0043 31-29-22-14-0028 31-29-22-14-0033 31-29-22-14-0075 31-29-22-14-0078 � 31-29-22-14-0079 • 32-29-22-22-0100 32-29-22-22-0115 32-29-22-22-0116 32-29-22-22-0117 32-29-22-22-0118 32-29-22-22-0119 32-29-22-22-0120 32-29-22-22-0121 32-29-22-22-0122 32-29-22-23-0006 . r---- .. . . . � � (� -/3�-/ .I_ '.. � , ..... � o v,..-• �„ F • � 1 . i � ►- -�• ••,' •' � � ryl ''��•; r,�= ' , ••, " r ,t �t � Z � y � % ° , �� N �W ' . , i .: _ ,�T -, :� . .. �: � x � o � . • ( : . ,,• � ,. ,�: :` t � .��. I J (� � V z � - . 1• T� • , .r.,� '1',• r� N1 I / � fY� V Z ` `� GL ,H (ul� �Y. . '`'-=.--_I � � � W � Q x C r f`ZZ��.. •w �� Z Q Y � . r i�� ' « �I',ry J A , I ♦'+. N t � V/ //1 W Q F � L � I' �1• � I•I/w �• \ \ '- � f�.� V/ /\ `J Z Q � _�:� ,.. .,.. !�,�: ""' aN 'iY a.r• ��••• .j /, a z Z V ¢ zo - ��-ra..�ou.a,.e w...ac _'..�.�..._.�. . .;.—•—•_L`f.� �--' X Z Z f- U � ��Gr,�.�,��_�, � � =,—,,,..�T � � a a _ W � ' � . �. � , ;_ � �� .. . I , ,_-��,--,.., a .... ..;... ' ...{ ' ; . ". .'• I � I a 7 t °1 i,� � N � _ � Z x V � � ..... ...... . . �� { zo a��n' o F-�__ � "�' io" : "� -- �" F�Q- W O _.. _ . ..,�.. ; . . ��_ -, � �,!_-' , - -.� : � ,a� � ,t. „';.� ,,t�� m `� a •. ... . . .- . , '\n� n / `� 3 VAN�WGEN.. ST. `,, � � . . . , . .. J I 'n,�� / . .�i_. .� . .. :. . . . . � '��/ :. � �� s �I . • t � - ,� ...''+ ... � .. ... ' pL.' ,�`' ti• � <'u ~�• ��' �.. �, t i'�1 t� . tr � � `�H y � '�I� . . , � • +�LLL ,. .. �� ... .. ;�. �i�� ;, �,; S,-� � , ��.K,Q , �� ,� ,��' _� �—i �: . .. ,� .�• 4 �..,I u .�'(� .�.. � • N :��' ?` V'aly� /��u . �, �(mf �.' ��yn, � � � I : ��f- vF, o „� �e .� . � Y, � 9 N �a �• \ .�•. I. �-.{�'1I Ix_.._�.t_•; a'� . . . • • � •- r ��, ��11�q I ti n�y • �_ _ �—+-�V. t. • ;.'.: .' . .. ... � .. ��, 7�cw, „ q ,/ , i N t. �-;�__�a•..7' • . � � � �1 ` N�J VF .� n •`\�. � . �3.. 4, r� . I: . � . �, 1 .�� r . •\l._. �i �� .Q—_�iz•.L �Q...�.. � � ,• N . r . �, �' �f:. . a;.. ... 1'"- . �i.j� � '.� �-- - :�:' L.�_. _ .. ,�,—..—::�- :� ��i � 11 � _, ��•. If �� li' ,�.Im)- ~= NN59LVANIA AVE.t __i. ��_ _. �Y< • '�— ^ .� . . , ��\ 5, Zo .�� .. ,� ,s. � : I-. . Z`: ; � p .\:, • H � f�';', R' �' ��8-11V- '� ��.,�. � . • •; _ _ � �_ , , � . , , ; , . __,� � �� .�' � • r � 22 �N� -��1 s.� i.n�� - _� ., �„�! � . ;- p , � „ ��, , :," ; , ,. f'` .L '., " K'��C/q �� c � . «ly �10' .� .. , - , �� ; :y� y MS � �� .�% `.� � :a� . i � ; �.-.. . ._ `' • �L. .. . -� .d s 4• p '°•� W• Ks "r I o � ; .4• n. �� — � : ~'- , ��. - � N :�J.,.J.o.: <�'�;' � , r : I O'. " � i. 2n i ' � � � \ p . � � /' .� _ � ' �� n.� • 'L1_ .... .. ... . � p�-� '- ' 7� -n � ��. '�Il:_1'1�2� :I ll � .��fi� . , 1 II�V !. ,/ -' �� I .�•� �� i. ��•••.•�••, 1}� .. ... .. ... h1.., 2 /i • � , ST. _ � ♦) \. :�` � ,.�` � i.� . • 12 •Go�1 4 � 7, �' ��' •�•�\ W.�,'� ' � 4� \ • ,4t q � ! : t0 '�• � i � ; � . . .. , . . ! �• � � � f � . ' . C �'? • ? ... � U. L�.. � S ! ; � Pn) `� ' � -s '�� rriy�. l� � + � e . i I ,�� j��., . t• � � �• �i:.. :i....• � Q i�--�12 - � I �i _�a) /j ) �'�i. �i. �' ^�.cc� ��'�� _ 3,,; A11':{ ^I '��... I ..1.`�/f � J}i..��. ��_•{�a___ ), .. � ,C '',` , ��,��. •„ a•� , ' �• .. • . : .. I � � � �-- �I . • / �i0_� 1 - /1 '1'O� ��—� e`_I�`1.�� : �p � � f� • �� 1 . ' ' II �I,Q R �� ' � . � � ' y N� he � : _-�� i �� l t�`» � .:. �..... . i. ..._..�. `�A'.0 j � •�'` ' s' -� i �''y' � __ ! : ° , � 1�.�r �' �, fl I o 5 W�. , o , , _ ; , _ 1.,� �, ^� •� ..�.:..�.:\.,. �� y i�e P`i O'� = i , .., � '.��..�, Q.. _�'�4. P� . . _ ..�••`-`��=� . ;c � �. 'QO• ,� o•. � I ':. �'�' '• �y , � , �,. }�' � . I � � . � � . ti~ p > W; � �,QP -`! "`!'-1 �..�/ _ .{ ' •k. i i �.. r�.'.. :. �1�� '�`�t�,;;� v' ,�� aP � � ' ..E�� _ � �3'��h�',;. : ;,�P,y .+; .�;' . .....�„�..' . : nn � _ v,_ .�. = � �� r q b � M . �+ . BmOm_':� !:� . ,.t • . �•..•^�cqa�� .y "� A i E E � _ �1�•, �� OlM5TEA0 ST. � E,r�'�OI�Sst^�1 10��.:`,�/'/..' • e',• '�' ` . .1 . \. � ''�s ;•I�r_ ' :'n•� ,^ u _,� �o �`� � r .. � ' � ��' • - '�� __ :�A� a "s o ►v � qo b. �� '� • . , . . � ; ' � ��..7 �,..� 3•= �j�, r �`� ��( .f" , ;� , �._F.a' � . :?' � a =�.n .� rt 4��a :.�'+�-- y •f' v�� I �� 1 AR I S' �y�..hr, 4' :!, t . ... ' '• • .F.unum7maw�� t y.t S t .. •��'• S2 � i ' r.�! N : t, . •�• ._..._ •��A1��.6'�nn �._ : pwuoummMnCn UNO _O � I UNIVERSITY-••- •- r . �Ay�T UHIVER3ITT �^' � �t�r•-^ - IA'!AV[ 1T�• O . .. � • ' �e .•�flr� •; :' • ' . LL i". ,�. ± --•� .Y� � I �' /I ��'�.�� r_' r; w �'C ..' o J��W_ t. BA:�: ' R 3 �� : � ,•d�0 }I .� .t_i �.. r!!.Inl ._... ,I•..�, � �..�=� �� ; � , I F ��o.; 4� ' ��..��-�.,�-�i�: � —L; �1 �I �n�vEli��]t:.a�Pl_. �: � u �. ... �.. ... �' 1 , �rI _.. . ;. .y �_ ;i.��^:�%�!!�.a�f"�l/. �, ., =� (•� . . ...� I � „' ~ �� '�"� �•r p S�.� �-��-LL_ �j. �7a1„� �f L�+Y' �i ��n n0. � . _ ^ _..q �I� �'hi" c� �� • s� � � t» "�.' SrUpO ,f. `�, "' ,�.n � �.:;�. ��,�. � ( I �a �:�'��. r��eT L`. .. . ` I ^_ �lp._.�� '� : EENT ' S T. : ..; ,. �S Of~ ' �. � ( f �cr 1 'a r"°. i_.I_a;L•:�..� � ',x .i'�;-n° +� � �i.0 r9�, ,�� •r..j.��4 �.•S :� � � _..:F _i_.. � Z�:'Iif� . � tv I �� p�" , .�_ �•�� ' � �:.' �"rr�•/_'.ii• ��2'�j' �e I t 1! � o � � I � + I •� � �I � . � , . , .�y• ,�� ...Q_��71N� �. y�� t � =.,�r � i1 ° l�' I n.i � .�� ;��'� (,f)� .'...: �'� -r�,�' a f,�,�-,n,. .�.�. ' �• i rI � .. : : , � a �, L W p �� f �„ � �..{1 { .y.�. � TMIRT�EMTMw / i. . — �f a � 7%�•'�'.� � .�Z ��wi�Pt1N'Aftp i i 'Y, ? � . . . O � i L .rjZr1 "'c�� '` �v.,.{'`� F ��y�l�! ` m � e� . ,. . �� ..�.. � ..t.,'i�l,;":-±�,_ �,� `- � y �i:,"`,�"�.� � µ ' �' •��j� �,--�� .:. : _•.:L i �> >1 � �';�ii� ?1 '.: ~ \ � : i�. .� ��( � �I, < �� ,e z � . t �Q, . ; � .. �' � .� � e e '-Q' �1�--�'- " � ��, �.��,i �-� �e�. I o � �_ . �-.T, J� ,�� V'.i v� • . . � ,n-' � A:_� I�y I �I� 1 �1 ' �o I il 9 J 1 �� a 1'l , . / ��i J � I! .j. f .:?� �I G � , . .. ' �"�,. I �• � i� . ,�: .. °J � � i � � . �•"I:��.._..�_ =—--. '—,.__••—'-- .__,__�zr_.._Y..� � GiOVr •� j��'"7T'�"� F , - . � t - 9� -�,��./ APPENDIX B . , 9� �/3�-/ PORT AUTHORITY OF ST. PAUL WILLIAMS HILL Hazardous Substance Subdistrict All that property including all streets and alleys, vacated streets and alleys and streets and alleys to be vacated, lying within the following described boundary and as shown on the attached Ezhibit "B". Commencing at the North quarter comer of Sec. 31,T29N,R22W; thence easterly along the North line of said Sec. 31 to the centerline of Mississippi Street; thence northerly along said centerline of Mississippi Street to its intersection with the westerly extension of the southerly line of Soo Line Plat No. 6; thence southeasterly along said southerly line of Soo Line Plat No. 6 and along the southerly line of Edmund Rice's Trout Brook Addition to the East line of Sec. 30, T29N, R22W; thence south along said East line of said Sec. 30, and along the East line of Sec. 31,T29N,R22W to the North line of Lot 23, Block 1, Warren & Winslow's Addition; thence easterly along said North line of said Lot 23 to the intersection of a line lying 15 feet southwesterly from base line No. 1 as described in Registrar of Deeds book 274,page 42; thence southeasterly along said line lying 15 feet southwesterly of sa.id base line No. 1 to the east right- " of-way line of Westtninster Street as platted in Warren& Winslow's Addition; thence south along said east line of Westminster Street to the intersection of base line No. 2 as described in Registraz of Deeds book 274,page 42; thence southeasterly along sa.id base line No. 2 to the southeasterly right-of-way line of widened Lafayette Road; thence southwesterly along said southeasterly right-of-way line of widened Lafayette Road a distance of 215 feet more or less; thence continuing along said southeasterly right-of-way line of widened Lafayette Road, deflecting 90 degrees in a southeasterly direction to the northeasterly line of Soo Line Plat No. 8; thence southwesterly along said northeasterly line of Soo Line Plat No. 8 and its southwesterly extension thereof to its intersection with the easterly extension of the southerly right-of-way line o£University Avenue; thence westerly along said southerly right-of-way line of University Avenue and its westerly extension thereof to the West line of the SE1/4 of tlie NE1/4 of Sec. 31, T29N,R22W (including widened University Avenue in Block 2, Daytons Addition and adjacent Mississippi Street right-of-way); thence northerly along said West line of sa.id SE1/4 and along the West line of the NE1/4 of the NE1/4 of Sec. 31,T29N, R22W to the point of beginning and there terminating. Excepting therefrom those parcels as shown on the attached Eahibit "B". I. . IM 9� -/��/ PORT AUTHORITY OF ST PAUL � WILLIAMS HILL Hazardous Substance Subdistrict Parcel List 30-29-22-44-0025 31-29-22-11-0001 31-29-22-11-0002 31-29-22-11-0038 31-29-22-11-0040 31-29-22-11-0041 31-29-22-11-0042 31-29-22-11-0043 31-29-22-14-0028 31-29-22-14-0033 31-29-22-14-0075 31-29-22-14-0078 31-29-22-I4-0079 32-29-22-22-0100 32-29-22-22-0115 � 32-29-22-22-0116 32-29-22-22-0117 32-29-22-22-0118 32-29-22-22-0119 32-29-22-22-0120 ' 32-29-22-22-0121 32-29-22-22-0122 32-29-22-23-0006 ' I p j...-W ,w F �, . , I „1 . .. ._ __.;,� .; E . ..,,, � � ,/v1� • + p �` I . � ._�� . � a _��T '+ ,'� i�:.� ~, ��• N Y �-- y � rh � ' ' " ,r.,, ��: '`�_.G� �� . I I � �{ Z � � ��1" " ;�" =---, ,, � = a, W ; m �� u�,,Zr��,•� ;'; -� : + g = � , � i.� ..��'�.�Z � . ,��` ;_.:J (n � w o � � }.,. . r �N � • ay � \ � � �e G�.'v/ U V � m ' ",.. .,,, � ^_ /� a w Z z z�,� � ! , // — — -' _ – �.��.�...�. . '_'—'_',.—.—. . �;c�� J Z U � rec.r,Tzw,waw . —T r- ��-'-'^- . , .. . , � y� Q a �� arr--q... ' �1 � . � .... i � I I i• 6 � , ] T y tt�^ ~ � _ � Z � . .•... ..�... . . � � tOt1�Q t)�`_� .. ' .�"��_ ' '� — N m W� • . � t7 � i ) .. "0 u.. � I � �t�� • _...:. :..;. . . . _�\_� _ C�_.`\ � . 1 �o u u it �i �� \`+� ' % p ...... .. . � i� � �� •� � . s VAN�WGEN I ST. � • � i � , . . . . . . . 7 DIf • . J�. •. - N i �� _,'��. ..- . . . . . . • r / . � � � T� � � . t.\ 1� ... .� .. .. . .. ... PF ' � �. � (iu. ' ��. �.. �, t . ,'1 ..�, _ ... et ' , 1 . .. NNS y n�- ��'�I . • -- :--nr ' _. ....,� ' j. . � ... . ' .�.,;' `i� '�o '• _ YCV�Qiyj,a ��'•n.[��.�•�f, •,: � t0_ _'. :�. ' _ � j�.._ � - . �'(� . . . . :l�r~ ► � �n i J � ��faa � , r, . e e i�r. F.e, re�^ � � I N .%• � � /2� N/3 ! �� ' . I I • II_' "t�� j"�� -I " 7�� . -\ � i�q�n� n � ��'c'! � i �r V. . �-.7 : �'� ' 1'' ' .' . . .. i7/i`�t•o f �/q `�'9VF� ��. �r k �3 C;' ! � I • '. W � ' . !. ' � ~ Y l. , 1' ' � \1•' I �t �l 1• ��Y � ..�If� . X i, � ` e Q...' . � 1 ./'17 `� ,,/ _ �� .�! ' �_ <: -••� �_ a. . �. .� � . s;.. ... r� '� -, '_� - ' , .. i'� F b � n � �1 � .pti) ~ � rM31'IVANIA AVE.t _ .�..1�_.� . �`' '•i� . � .. '" / . . ' � /�° 5�� 'Z� '" , ��' A R � -I"� ��8, -W ��:,t a • �� N 'w : ;;� • ' : � , �,' „� - t �� .,,'y �. - -.�� _ 1 t N ' � 1��:; Ql� � ' � , c= c,.i �y�:'�' , � _ • . ;E'_' � � wr�[rqM ' ' � \'• i , .", _ -- . �. I - :�-' -- ti S Q�� ,�� : =: �k �, � .� . �_ . ,. ...Z . _� ` , / • w� W u ..i �� .o . : .4� �. . ..4. � ,� ,t � O F, .}A. ...•�— ,. . ; . .` o` � ° � 1,_ . . :.J.�..: :1_ii�'. t; :. t" �. .. a��s �� a ' � '.. z�� . � , �.�ii�iC�i 1 � �- i uw.`l.�2 — 4�� 5T. / `h`I� .'�;a� '��-r Il. ��'�1..� i.�'� ��! � . . . . ... '_:�O y��\ ` „r � ' \,� , \ ` ` . 1� . . . :i. 4 --��__ *•� � :1 ;'� to � ,. � � �. •—� �•: � �•' ."O. ':. .' ��:�j t, M • .'� . .. �i�r. �°"' ,,: � K: �' 1, ..' '' ...� �'�� - � q (W�/�/ b•y,� .�.cc{ _ , - ' Q� '� ��,�, /- �� -� ' �%' � .. �;: : Al;�: :► � ';,_– �... .. —��• -- ; ',..�� _( __• . • . ' �{ y; � � �;.:. . �'{'- �-= �• :�: � . .. . � : ' . • ti � s ,�__ ,. . o':, , �•'� e `I? •/ _�° ;t. �. ' _� O � �� I f �� •� iI i �•.! 1 � i.� �j� 1 MI : � t �� e ,t . � s�. ' Q .... . I�� fi ' '� • y � �r { y ► �.'r', 's . �1 A�u j W • lo'`' � � ° .�• �� : �� j �..�...��.r�,, � . ey0� 5 �i, l� ey�p• � � � i " � •.� �� ? .. _ •�� ., �s �v o• W o:. • ,(��' � , �; . oy•,, ( `r. t' !.. �� y. s ��'� y 1� . QP~ ro � �I��eP ~•v� �` � • I�,�/lp Y ,.� ' +�. � . � �� .�. •I J ��l••�Yr .1 � I �I� `/• r�: .�I �� . ♦� . y �� • � �,,. S . � `. !£R. �y�M ',� -� T .�•.Z� •`` � OLM TEAD 57. v �'�� 1«�S'e't.��0 . ;.J! •f'�,,!' �`sS �'� j ' :� . �� s� ��3 =� �� ,n� �,w 5. 0 N 4��b. �� '�I w �`' �..�. ..: ':� ,� ,' � , ) : . :�' ��4 � ' �w Q �� ' ._ •H •'• ou= � •: ��AR �IS� ..L.c t�tin�I • � .... .. . � � �►,f�':G{4'�an ��')_� � ma�uwuinm, .� * vHO N � —UNIVERSITI'-• � • 'r ---_ . ..�E„�,T UNIVERSIT7 _j� ��' • —O�• ; 'r'�'- _ - �ASeAVE .4T y �.n O n ; : ' � • . �.�. i ."' :^ � ` , -, . J , .: , ' .,� • ' _ l �, ., ,• �'. , ,;, �.. ° _1'�w;_ „ t�;,s� t c�' . .. = , _�,'�: � �< <� �:r:: -!� �.:r � �'• ..,, � � 1 �,. .,•, .�� ,,., � • � .�r' H � ��i+w.l' I 7 1�1A �' �A'A�CRL /w PL. •�. 7 ��' 1 �.� �.. . � • � ` �: •+ 1��y�•, �� r ._ , .' , _ . .. <<� �,:,,�� ; ��: : : : �._ , � h. ; . =�,; �-. - . �.- -� �„r� � _.,. �w ; ; � •'" � •.,�� ` s >, e , �.. 4 bu R �< < . • . i „ � � - � � �� ~ �: �.. � . .: .• `io ir u.''�n � : �7�aBTE NT ` . �F 1' ► i � r' � . : •" I 'M1'° `t',�� ;• ,�- \ • .t"�"^ �.'� 5 T. , 9 �O �'( , i:' Z � a :=� �. ..�'. •�=ql � 0. 0r Q•�'��-n� .i:.�.• (.�"� IA �� ' 't-" . � "1.:�: i..' z��_• T.. ! • r O � �` , . . ,:: ��:,-.v. �.�Y�;, � � � _ {-, 4 j ,- . ,�1�:�� . Q . . : •;' .. =¢- •' ,� e � l � �. � I. • //� •:• i .��T� ��.�a 4 T�/�'�N,y� �s�.C. - �� r�� s u @ � . ....." _ . � . VJ� . . � _� y M L W 7Gi. �. �� d• 1 .I.y'. � FM111T N�N• �//' rA � � ��. 1. � � ��w�iODM'. p E i� �� .. W . , ��o , : _ � � , w.. „E:,Q.S�,:, � �µ . . I r•;i: � .. ��' ''' � .' ��^c�.-r��c I W t.z.l 'e� ► � , � + M ' ' C� :°� •'� .� ... "'� � J ' � > � j l � �,� � 0 �;x � .� ,` "T�' � � � J •' � � '� . r {� +�,�• .• � 411?I �� I � O ��... �l • � �0 1� � �L . ?: �� . . .A 1 I �� , Gs � , . .,{ . .. � .... . �•• � _:�� • .. _: h .� �f. —'µ•.�1..�».��d..:r.:�' .y�.y`��.'_� ��.��_Sr�.._4` r � 11 V � �N". �T� . ' " ��^ �V .�.r�Z�'�. .... ....` ',' �. � ' • Y . ` � �' ��3�/ APPENDIX C 1�2[NNESOTA Department of Revenue �� l�� Property Tax Division Mail Station 3340 St. Paul, MN 55146-3340 Phone(612)296-3155 Fax(612)297-2166 February 8, 1996 To: Municipalities Re: The Exemption from the TIF Aid Reduction for Municipalities Making Local Contributions to Tas Increment Financing Districts The Report of Local Contributions Made to TIF Districts in 199� A municipality that makes a local contribution to a tax increment financing (TIF) district may qualify for an exemption from the aid reduction that results from the establishment of a TIF district. This new exemption is authorized by Laws 1995, Chapter 264, Article 5, Section 6, which is an amendment of the TIF aid reduction provisions under M.S. 273.1399, Subd. 6. The new exemption has potential to apply only to: 1. New TIF districts and TIF district expansions where the tax increment plan was approved before July 1, 1995 and where the request for certification of original values and original local tax rates was submitted to the county auditor after June � 30, 1994. TIF districts and district expansions in this group potentially qualify for the exemption if the governing body of the municipality elected, by resolution adopted on or before December 31, 199�, to be covered by Laws 1995, Chapter 264, Article 5, Sections 4, 5, 6, and 48 (which include the new local contribution provisions). _, 2. New TIF districts and TIF district expansions where the request for certification of original values and original local tax rates was submitted to the county auditor after June 30, 1995. A municipality making qualifying local contributions under the new law must submit a report to the Department of Revenue in order to receive an exemption from the TIF aid reduction. The enclosed reporting form titled "Report of Local Contributions Made to TIF Districts in 1995" is to be used in reporting the qualifying local contributions your municipality made to one or more TIF districts in 1995. The instructions for completing this report are also enclosed. continued... .4,i equa!opporru�iin enr,�fo�.cr TDQ; (Gl_'� ?9"-Il9G r ' � / � /��/ Report of Local Contributions Made to TIF Districts in 1995 Complete and Return by March 15, 1996 to: Department of Revenue Property Tax Division Mail Station 3340 St. Paui,Minnesota 55146-3340 Phone: (612)296-5145 Fax: (612)297-2166 Note: Prepare a separate report for each TIF district. If local contributions were made to more than one TIF district in 1995,duplicate this form prior to Clling it out. 1. TIF District Name: 2. District Type (check one): � a. Economic Development � e. Mined Underground Space - � b. Housing � f. Hazardous Substance Subdistrict � c. Renewal and Renovation � g. Soils Condition � d. Redevelopment � h.Agricultural Processing Facility 3. Date Original TIF Plan or TIF Expansion Plan Was Approved by Municipality (month, day, year): 4. Certification Request Date (month, day,yeaz)*: 5. Total Amount of Local Contributions Made to District in 1995: $ � Check if this amount is an "up front" contribution 6. Sources of Local Contributions (explain): 7. Uses of Local Contributions (explain): * The certification request date is the date that the municipaliry requested the county auditor to certify the original net tax capaciry and the original local tax rate for the district. It is not the date that the municipaliry approved the tax increment financin;plan or the date that the counry auditor actually certified the originai net tax capaciry and the original local tax rate for the district. For a request that was mailed to the county auditor, it is the postmark date on the mailing envelope. For a request that is hand delivered to the counry auditor, it is the delivery date. Because this date is critical in the application of various tax increment financing law provisions, it should agree with the county auditor's records. Si��nature of Authorized Reoresentati��e Titfe Teleohone Date n ' • �� /��/ INSTRUCTIONS FOR COMPLETING THE REPORT OF L�CAL CONTRIBUTIOI�TS MADE TO TIF DISTRICTS IN 1995 The followzng is general information concerning the new exemption from the TIF aid reduction for qualifying local cot�tributions made to certain TIF districts, plus instructions for completing the enclosed "Report of Local Contributions Made to TIF Districts in 1995." This report should be completed and returned to the Property Tax Division of the Departmenc of Revenue onl}' if your municipality made qualifying local contributions to one or more TIF districts in 1995 (or if contributions were obtained from other local units of government or direct state grants w�ere received for a TIF project). This report must be returned to the Department of Revenue on or before March 15, 1996 to ensure that your municipality recei�•es an exemption from the TIF aid reduction for aids payable in 1997. Note: For the purpose of these instructions, the term"municipalit}�" means cities. counties, and those towns within the se��en county metropolitan area that are over 5,000 in population. Possible Qualif}•ing TIF Districts The new exemption has potential to apply onl�� to "ne��' TIF districts and TIF district expansions where the request for certification of original values and original local tax rates �•as submitted to the countv auditor after June 30, 1994. It does not apply to "older" TIF districts (those for��•hich the request for certification ��•as made on or before June 30, 1994). The potentiall}• qualifj•ing TIF districts break do«n into t�•o sub-groups, as follow•s: • Ne��TIF districts and TIF district expansions where the tax increment plan was approved before Jul�• l, 199� and where the request for certification of original values and original local tax rates was submitted to the county auditor after June 30, 1994. TIF districts and district expansions in this group potentially qualify for the exemption if the governing body of the municipality elected, by resolution adopted on or before December 31, 1995, to be covered b�� Law�s 1995, Chapter 264, Article 5, Sections 4, 5, 6, and 48 (which include the new• local contribution pro��isions). • Ne�ti• TIF districts and TIF district expansions vvhere the request for certification of original values and original local tax rates was submitted to the counh� auditor after June 30, 1995. Pro��ision for Local Contribution Included in the Original TIF Pla❑ ln order to qualif�� for the exemption from the TIF aid penalty �•ith respect to one or more of the TIF districts described abo�•e. the municipalit�• must elect. at the time of appro��in� the TIF plan for the district. for the municipalit�• or the authorit�� to make qualif��in� loca'. contributions to the l , 9"� --�� . local contribution could result in a TIF aid penalty in the next year. The appro��ed TIF plan should spell out the intended schedule for the pa}�ment of qualifying local contributions. If a local contribution exceeds the required percentage of tax increment, the excess is carried over to the next year and applies to�•ards that year's required local contribution for the TIF district. It is possible to make an"u fn ront"contribution that would carry over to two or more years. For example, if a municipality made a local contribution to a TIF district of$100,000 in the first year but the required local contribution in the first year was only $20,000, the excess $80,000 would be carried over to one or more subsequent years until it is all used up in meeting the required local contributions in one or more subsequent years. An "up front�' contribution should be spelled out in the approved TIF plan. � Notes: (1) An ethanol production facility (a subset of economic development district) automatically qualifies for an exemption from the TIF aid reduction without a local contribution. T'his automatic exemption ends beginning the ��ear follow•ing the year after the total amount of increment for the district exceeds either(a) $1,000.000 if the request for certification was made on or before June 30, 1994, or(b) $1.500,000 if the request for certification�•as made after June 30. 1994. However, the aid exemption for a post-June 30. 1994 ethanol district could be continued if the municipality elected, at the time of approving the TIF plan for the district, to make qualifi�ing local contributions to the district after the automatic exemption is over. The yearly qualifying local contributions would have to be at least 10% of the increment of the district for the year(the percentage for an economic development district). (2) A qualified housing district (N1.S. 273.1399, Subd. 1, paragraph (c)) automaticall}� qualifies for an exemption from the T'IF aid reduction «�ithout a local contribution. The 2°fo of Net Tax Capacity Limit The new� la�v provides a limit on the required local contributions for municipalities. The limit is 2% of the municipalit��'s net tax capacity as that term is defined for local government aid purposes under M.S. 477A.011, Subd. 20. When the required local contributions for a municipality reach this limit, all of the qualifying TIF districts v�zthin the municipality are exempt from the TIF aid reduction determination for aids payable in the next year. This broad exernption applies even if some of the TIF districts do not receive a qualifi�ing local contribution or some of them receive less than the required percentage of tax increment shown above. For example, if a municipality reached its 2% of net tax capacity limit after contributing an amount equal to 10% of the ta� increment for one economic development district and after contributing an amount equal to 8% of the tax increment for another economic development district, it can stop making local contributions in that vear and still qualif�� for full exemption from the TIF aid reduction ��•ith respect to the two TIF districts for the follo�•ing aid payment �•ear. For the purpose of determinino the 2% of net tax capacit�• limit for 1996. "net tax capacit��" means the municipalit��'s assessment ��ear 199�. ta�es pa��able }•ear 1996 net tax capacit�� , , }� �� 9`��3�� Allow�able Uses of Local Contributions Local contributions must be used to pa}� project costs of a TIF district and cannot be used for general government purposes or for improvements or costs that the municipality or authorit�• planned to incur absent the project. Local contributions must be spent within the same TIF district for which the�• are counted. Reporting of Local Contributions Each municipalit}� or authority that makes local contributions to one or more TIF districts must submit a report to the Department of Revenue concerning the local contributions. The report must be submitted by March 15 of the year after the year in which the local contributions aze made. The first report is due March 15, 1996. The Department of Revenue is required to prescribe the form and content of this report. ��hich must include the sources and amounts of local contributions, the TIF districts receiving the local contributions, and am• other information that the Department of Revenue requires. The enclosed reportine form titled "Report of Local Contributions Made to TIF Distr'icts in 199�'° is to be used in reporting the qualif��ing local contributions your municipalit}�made to one or more TIF districts in 199�. Your municipalin�'s name and address has been pre-entered on this report. A separate report is to be completed for each of the TIF districts eligible for exemption under the local contribution provision. If}�ou are reporting for two or more TIF districts for 199�. make a sufficient number of copies of the enclosed reporting form prior to filling it out. Report all amounts to the nearest v��hole dollar. Sign and date the completed report. If one or more of the TIF districts reported are districts for v��hich the tax increment financing plan was appro��ed before Jul}• 1, 1995, attach a cop}� of the municipality's resolution adopted on or before December 31. 199� electing to be covered by La��s 199�, Chapter 264, Article 5. Sections 4,5,6, and 48 w�ith respect to these TIF districts. If you have alread�• submitted a cop}� of this resolution to the Department of Revenue. you may ignore this part of the instructions. Make a copy of the completed report and all attachments for your own records before mailing or faxing these documents to the Department of Re�-enue. Property Tax Division. Mail or fax the completed report and attachments on or before March 1�, I 996 to: Robert Johnson FAX (612) 297-2166 Minnesota Department of Revenue Properh• Tax Division Mail Station 3340 St. Paul, Minnesota 5�146-3340 ; . . ^ � ��,�3�� is critical in the application of various tax increment law provisions, it should agree with the county auditor's records. The certification request date should be entered in MM/DD/YY format (e.g., enter September 10, 1994 as / / 4). Line 5: Total Amount of Local Contributions Made to District in 1995 Enter on Line 5 the total dollar amount of the local contributions your municipality made to the TIF district in calendar year 1995. This may be either in the form of money or the cost of public improvements made (such as a road or the upgrade of a road)that would not otherwise have occurred except for the projects undertaken within the TIF district. If the local contribution that was made to the TIF district in 1995 was an "up front" local contribution, check the box located under Line 5. Liae 6: Source of Local Contributions • Explain on Line 6 the source or sources of the local contribution amount reported on Line 5. All of the local contributions must have been made out of unrestricted money of the municipalit}� or authorit`•. Eaamples of allo«�able sources include: (1) general fund mone�•: (2) a property tax le�•�•; (3) the costs of public improvements made (such as a road or the upgrade of a road) that w�ould not othen��ise ha�-e occurred except for the projects undertaken�7thin the TIF district. pro��ided that the costs of the public improvements were paid b�•: (a) general fund mone��. (b) a pr.opert}� tax le«•, (c) state-aid street mone}�, or (d) bond proceeds to be repaid b}� a property tax le�ry; (4) federal or state grant-in-aid which could be spent for general government purposes: (5) contributions from other local government entities (such as counties, cities, towns, and school districts)that will benefit from the TIF district's activities (these amounts reduce the municipality's ov�n source contribution requirements dollar-for-dollaz); and (6) state contributions to the project costs by a direct grant or similar incentive (these amounts reduce the municipality's own source contribution requirements 50� on the dollar). Examples of sources n.2t allow�able include, but are not limited to: (1) tax increments. (21 developer payments as defined under M.S. 469.1766. (3) bonds to be repaid b}• special assessments. (4) other restricted mone�•, and (�) an allocation of municipal expenses. such as staff time, computer time. and overhead. 7 ' � ` Y F+ / S �/��/ (2) The qualifying local contributions for 1995 are reported by the municipalit}•to the Department of Revenue on or before March 15, 1996. (3) The Department of Revenue certifies the 1996 tax increment amount, calendar year 1996 required local contribution amount, and preliminar�� 1997 TIF aid reduction for each eligible TIF district by September 1 of 1996. The 2% of net tax capacity limit for the municipaliri� is also certified at this time. (4) Qualifying local contributions are made by a municipality to one or more TIF districts in 1996. (5) The qualifying local contributions for 1996 aze reported by the municipality to the Department of Revenue on or before March 15, 1997. (6) The Department of Revenue compares the local contributions reported for 199� and 1996 with the required local contribution amounts for 1996 and the city's 2% of net tax capacit}� limit for 1996. The preliminary 1997 TIF aid reduction is wai�-ed for each eligible TIF district for�•hich the required local contribution for 1996 is met by the sum of the contributions made to it for 199� and 1996. The preliminary 1997 TIF aid reduction is imposed for each eligible TIF district for which the required local contribution for 1996 is not met by the sum of contributions made to it for 199� and 1996. If the sum of all local � contributions for 199� and 1996 equal or exceed the municipalit}•'s 2%of net ta� capacity limit, the preliminan• 1997 TIF aid reduction is wai��ed for all of the municipalit�•'s eligible TIF districts. The LGA and/or HACA aids paid to the municipality in 1997 reflect these determinations. � � For Further Information Please contact the follo��ing people if}•ou have questions concerning the exemption from the aid reduction for municipalities making local contributions to one or more TIF districts: General Information.................................... Rich Gardner............ (612) 296-315� Reporting Local Contributions................... Robert Johnson........ (612) 296-514� 9 � , 1 VCULII� 1 Vllf v.�►— ..� v�v�ivir-�► � � •_ . `�(o \3� 1 Project Name �ti1� I 1 ra w�S }�-c ( l _ Account # �Y�,� - �00 � Project Address�OD " �s ' � City Contact �.'l a V�� u�i�Gte �(?� _ Today's Date �� rc� � � PUBLIC COST ANALYSIS ��T � � �� Pro�ram Fundin; Source: G��G ��"�� Amuunt: �s�/.�� Interest Ratc: p l Suhsiclizc�d Rate: J�. Yes [ ] ho [ ] N/A (Grant) Type; �� Loan Risk Rating: . Acceptable (5% rzs) Suhstandard (10�'o res) �Loss (100% .rzs) Grant Daubtful (50% res) Furbivable (100% ras) Total Loan Subsidy`k: _.� 2��J b � Total Prc�ject Cosr. ,� � �'�'JD GDL� * Total Loan Subsidy: Present valua of the loan ovar its IifC, incluclin;; cxpz�t�d loss ot principal 1nd interest rate subsidy. PUBLIC BENEFIT ANALYSIS (Mark "1"for P��inca�y Beiaefits nnd "2"for Secorcda,y Be�tefits) - I. Community Development Benefits - Remove.Bl�bht/Pollution Improve Health/Safety/Secui•ity Increase/Mainta�n Tax Base. ; ► current tax production �D� f�'� Rehab Vac,anf Structure Piiblic Improvements - � • ► est'd taxes as built ; � 63�.�- �� Remove Vacant Stnicture . Goods & Services Availability � nzf�Y change -F-;oc Heritage Pres�rvation ' Maintain Tax Base �,.�'-'L7'`��DC� 11. Economic Development Benefits � Support Vifality of Industry Create Local Businesses Generate Private Investment�� Stabilize Market Value Retain Lc�c�il Businesses Su�port Commercial ��,ctiv.ity Provide Self-Employment Opt's Enc�ura?e Entrep'shi� Incr. Women/M�norify Businesses Ill. Housing Development Benefits Increase Homz Ownership Stack Ad�lrass Special Housin� Neeils Maintain Housina ► // uiiits new construct;on: Retain H��me Owners in City ► ff unit�.rental: ► {{ units conversion: ► /I units owner-occ.: Afti>rd;ible Hui�tiin� IV. Job Impacts Job Tmpact [ ] 1\'o Job Lnpact Year 1 Ye��r 2 Year 3 Year'4::` Year � �`1oBS CtZEAT6D (hilltime �ermanent) "D✓?�s I i vI I�WI u.�/� Avzr��gz `Va�z � �o0 1 q� ,,�C> �G<�nstruction/Tem��r�u�}� � � �JOBS R6TA�rVED (tiulltimd pzrmanent) r.103� LosT (rullcin�� z�•�Z�:��t;;l � - �t c� --- � �� RISK RATING Central File Number. 00382 Borrower: Port Authority Project Address: Mississippi/University �Ln� �'1i' �5 s,� ; Program: CDBG Float/TIF Accounting I.D. Numbers and Amounts: CDBG Fund 100 Loan Ori�nation Date: Dec/96 Total Obligation: a5,500,000 Final Due Date: Dec/2001 or 2002 Payment Status: Loan Type: Amortized Contingent Deferred Due On Sale Other X (indicate by x) ,< ;: ,; _ _..:. CREDIT FACTORS THIS LOAN PED/IND STANDARDS RISK LEVEL Debt to Equity: NA Current Ratio: NA Quick Ratio: NA Repayment Ability: Good Repayment History: Problems with St. Paul Hotel Collateral (AV/TD): $1,300,000 Purch 5,500,000 Debt ,.. _,..::> _. _ Strengths: Strong demand for industrial space, successful track record as industrial developer, site location is very desirable, near downtown and interstate 94/35E. _ _ __ __ _ _ _ _ _ _ ;.: , . Weaknesses: TIF increments will be in control of the Port, may be decrease in commercial/industrial property ta�c r rates due to legislative changes, may be changes to TIF law, may have increased spend rate and demand for CDBG funds, no financial recourse to Port, Port has extremely limited funds at risk, collateral value is below value of land. Loan File Risk: Risk Rating: Doubtful Imt�a s Date Acct. Officer - Rating __1� /� l�j�r� Accounting - Keying � 7 Acct. Officer - Verify . �1� - ��a� '� � � Appro� of Financial Commitment/Er imbrance N° 12540 (This top part of the form is comp/eted by the Account O�cer for any commitment/encumbrance of CityMRA funds, and (a) if Credit Committee action is required, the Accounf Officer attaches the form (with the top pa�t completed) to the front page of the Credit Report and the form and Credit Report are submitted to the Credit Committee for action; or(b) IF NO CRED/T COMM/TTEE ACTION IS REQUIRED, the Accounf Officer compfetes the entire form, obtains the Division Head's approva! (initials) and submits the completed entire form with appropriate documentation to the Accounting Section.) Account Officer �� ✓'�� uti�� Form Completion Date l�T�,l`r� New Commitment x Yes No If no, Prior Commitment Number Borrower or Vendor .S+� Pli�� r'-�— Principal(s) l�� ✓� ��+ � ��n-- File I.D. Number ��-3 ��- Project Name �)�� 'a w�s �-r�� I Address - �� 155i s s�� Program(s) L� � � ��f' Fund Source(s) G1� �� F��f � 'L� Federal _� State Local Account Code(s) �v��/�� Total Amount of City/HRA Funds ��bd� �� Total Project Cost � / � � Total Amount of Funds Leveraged (other Public and Private) �3 �' TD �°� �� U��'� Type of Transaction Type of Activity jThis part of the form is completed(a)IF NO CREDIT COMMITTEE ACTION IS REQUIRED by the Account O�cer, and the completed entire form is submitted by the Account O�cer with appropriate documentation to the Accounting Section on the approval date;or(b)if Credit Committee action is required, by the Credit Committee Recording Secretary at the time of Credit Committee action, and the completed entire form is submitted by the Recording Secretary to the Accounting Section on the approval date. The Accounting Section distributes a/l copies of the comp/eted form after verification.j Risk Rating: 1-(A) 2-(M) 3-(S) � 4-(D) 5-(L) 6-(F) .. Credit Committee Approval Yes No NA Division Head Approval Initials Approval Date �y � 9� Expiration Date of Encumbered Funds ' ' CDBG Eligibility ��Yes No N/A Grants Staff Initials Date Job Requirements _ � Applicable N/A If applicable, jobs creation goal `�� s `� �/'�►��^�� General Comments �Ka��'�'�s ��1 uc.tt�� : �11 ►�uc Mc�b�.�r�-�s d-� b� �On�- �-s��e�s c��vsr�l i� �sc rvc a�tov,�.� vu-��'/ �iaxc�s issce,el . �(�f�� iGf-�u ��v��ev.� , .�sY,��,•f /�f14N�vs -t-P�S� d�-t r?�—!�� l�ew=asr ��t�..��--�'E�JC7?9.�t��7't—G f Credit Committee Initials (if applicable) Accounting Section Verification Entered into Citywide accounting system Date Initials Entered into PED subsystem (if applicable) Date Initials Compliance Notification Human Rights Purchasing (Targeted Vendor) Work Force Development Labor Standards Other (Original/whit� copy to Credrt Committee records, yellow copy to Account O�ceNcredit file, pink copy to Accounting, goldenrod copy tc Grants ManagementJ Revised 8/30�35 k.�shared\jem�manual\posi!len 7-