04-632Council File # ��
Resolution #
Green Sheet # 3 D I �S °
RESOLUTION
CITY OF SAINT PAUL, MINNESOTA
Presented By
Referred To
Committee:
37
Date
RESOLUTION APPROVING THE
ESTABLISIIMENT OF THE LEXINGTON UNIVERSITY
TAX INCREMENT FINANCING DISTRICT
AND APPROVING TAX INCREMENT FINANCING PLAN THEREFOR
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WHEREAS, the Housing and Redevelopment Authority ofthe City of Saint Paul, Minnesota (the "IIRA")
has heretofore, with the approval of the City Council of the City of Saint Paul, Minnesota (the "City"), adopted
the Redevelopment Plan (the "Redevelopment Plan") for the Saint Paul Neighborhood Redevelopment Project
Area (the "Project Area" ), pursuant to Minnesota Statutes, Sections 469.001 to 469.047, both inclusive; and
WHEREAS, said Redevelopment Plan contains an idetttification of need and statement of objectives and
program of the HRA for carrying out of a redevelopment project, including property to be acquired, public
improvements to be provided, development and redevelopment to occur, and sources of revenue to pay
redevelopment costs of the Project; and
WHEREAS, the HRA has proposed the creation within the Project Area of the Lexington University TaY
Increment Financing District as a redevelopment tax increment financing district under Minnesota Statutes,
Section 469.174, Subdivision 10 (the °Tax Increment Financing District"), and the adoption of a Tax Increment
Financing Plan therefor (the "Tax Increment Financing Plan"}, all pursuant to and in accordance with Minnesofa
Statutes, Section 469.174 through 469.1812 (the °Tax Increment Act"); and
WHEREAS, the HRA has performed a11 actions required by law to be performed prior to the creation of
the Tax Increment Financing District and adoption of the Tax Increment Financing Plan therefor, including, but
not limited to, notification ofthe Ramsey County Commissioner representing the area ofthe County in which the
Tax Increment Financing District is located, and delivering a copy of the Tax Increment Financing Plan to
Ramsey County and Independent School District Number 625, which have taxing jurisdiction over the property
to be included in the Tax Increment District; and
WHEREAS, on this date, the City Council conducted a public hearing on the Tax Increment Financing
Plan, after published notice thereof; and
WHEREAS, at said public hearing the City Council heazd testimony from a11 interested parties on the Tax
Increment Financing Plan.
NOW THEREFORE BE IT RESOLVED BY the City Council of the City of Saint Paul, Minnesota as
follows:
Section 1. Findings far the Creation of the Lexington University Tax Increment Financing District and
Adoption of Tas Increment Financing Plan therefor.
1.01. The City Council hereby finds that the creation of the Tax Increment Financing District
and adoption of the Tax Increment Financing Plan therefor, are intended and, in the judgment of the
City Council, its effect will be, to carry out the objectives of the Redevelopment Plan and to create an
impetus for the clearance of blighted structures and the construction of housing, retail and commercial
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facilities, and will otherwise promote certain public purposes and accomplish certain objectives as
specified in the Redevelopment Plan and TaY Increment Financing Plan.
1.02. The City Council hereby finds that Redevelopment T� Increment Financing District
qualifies as a"redevelopment district" within the meaning of the Tax Increment Act for the following
reasons and because the following conditions aze reasonably distributed throughout the Tax Increment
Financing District:
The Tax Increment Financing District is, pursuant to Minnesota Statutes, Section
469.174, Subdivision 10(a)(1), a"redevelopment district" because it consists of a project or
portions of a project within which the following conditions, reasonably distributed throughout
the District, exist: (a) pazcels consisting of at least 70% of the azea of the portion of the
District are occupied by buildings, streets, utilities, paved or gravel parking lots, or other
similar structures; and (b) more than 50% of the buildings not including outbuildings,located
within Tas Increment Financing District aze "shucturally substandazd" (within the meaning of
Minnesota Statutes, Section 469.174, Subdivision 10(b)) to a degree requiring substantial
renovation or clearance. The buildings are structurally substandard because they contain
defects in structural elements or a combination of deficiencies in essential utilities and
facilities, light and ventilation, fire protection including adequate egress, layout and condition
of interior partitions, or similaz factors, which defects or deficiencies are of sufficient total
significance to justify substantial renovation or clearance. In addition, the costs of bringing the
structurally substandard buildings into compliance with building codes applicable to new
buildings would exceed 15% of the cost of conshucting new structures of the same size and
type on the sites. The "stnxcturally substandard" buildings aze not in compliance with the
building code applicable to new buildings, and the costs of modifying such buildings to satisfy
the building code is more than 15 percent of the cost of constructing a new structure of the
same square footage and type on the site.
The reasons and support facts for these determinations are set forth in a report dated
May 21, 2004 prepared by LHB Engineers and Architects, a copy of which is on file with the
Executive Director of the HRA, and which is incorporated herein by reference in its entirety.
The City Council hereby makes the following additional findings:
(a) The City Council further finds that the proposed development, in the opinion of the
City Council, would not occur solely through private investment within the reasonably foreseeable
future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for
such finding being:
The property on which the development will occur would not be developed in
the reasonably foreseeable future because of the costs of removal of the
"structurally substandazd" buildings.
(b) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision
3(2), the City Council hereby finds that the increased market value of the property to be developed
within the Lexington University Tax Increment Financing District that could reasonably be expected
to occur without the use of tax increment financing is less than the increased market value esrimated
to result from the proposed development (i.e., $24,867,200) after subtracting the present value of the
projected tax increments for the maximum duration of the Lexington University Tas Increment
Financing District (i.e., $6,702,896). The current market value of the property in the Tax Increment
Financing District is approximately $5,492,800, and with tax increment financing the market value of
the property will increase by $24,867,200 to approximately $30,360,000. In making these findings,
the City Council has noted that the property has not been developed for many years and would likely
remain so if tas increment financing is not available. Thus, the use of tax increment financing will be
a positive net gain to the City, the School District, and the County, and the tax increment assistance
does not exceed the benefit which will be derived therefrom.
(c)
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The City Council further finds that the Tax Increment Financing Plan conforms to the
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general plan for the development or redevelopment of the City as a whole. The specific basis for such
finding being:
The Tas Increment Financing Plan will generally compliment and serve to
implement policies adopted in the City's comprehensive plan.
(d) The City Council further fmds that the Tax Increment Financing Plan will afford
masimum opportunity consistent with the sound needs of the City as a whole for the development of
the Tax Increment Financing District by private enterprise. The specific basis for such finding being:
The proposed development to occur within the Tax Increment Financing
District is primarily retail, commercial and housing. The proposed
development will remove blighted buildings and increase the tasable market
valuation of the City.
(e) The City elects the method of tax increment computation set forth in Minnesota
Statutes, Section 469.177, subd. 3(a).
1.03. The provisions of this Section 1 aze hereby incorporated by reference into and made a
part of the Tax Increment Financing Plan. A copy of the Tax Increment Financing Plan is attached
hereto as E�ibit A and is incorporated herein by reference in its entirety.
126 Section 2. Creation of the Lexington University Tax Increment Financing District and Approval of the
127 Tax Increment Financing Plan therefor.
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2.01. The creation of the Lexington University Tax Increment Financing District and the Tax
Increment Financing Plan therefor are hereby approved.
2.02. The staff of the HRA and the HRA's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Taa� Increment Financing District and the Tax
Increment Financing Plan and for this purpose to negotiate, draft, prepaze and present to the Board of
Commissioners of the HRA for its consideration all further plans, resolutions, documents and
contracts necessary for this purpose.
By: L
Approved by Mayor:
By: —t'�j
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Requested by Department of:
Planni •con mic D o me�t
By:d
��'
Approved by Financial ervices
By:
t° ��F}��
Form Approve
By:
Approved by
By'
Adoption Certified by Council Secretary
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� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
Department/o�ce/councii: _ Date IniGated:
PE – Flam�ing&EconomicDevelopment 10.JUN-04 Green Sheet NO: 301-8255
CoMact Person & Phone- Deoartrnent Sent To Person Initial/Date
Martin Schieckel � 0 lannin Ec000mic Develo
� 58Q ASSign 1 lanni &EconomicDevelo De ar6nentDirector !��
Must Be on Council Agenda by (Date): Number z � Atto v !6 7 'Yl�–
Vk�E. � �i00�1 Routing 3 inancialServices /'��—
Otde� 4 a or's O�c Ma odAssistant
5 ouncil
- 6 i Cler Ci erk
ToWI # of Signature Pages � (Clip All Locations for Signature) ,
Action Requested:
Approve for submission to City Council a resolution approving the establishnxent of the Lel:ington Universiry Tax Increment
Financing Disuict. The resolution needs to be on the June 23, 2004 City Council agenda for a scheduled public hearuig.
Recommentlations: Approve (A) or Reject (R): Personal Service Contracts Must Answer the Following Questions:
Planning Commissian 1. Has this personffirm ever worked under a contrect for ihis department?
CIB Comm�ttee Yes No
Civil Service Commission 2. Has this persoNfirm ever been a city employee?
Yes No
3. Does this person/firm possess a skill not nortnally possessed by any
current city employee?
Yes No
Ezplain all yes answers on separate sheet and attach to green sheet
Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why�:
The HRA adopted a resolurion on March 24, 2004 (Resolurion No. 04-03/24-7) authorizing HRA staff to proceed with the creation of a
tas increment financing district on the southwest corner of Le�ngton Pazkway and University Avenue. City Council acfion, including a
public hearing, is required to creafe a new TSF dist�icf.
AdvanWpes If Approved:
Tax increment will likely be a necessary public fmancing tool for the redevelopment of this blighted site.
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Disadvantaqes If Approved: � � �, �, �
None.
t�'t;� ! ` CMJ�!R
. �--
DisadvanWges If Not Approved: I �
Tas increment would not be available for the redevelopment of this blighted site.
Total Amount of CasURevenue Budgeted: y�►Q�
Transaction: �
Fundina Source: ActivitV Number:
Fi nancial Information: '
(Explain)
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TAX INCREMENT FINANCING PLAN
for the establishment of the
LEXINGTON UNIVERSITY TAX INCREMENT FINANCING DISTRICT
(a redevelopment district)
HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNTY
STATE OF MINNESOTA
Approved by City Council: June 23, 2004
Adopted by Authority: June 23, 2004
This document was drafted by:
BRIGGS AND MORGAN (MNID)
Professional Association
2200 First National Bank Bldg.
St. Paul, MN 55101
(651) 808-6625
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TABLE OF CONTENTS
(for reference purposes only)
TAX INCREMENT FINANCING PLAN
FOR THE LEXINGTON UNIVERSTI'Y TAX INCREMENT FINANCING DISTRICT
PaQe
Section l.
Section 2.
Section 3.
Section 4.
Section 5.
Section 6.
Section 7.
Section 8.
Section 9.
Section 10.
Section 11.
Section 12.
Secrion 13.
Section 14.
Section 15.
Section 16.
Section 17.
Section 18.
Section 19.
Section 20.
Section 21.
Section 22.
Section 23.
Section 24.
Section 25.
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Foreword ................................................................................................................ 1
Statutory Authority ................................................................................................ 1
Statement of Objectives ......................................................................................... l
Redevelopment Plan Overview .............................................................................. 2
Parcels to be Included in Tas Increment Financing District .................................. 2
Parcels be Acquired ........................................................................................... 3
Development Activity in Taac Increment Financing District for which
Contracts have been Signed ................................................................................... 3
Other Specific Development Expected to Occur within Redevelopment
Area........................................................................................................................ 3
Estimated Cost of Project; TaY Increment Financing Plan Budget ....................... 3
Estimated Amount of Bonded Indebtedness .......................................................... 4
Sources Revenue ................................................................................................ 4
Estimated Captured Taac Capacity and Estunate of Tax Increment ....................... 4
Type of Taac Increment Financing District ............................................................. 4
Duration of Tas Increment Financing District ....................................................... 4
Estimated Impact on Other Taacing Jurisdictions ................................................... 5
Modification of Taac Increment Financing District and/or Tas Increment
Financing ....................................................................................................... 5
Modifications to Tax Increment Financing District ............................................... 5
Administrative Expenses ....................................................................................... 6
Limitation of Increment ......................................................................................... 6
Useof Tas Increment ............................................................................................. 7
Notification ofPrior Planned Improvements ......................................................... 8
Excess Taac Increments .......................................................................................... 8
Requirements for Agreements with Developers .................................................... 9
Other Limitations on the Use of Tax Increment .................................................. 10
County Costs ..............................................................................................11
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Section 26. Assessment Agreements ......................................................................................11
Section 27. Admiiustration of the Tas Increment Financing District ..................................... i l
Section 28. Financial Reporking Requirements ......................................................................11
EXFIIBIT A Taac Increment Financing Plan Budget .................................................................. 1
EXHIBIT B Projected Taac Increments ......................................................................................1
EXHIBIT C Fiscal and Economic Impact on Other Tasing 7urisdictions ................................. 1
EXHIBIT D Map of Tax Increment Financing District .............................................................1
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TAX INCREMENT FINANCING PLAN FOR
THE LEXINGTON UNIVERSTTY TAX INCREMENT FINANCING DISTRICT
Section 1. Foreword. The Housing and Redevelopment Authority of the City of Saint
Paul, Minnesota (the "F3I2A"), and its staff and consultants have prepared the following plan for
the establishment of a redevelopment tas increment financing district (the "T� Increment
Financing DistricY'). T'he Tax Increment Financing District is located witivn the Saint Paul
Neighborhood Redevelopment Project Area hereYofore established by the �IRt1(the
"Redevelopment Project Area").
Secrion 2. Statutorv Authoritv. There exist areas within the City of Saint Paul (the
"City") where public involvement is necessary to cause development to occur. To this end, the
IIRA has certain statutory powers pursuant to Minnesota Statutes, Section 469.001 to 469.047
(the "HRA Law") and Minnesota Statutes, Section 469.174 through 469.179 (the "Tax Increment
Financing Act° or "T7F Act"), to assist in financing public costs related to a redeve2opment
project.
Section 3. Statement of Obiectives. The Tas Increment Financing District consists of
approximately 9.24 acres of land and adjacent and intemal rights-of-way. The Tas Increment
Financing District is being created to facilitate the redevelopment of a blighted area by the
construction of new commercial and retail facilities, and rental and owner occupied housing
facilities, including relaring pazking and public improvements (collectively, the "ProjecY'). The
taac increment fmancing plan is expected to achieve the objectives outlined in the Redevelopment
Plan for the Saint Paul Neighborhood Project Area. The following aze some ofthe objectives
being facilitated by the Taac Increment Financing Plan.
A. Provide Housing for Saint Paul Residents.
The auailable housing for residents in the Project Area will be expanded when the
approximately i 10 units of rental housing and 72 units of owner occupied housing are
constructed.
B. To Redevelop Underused Property.
The Tax Increment Financing District currently contains properties that have been
underutilized for many years because of the presence of substandard buildings and fragmented
property ownership. In order to encourage new development in the area, remove and prevent the
emergence of blight and blighting influences, taac increment financing must be used to encourage
the development of new facilities.
C. Transit
The property is located at a key transit node for University Avenue Area which has been
identified as a central transit corridor. The proj ect will result in a higher intensity development
that intenelates development with multi-modal transportation op6ons.
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D. Expand the Taac Base of the Citv of Saint Paul.
It is expected that, upon completion of the Project, the taxable mazket value of parcels in
the Tax Increment Financing District will increase by appro�mately $24,867,000 as a result of
the new development.
The activities contemplated in the Redevelopment Plan and this Tax Increment Financing
Plan do not preclude the undertakuig of other qualified development or redevelopment acrivities.
These activities are anficipated to occur over the life of the Taac Increment District and the
Redevelopment Project.
Secrion 4. Redevelopment Plan Overview.
Properiy to be Acquired — Any of or all of the property located within Taat
Increment Financing District or Redevelopment Project Area may be acquired by
the FIRA. The HRA may acquire properties with or without having entered into
an agreement with a private developer.
2. Relocation - if necessary, complete relocation services are available pursuant to
Minnesota Statutes, Chapter 117 and other relevant state and federallaws.
3. The HRA may sell or assist a developer with the cost of acquisition of selected
properties witlun Taac Increment Financing District or Redevelopment Project
Area, or may lease land or facilities to a developer.
Section 5. Parcels to be Included in Tax Increment FinancinQ District . The following
parcels located in the City of Saint Paui, Ramsey County, Minnesota aze to be included in the
Taac Increment Financing Disttict:
PID Number
34-29-23-41-001
34-29-23-41-002
34-29-23-41-003
34-29-23-41-004
34-29-23-41-005
34-29-23-41-006
34-29-23-41-007
34-29-23-41-008
34-29-23-41-009
34-29-23-41-010
34-29-23-41-01 l
Including all interior and adjacent public streets and rights of way, including railroad right of
way. A map showing the property to be included in the Taac Increment District is attached hereto
as E�ibit D.
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FURTF�R INFORMATION REGARDING THE IDENTIFICATION OF Tf� PARCELS TO
BE INCLUDED IN THE TAX INCREMENT FINANCING DISTRICT CAN BE OBTAINED
FROM TF� EXECUTIVE DIRECTOR OF TE� HRA.
Secrion 6. Pazcels to be Acquired. The FIRA may acquire and finance all or a part of the
costs of acquisition of all or a portion of the pazcels identified in Section 5 of this Tas Increment
Financing Plan. The HRA may also acquire parcels in the City which are outside the Taac
Increment District in order to encourage the development of affordable rental housing facilities
as anticipated by Secrion 24, clause 4 hereof. Prior to acquiring any pazcels with taY increments
in excess of the percentages perxnitted by Minnesota Statutes, Section 469.176, subd. 5, the HRA
will enter into an agreement with a private developer for the development of the pazcels which
will provide recourse to the HRA if the development is not completed. The HRA may use its
powers of eminent domain to acquire pazcels which it cannot obtain through private negotiation.
The HRA may acquire property by gift, dedication or direct purchase from willing sellers
in order to achieve the objecrives of the taa� ittcrement financing plan.
Such acquisitions will be undertaken oniy when there is assurance of funding to finance
the acquisition and related costs.
Section 7. Development Acrivity in Tax Increment Financine District for which
Contracts have been Signed. The following contracts have been or will be entered into by the
HI2A and the persons named below:
A Development Agreement by and between the HRA and Wellington
Management, LLC, in connection with their purchase of property located in the
Tas Increment District and the construction of approximately 105,000 squaze feet
of commercial and retail development and approximately 110 units of rental
housing units and 72 units of owner occupied housing (the "Development"). The
construction costs are estimated to exceed $40,000,000 and the activities are
expected to be completed by Mazch 31, 2007.
Section 8. Other Specific Development Expected to Occur within Redevelopment Area.
The HItA does not anticipate that other future development in the Tax Increment Financing
District will occur.
Section 9. Estimated Cost of Project; Taac Increment Financine Plan Budget. The IIRA
has determined that it will be necessary to provide assistance for certain public costs of the
Development. To facilitate the Development within the Tax Increment Financing District, this
Ta�c Increment Financing Plan authorizes the use of taac increment financing to pay for a portion
of the cost of certain eligible expenses. The estixnate of public costs and uses of funds associated
with Tax Increment Financing District is outiined on Exhibit A.
The FIRA may spend ta�c increments or oflier revenues identified in Section I 1 hereof in other
areas of the City. Any expenditure of tax increments outside the Tas Increment District will
comply with the pooling limitarions described under Section 24, paragraph 2, as modified by
paragraph 4 thereof.
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Estimated costs associated with Ta�c Increment Financing District aze subject to change and may
be reallocated between line items by a resolution of the HRA. The cost of all activities to be
financed by the taac increment will not exceed, without formal modification, the budget for the
tax increments set forth on E�ibit A.
Section 10. Estimated Amount of Bonded Indebtedness. The expenditures authorized by
this Ta�c Increment Financing Plan may be paid for either on a pay-as-you-go basis or paid from
the proceeds of t� increment revenue bonds or notes. If bonded indebtedness is issued by the
HRA or the City, the principal amount of financing is estimated not to exceed $5,500,000.
Section 11. Sources of Revenue The costs outlined in Section 9 above will be financed
from proceeds of the sale of revenue bonds or notes, or on a pay as you go basis through the
annual collection of taa� increments. Other sources of revenues to pay the costs may include a
$90Q000 Livable Community Grant from the Metropolitan Council and private fmancing
obtained by the private developers. The market value upon completion of the Project is
estimated to be approximately $30,360,000.
Section 12. Estimated Captured Taac Capacitv and Estimate of Tas Increment. The most
recent taac capacity of Tas Increment Financing District is estimated to be $100,769 as of January
2, 2003. The captured tas capacity of Tax Increment Financing Dishict upon complerion of the
Project, which is estimated to occur by Mazch 31, 2007, is estimated to be $380,831.
The HRA elects to retain all of the captured ta�c capacity to finance the costs of Taa�
Increment Financing District. The HI2A elects the method of tas increment computation set
forth in Minnesota Statutes, Section 469.177, Subd. 3(a).
Section 13. Twe of Taac Increment Financin¢ Dishict. Taac Increment Financing District
is a redevelopment district established pursuant to Minnesota Statutes, Section 469.174, Subd.
10, clauses (a)(1).
The parcels meet the requirements of Section 469.174, Subd. 10(a)(1) in that at least 70%
of the area of the parcels is occupied by buildings, streets, uriliries, paved or gravel parking lots
or similar structures, and mare than 50% of the buildings, not including outbuildings, are
"structurally substandard" to a degree requiring substantial renovation or clearance. The
"structurally substandard" buildings are not in compiiance with the building code applicable to
new buildings, and the costs of modifying such buildings to satisfy the building code is more
than 15 percent of the cost of constructing a new structure of the same squaze footage and type
on the site. The reasons and support facts for these determinations are set forth in a report dated
May 21, 2004 prepazed by LHB Engineers and Architects in Minneapolis, Minnesota, a copy of
which is on file with the Executive Director of the IIRA.
The IIRA and the City have determined that the proposed development of the Tax
Increment Financing District 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 taac increment financing is
approximately $6,100,000, which is less than the increase in the mazket value estimated to result
from the proposed development (i.e., $30,360,000) after subtracting the present value of the
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projected tas increments for the masimum durarion of the Taac Increment Financing District,
which is $6,702,896.
Section 14. Duration of Tas Increment Financin� District. The duration of Taac
Increment Financing Dishict will be 25 years from the receipt of the first taac increment. The
date of receipt of the first t� increment is expected to be 7uly 2007. Any tax increment received
in 2006 is expected to be based mostly on inflation since the construcrion of the Development is
not anticipated to commence until 2005. Attached as E�ibit B is the projected receipt of tas
increments from the Taac Increment Financing Distdct.
Section 15. Estunated Impact on Other Taacin� Jurisdictions. Since the construction
within the Tas Increment Financing District would not have occurred without taac increment
fmancing, the nnpact is $0 to the other taxing jurisdictions. Notwithstanding the fact that the
construcrion would not have occurred without tas increment assistance, the esrimated impact of
Tax Increment Financing Dishict if the "but for" test was not met is set forth on Exhibit C.
Secrion 16. Modification of Taac Increment Financing District and/or Taat Increment
Financin¢ Plan. No modificarions to Taac Increment Financing District or the Tas Increment
Financing Plan haue been made as of the date hereof.
Section 17. Modifications to Tas Increment Financine District.
In accordance with Minnesota Statutes, Section 469. 175, Subd. 4, any:
1. reducrion or enlargement of the geographic area of the Taac Increment Financing
District;
2. increase in amount of bonded indebtedness to be incurred, including a
determinarion to capitalize interest on debt if that determinarion was not a part of
the original plan, or to increase or decrease the amount of interest on the debt to
be capitalized;
3. increase in the portion of the captured net taac capacity to be retained by the HKA;
4. increase in total estimated taac increment expenditures; or
5. designation of additional property to be acquired by the HI2A,
shall be approved upon notice and after the discussion, public hearing and findings required for
approval of the original Tax Increment Financing Plan.
The geographic area of the Tax Increment Financing District may be reduced, but shall not be
enlazged after five years following the date of certification of the original net tas capacity by the
County Auditor. The requirements of this paragraph do not apply if (1) the only modification is
elimination ofparcel(s) from the Taac Increment Financing District, and (2)(A) the current net taac
capacity of the pazcel(s) eluninated from the Tax Increment Financing District equals or exceeds
the net tas capacity of those parcel(s) in the T� Increment Financing District's original net tax
capacity, or (B) the HRA agrees that, notwithstanding Minnesota Statutes, Section 469. 177,
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Subd. l, the original net taac capacity will be reduced by no more than the current net tax capacity
of the pazcel(s) eliinivated from the Taac Increment Financing District.
The HRA must notify the County Auditor of any modification that reduces or enlazges the
geographic area of the Tas Increment Financing District or the Redevelopment Project Area.
Modifications to Tax Increment Financing Dishict in the form of a budget modification or an
expansion of the boundaries will be recorded in the Tax Increment Financing Plan.
Section 18. Administrarive Ex�enses.
In accordance with Minnesota Statutes, Section 469.174, Subd. 14, and Minnesota
Statutes, Section 469.176, Subd. 3, adniivistrative expenses means all expenditures of the HRA,
other than:
1. 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;
2. relocation benefits paid to or services provided for 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 Minnesota Statutes, Section 469.178.
Administrative expenses also include amounts paid for services provided by bond
counsel, fiscal consultants, and planning or economic development consultants. Tas increment
may be used to pay any authorized and documented administrative expenses for the Tas
Increment Financing District up to but not to exceed 10 percent of the total taac increment
expenditures authorized by this Taac Increment Financing Plan or the total taac increment
expenditures, 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 with the Tax
Increment Financing District. The county may require payment of those expenses by February
IS of the year following the year the expenses were incurred.
Pursuant to Minnesota Statutes, Section 469. 177, Subd. 11, the county treasurer shall
deduct an amount equal to approximately thiriy-six hundredths of one percent (.36%) of any tas
increment distributed to the HI2A and the county treasurer shall pay the amount deducted to the
state treasurer for deposit in the state general fund to be appropriated to the State Auditor far the
cost of financial reporting of tas increment financing information and the cost of examining and
audifing authorities' use of tas increment financing.
Section 19. Limitarion of Increment
Pursuant to Minnesota Statutes, Section 469. 176, Subd. 1(a), no taac increment shall be
paid to the I-IRA for the Tas Increment Financing District after three (3) years from the date of
1646267v3
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certification of the original net tas capacity value of the taacable property in the TaY Increment
Financing District by the County Auditor unless within the three (3) year period:
(1) bonds haue been issued pursuant to Minnesota Statutes, Section
469. 178, oz in aid of a project pursuant to any other law, except revenue bonds
issued pursuant to Minnesota Statutes, Sections 469.152 to 469.165, or
(2) the HRA has acquired property within the Taa� Increment
Financing Dishict, or
(3) the HRA has constructed or caused to be constructed public
improvements within the Taac Increment Financing District.
The tas increment pledged to the payxnent of bonds and interest thereon may be
discharged and may be terminated if sufficient funds have been irrevocably deposited in the debt
service fund or other escrow account held in trust for all outstanding bonds to provide for the
payment of the bonds at maturity or redemption date.
Pursuant to Minnesota Statutes, Section 469.176, Subd. 6:
if after four years from the date of certification of the original net tax capacity of
the tas increment financing district pursuant to Minnesota Statutes, Section
469.177, no demolition, rehabilitation or renovation of property or other site
prepazation, including qualified improvement of a street adjacent to a parcel but
not installation of utility service including sewer ar water systems, has been
commenced on a parcel located witlun a tax increment financing district by the
authority or by the owner of the parcel in accordance with the tas increment
financing plan, no additional tax increment may be taken from that pazcel and the
original net ta�c capacity of that parcel shall be excluded from the original net tax
capacity of the tas increment financing district. If the authority or the owner of
the parcei subsequently commences demolition, rehabilitation or renovation or
other site preparation on that parcel including qualified improvement of a street
adjacent to that parcel, in accordance with the tas increment financing plan, the
authority shall certify to the county auditor that the activity has commenced and
the county auditor shall certify the net tax capacity thereof as most recently
certified by the commissioner of revenue and add it to the original net taac capacity
of the tas increment financing district. The county auditor must enforce the
provisions of this subdivision. For purposes of this subdivision, qualified
improvements of a street aze 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.
Section 20. Use of Tax Increment
The HRA hereby determines that it will use 100 percent of the captured net taac capacity
of taacable property located in the Tax Increment Financing District for the following purposes:
to pay the principal of and interest on bonds used to finance a pro}ect;
1646267v3 7
D�— Co 3�-
2. to finance, or otherwise pay the capital and admiiristrarion costs of the
Redevelopment Project Area pursuant to the Mivnesota Statutes, Sections
469.001 to 469.047;
3. to pay for project costs as identified in the budget;
4. to finance, ar otherwise pay for other purposes as provided in Minnesota Statutes,
Section 469.176, Subd. 4;
5. to pay principal and interest on any loans, advances or other payments made to
the HRA or for the benefit of Redevelopment Project Area by the developer;
6. to finance or otherwise pay premiums and other costs for insurance, credit
enhancement, or other security guazanteeing the payment when due of principal
and interest on tas increment bonds or bonds issued pursuant to the Tax
Increment Financing Plan or pursuant to Minnesota Statutes, Chapter 462C and
Minnesota Statutes, Sections 469.152 to 469.165, or both; and
to accumulate or maintain a reserve securing the payment when due of the
principal and interest on the ta�c increment bonds or bonds issued pursuant to
Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469152 to
469.165, or both.
These revenues shall not be used to circumvent any levy limitations applicable to the
HRA nor for other purposes prohibited by Minnesota Statutes, Section 469.176, subd. 4.
Section 21. Notification of Prior Planned ImUrovements.
The HRA shall, after due and diligent search, accompany its request for certification to
the County Auditor or its notice of the Taac Increment Financing District enlargement with a
listing of all properties within the Tax Increment Financing Dishict or area of enlazgement for
which building permits have been issued during the eighteen (18} months immediately preceding
approval of the Tas Increment Financing Plan by the municipality pursuant to Minnesota
Statutes, Section 469.175, Subd. 3. The County Auditor shall increase the original value of the
Ta�c Increment Financing District by the value of improvements for which a building permit was
issued.
Section 22. Excess Tax Increments
Pursuant to Minnesota Statutes, Section 469.176, Subd 2, the HRA will annually
detemiine the excess increments as of December 31 of the year in accordance
with Minnesota Statutes, Section 469.176, subd 2.
2. Excess increments equals the excess of:
(a) total increments collected from the district since its certification, reduced
by any excess increments paid under paragraph 3, clause (d) below, for a
pnor year, over
1646267v3
oy- �3 �-
(b) the total costs authorized by the talc increment financing plan to be paid
witli increments from the district, reduced, but not below zero, by the sum
o£
(i} the amounts of those authorized costs that have been paid from
sources other than tax increments from the dishict;
(ii) revenues, other than tas increments from the district, that are
dedicated for or otherwise required to be used to pay those
authorized costs and that the authority has received and that aze not
included in item (i); and
(iii) the amount of principal and interest obligations due on outstanding
bonds after December 31 of the year and not prepaid under
paragraph 3, in a prior yeaz.
The authority shall use excess increment only to do one or more of the following:
(a) prepay any outstanding bonds;
(b) discharge the pledge of taac increment therefor;
(c) pay into an escrow account dedicated to the payment of such bond; or
(d) retum the excess to the County Auditor for redistriburion to the respective
taacing jurisdictions in proportion to their local taac rates.
In addition, the fIRA may, subject to the limitations set forth herein, choose to modify the
Plan in order to finance additional public costs in the Tas Increment Financing District ar
Redevelopment Project Area.
Section 23. Re� ements for A�reements with Develo�ers.
The IIItA will review any proposal for private development to determine its conformance
with the Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate
this effort, the following documents may be requested for review and approval: site plan,
construction, mechanical, and electrical system drawings, landscaping plan, grading and storm
drainage plan, signage system plan, and any other drawings or narrative deemed necessary by the
City to demonstrate the conformance of the development with city plans and ardinances. The
HRA may also use the agreements to address other issues related to the development.
Pursuant to Minnesota Statutes, Section 469.176, Subd. 5, no more than 25 percent, by
acreage, of the property to be acquired in the Taac Increment Financing District as set forth in the
TaY Increment Financing Plan shall at any time be owned by the HRA as a result of acquisition
with the proceeds of bonds issued pursuant to Minnesota Statutes, Section 469. 178, without the
I�RA having, prior to acquisition in excess of 25 percent of the acreage, concluded an agreement
for the development or redevelopment of the property acquired and which provides recourse for
the �IRA should the development or redevelopment not be completed.
1646267v3
o�- � �
Section 24. Other Limitations on the Use of Ta�c Increment
1. General Lunitations All revenue derived from tu� increment shall be used in
accordance with the Ta1c Increment Financing Plan. The revenues shall be used to
finance, or otherwise pay the capital and administration costs of the
Redevelopment Proj ect Area pursuant to the HRA Law;
T`hese revenues shall not be used to circumvent existing levy limit law. No
revenues derived from tax increment shall be used for the acquisition,
construction, renovation, operation or maintenance of a building to be used
primarily and regularly for conducting the business of a municipality, county,
school district, or any other local unit of government or the state or federal
govemment, or for a commons azea used as a public park, or a facility used for
social, recreation or conference purposes. This provision shall not prohibit the
use of revenues derived from taac increments for the construction or renovation of
a parking structure.
2. Pooling Limitafions. Except as otherwise provided in paragraph 4 below, at least
75 percent of taac increments from the Taac Increment Financing District must be
expended on activities in the Tax Increment Financing District or to pay bonds, to
the extent that the proceeds of the bonds were used to finance activities within
said district or to pay, or secure payment of, debt service on credit enhanced
bonds. Not more than 25 percent of said tas increments may be expended,
through a development fund ar otherwise, on acrivities outside of the Tas
Increment Financing District except to pay, or secure payment of, debt service on
credit enhanced bonds. For purposes of applying this restriction, all
administrative expenses must be treated as if they were solely for acrivities
outside of the Taac Increment Financing District.
3. Five Yeaz Limitation on Coxnmihnent of T� Increments. TaY increments derived
from the Tax Increment Financing District shall be deemed to have sarisfied the
75 percent test set forth in paragraph (2) above only if the five yeaz rule set forth
in Minnesota Statutes, Section 469. 1763, Subd. 3, has been satisfied; and
beginning with the sixth year following certification of the Tax Increment
Financing Dastrict, 75 percent of said taac increments that remain after
expendihues permitted under said five year rule must be used only to pay
previously commihnent expenditures or credit enhanced bonds as more fully set
forth in Minnesota Statutes, Section 469.1763, Subd. 5.
4. E�enditures Outside District. The Authority hereby elects to spend an additional
ten percent of the tax increments on activities located outs3de the Tax Increment
District as permitted by Minnesota Statutes, Section 469.1763, subd. 2(d)
provided that the expenditures meet the following requirements:
(1) they aze used exclusively to assist housing that meets the
requirements for a qualified low-income building as defined in Section A2 of the
Internal Revenue Code of 1986, as amended (the "Code");
1646267v3 t�
o�- �3�-
(2) they do not exceed the qualified basis of housing as defined under
Section 42(c) of the Code less the amount of any credit allowed under Section 42
ofthe Code, and
(3) they are used to (i) acquire and prepaze the site for housing, (ii)
acquire, construct or rehabilitate the housing or (iii) make public iznprovements
directly related to the housing.
Section 25. Countv Road Costs.
Pursuant to Minnesota Statutes, Section 469. 175, Subd. La, the countyboazd may
require the fIIZA to pay for all or part of the cost of county road improvements if, the proposed
development to be assisted by tax increment will, in the judgment of the county, substantially
increase the use of county roads requiring construction of road improvements or other road costs
and if the road improvements are not scheduled within the next five years under a capital
improvement plan or other county plan.
In the opinion of the HRA and consultants, the proposed development outlined in this
Plan will have little or no impact upon county roads. If the county elects to use increments to
improve county roads, it must norify the HRA within thirty days of receipt of this Plan.
Section 26. Assessment Ae�eements.
Pursuant to Minnesota 5tatutes, Section 469. 177, Subd. 8, the HRA may enter into an
agreement in recordable form with the developer of property within the Tax Increment Financing
District which establishes a minimum market value of the land and completed improvements for
the duration of the Tax Increment Financing District. The assessment agreement shali be
presented to the assessar who shall review the plans and specifications for the improvements
constructed, review the market value previously assigned to the land upon which the
improvements are to be constructed and, so long as the minimum market value contained in the
assessment agreement appear, in the judgment of the assessor, to be a reasonable estimate, the
assessor may certify the minimum market value agreement.
Section 27. Administration of the Tax Increment Financin¢ District.
Administration of the Tax Increment Financing District will be handled by the Executive
Director of the IIRA.
Section 28. Financial Reportin� Requirements.
The FIRA will comply with a11 reporting requirements of Minnesota Statutes, Section
469.175, Subd. 5, 6 and 6a.
1646267v3 1 1
D�(- � 3�-
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T� Increment Financing Plan Budget
TAX INCREMEM FINANCING PLAN BUDGEf
NameofDistrict: LeringtonUniversitY
Type ot Dis4ict RedevebDment 9istric[
Du2tion of Distnd: 25 years Following ist cdlection
]64626�v3 f�-1
(1) Net M State Audifor Dedodion
�� �3�-
.: :
Projected Tas Increments
�
Assum tions Re ort
City of Salnt Paul PE4, Minnesota
Tax Increment Financing (Redevelopment) DisVict No. x
Lexington Park Project
Scenario 8- 25 year TIF with 2%IrrfVation - May 2064
7ype of Tax Inwement F�ncing Oistrict Redevmopment
Maximum Ducatia� of TIF District 25 years irom tst increment
Projected CertiPcation Request Date
Decerti(wlion Date
Base Estimated Market Value
Orig(nal Net Taz Capaciry
0&281bt
12�37/30 (26 Years of Incremmt)
zaoarzooa
55,492.800
$�00.769
AssessmenVCdlection Year
2004/2005 20052006 200G12007 2007Y2008 2008�2009
Base Estimated Market Value 55.492.800 $5,492,800 85.492,800 $5,492,800 $5,492,800
Increasein Estimated MarketValue 434,600 434.600 9,416.745 77,896.367 24,867.200
Total Estimated MarketValue 55,927,400 $5,927,400 $74,909,545 $23,389,167 $30,360,000
TotalNetTaxCapacity $709,175 $109,775 3289,719 $394.465 $481.600
Qty of Sami Pae{
Ramsey County
ISD K625
Local Tax Capacity Rate
F¢cal Disparities ContribuGOn from TIF DiSVict
AdminisVative Retaina9e Percen[ (maximum =10°k)
Poding Percen[
Bonds
Bonds Oatetl
Bond Issue @ 0.00% (NIC)
Eligibk Projec[ Costs
Presenl Value Da[e 8 Rate
O6/2&04
SO
SO
Naes
34 915°!e
49255%
31.866%
s aaaw
122.070% 2003Y1004
0.0000%
10.00%
0.00 %
Nde fPaY-AS-Yw-Gol
Note Dffied O6/28l04
Nota Ratz 8 00%
NoteAmount $4.029.700
O6/28104 5.00%
1646267v3 B-1
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100769 0 e.CW tY1W0% 10.261 3l 1.032
1007� 0 8.406 iT20]0% 10.261 3l 1.�42
1W.'/69 0 186.950 122.0l0% 230.652 830 22.982
1W.)GJ 0 293.fi96 1Z2A]0% 358,Std tp1 35.)22
100.]69 0 380.83i 111.0]Il% 464.880 �.6]4 Gfi.3]�
1W.T69 0 390.W3 1Y1AT0% a16,6Bx 1.]t6 ai.49)
100.]69 0 4Cp.366 tYl.OtO% 088.]30 t,159 68.69]
100.)69 0 4ID.<3� tY20]0% W1,013 1.8pM1 69.921
10�,'!W 0 020,695 tY1.0]0% 513,50.? t.&{9 5f.i69
100.169 0 C3t,tfi0 lY1.W0% SZfi322 1,895 52,6E3
100.]69 0 441,843 tY10]0% 539,358 1,942 53,)a1
f00.]69 0 452.]35 tY1.0>0% 552,656 t.990 55,066
100.169 0 463.80.5 tY1.0]0% 566216 2.038 56.418
100.�69 0 a]S.t]B tYl.0)0% 580.009 2.OB8 5].N6
1W.>69 0 C86,>3] 1�2.Q10% 596,t59 2,139 i9,202
500.T69 9 698,5P 1T2A]0% E08$52 2.195 W.636
100769 0 510.553 1?20>0% 623,232 2,]4C 62P89
100,)69 0 512,819 1220>0% 638,ZJ5 2,298 BJ,591
f00,969 p 535.93t 1P2.W0% 853,4]B 2,353 65.fl3
100.>69 0 SC8.093 122.0'l096 fi69.05] 2.409 66.6fi5
iW,169 0 S61.H0 1?2W0% 68C9M1] 2,466 68,2<8
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100.>69 0 58].931 IT30�0% ]1).68> Z.SBb �1.510
100.1b9 0 60f,>65 1�1.0)0% ]3a550 2,6M 13,191
10U,]69 0 615,835 112.0]0% )51 I50 2.]O6 �4,904
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0810526 ZOT.803A3 iW5W.5i 3fa.�g4.00 314.J0M1.00 0.00 2.45a.630.T1
01N12] 216.198.�/ 98.1&423 3u,386.W �14.384.00 D.W 2338.432.00
OBIOiRT ]32.359.22 B9S3728 321.196.50 321.]9650 0.00 2.W6.1)2i8
VL05Y28 245.56953 &J246.91 32t)9650 321.M650 �00 1.]fiM1.eYl19
OBIO1rz6 Z58.)M.R 10.58<.W 329.35).50 3i9.35'/.50 000 t.2J6.T1o.16
MN1R9 2fi9.12A48 60.YlO.U3 329.35).W 329.35T.50
0&D1Yt9 18�.W0.9� a9.G��9 3�1.0]0.00 Sf).0'/000 0.00 9a9.126Z1
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pq01)}5 334.086.t3 13243.<5 �-��� �'3�'� 000 0.00
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55.1%� S).325b4]. 512.5Y1.829.`A St2.5�3.87l.58 45.I6i2821T
SuyNssTmYivm+mM1 646.42 8.493.129.58
TdalNmRavaMre 512.523.-036.00
1646267v3 B-3
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Market Value Anal sis Re ort
City of SaiM Paul PED, MinrresoW
7ax Increment Financi� (RedevelopmeM) District No. x
le�dngton Park Project
Seenario B- 25 year'f1F with 2% Irrtlation - May 20Q4
f15SWitp�lOnS
present Value Date 06128/04
P.V. Rate - Gross T.I. 5.00%
isxxease in EMV WithTIF DisVict 540,522,830
Less: P.V of Gross Tax Increment 6,702,896
Subtotal $33,819.934
Less: Inaease in EMV WithoutTlF �
Difference $33,819.934
Annual Present
Gross Tax Value @
Year Increment 5.00%
1 ZppS 10,261 9.65�
2 2pp6 10.261 9,190
3 2007 230,652 196,75�
q 2008 355,514 291.256
5 2ppg q64,880 359.683
6 20'10 476,687 351,256
7 2011 488,730 342,981
g 2012 501.013 334.858
g 2013 513,543 326,888
10 2014 526,322 319,069
y} 2615 539,358 311.402
�p 2016 552.654 303,884
13 20t7 566,216 296,515
14 2018 580,049 289,295
SS 2�19 594,159 282,221
�g 2020 608,552 275,293
17 2021 623,232 268.508
�g 2022 638,205 261,866
�9 2023 653,478 255,364
2p 2024 6fi9,057 249,002
21 2025 684,947 242.777
y2 2026 701,755 236,688
23 2027 7�7.687 230.732
24 2028 734.550 224,908
25 2029 751.750 219.213
26 2030 769,29a 213.647
$t3,965,206 $6,702,896
/
1646267v3 B-4
D�f - 63�
.���:
Fiscal and Economic Impact on Other Taxing Jurisdictions
Estimatetlim tlonOtherTaxin Jurlsdictlonske rt
City of SaNt Paul PED. Minrieuta
Ta Incrament Pinandng (Radevelopment) Distriet No. x
LexingtOn Fark Frojec!
Scenarto B• 25 year TIF with 2% Inflation - May 20Ud
W Ahout
PraieQ SlfDishrt WthProjeGanETIFO�stricl
P ��� HYWtlreGCal
21103246i 2IX1912� RebineC New HYW�he4p1 41YW�eYal TazGenerateC
Tarable 200312W4 Tauble Capluretl Taxade 0+7�u5teC Daueauin byRelaned
T NelTm Low� NetTax N�taz NetTm Local Lccal CapNreO
J�yp CapaqN(1) T Rate C oacibfl) CapauN = C pardy TaxRatel') TaRate(9 NTGC!
GrtyMSaiMP3u1 ial.59UO39 34.9i5% 1G4.590.639 5630.20� 143220.866 34.)63% 6.152% 219.082
q� J2]635356 49255% 32].635.%6 &"�.20T 328.265.563 49.160Y 0.095% 309.B1J
ISDi1625 i44,59t,256 3L866% 144591,256 W0,20] 145221,463 31.]28% 0138°h 199.950
ONa (2) —
6.036% — 630.20] — 6.036% — —
Totak 122.0]0% 125.686% 0]84h
SW�ameM1: HlMpojetletlRetainetlGapWreENetTaC�rac+ryNNeT�FO"s�rictwasl+YWb+etiraYyadiWblab�l+a`
It�e raring Wns�curns abwe. tAe res�ttwwa Ee a Iwrerbca�+az�a�e (see Nypmhel�AENStea Tax Raie acwa)
winch woultl protluce ihe sarne amount ot Iaxesfweaci+b�ingjunaCkGm. In suM a �'ase. tl+e kul Wcal laa ra'e
xuuW tleuease by 0.38J%(see HypoNepGal Dttreasa in Local Tax Rate M'�e). T�e M1ypolhelkai t%� Nal U+e
Relan¢d CaDdreO Ne[Tdx Capaoty W BieTif �isVwtvmu�d 9��*� �%T�s�'�"'^ a�
Sy���= g{�
O+a' NerC k no nN� m t�es levied orbol prz R�as.
('i Ta
(2) iM1e
1646267v3 C-1
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Map of Tas Increment Financing District
1646267v3 D-1