06-626Council File #��_
Green Sheet # 3G�/ �L.�
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RESOLUTION
A{NT PAUL, MINNESOTA a8
Presented by
1 — RESOLUTION APPROVING THE
2 ESTABLISHMENT OF A TA.X INCREMENT FINANCING DISTRICT,
3 THE ADOPTION OF A
4 TAX INCREMENT FINANCING PLAN
5 AND THE AMENDMENT OF A REDEVELOPMENT PLAN
6 (PENFIELD PROJECI�
7 BE IT RESOLVED by the City Council of the Ciry of Saint Paul, Minnesota (the "City") as
8 follows:
9 Section 1. Recitals
10 1 A1 The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the
11 "Authority") has heretofore established the Seventh Place Redevelopment Project Area (the "Project
12 Area") and has adopted a redevelopment plan therefor (the "Redevelopment Plan") pursuant to Minnesota
13 Statutes, Sections 469.001 to 4b9.047, as amended.
14 1.02 The Authority has asked the City Council to approve the amendment of the Redevelopment
15 Plan and the creation of the Penfield Redevelopment Tax Increment Financing District as a redevelopment
16 tax increment financing district under Minnesota Statutes, Section 469.174, Subdivision 10 (the "Ta�c
17 Increment Financing DistricY'), and the adoption of a Tax Increment Financing Plan therefor, all pursuant
18 to and in accordance with Minnesota Statutes, Secfion 469.174 through 469.1799 (the "Ta�c Increment
19 Act").
20 1.03 'Phe AuthoriYy has perforxned all actions required by law to be performed prior to the
21 amendment of the Redevelopment Plan and the creation of the T� Increment Financing District and
22 adoption of a T� Increment Plan therefor, including, but not limited to, notification of the Ramsey County
23 Commissioner representing the area of the County in which the Tax Increment Financing District is
24 located, and delivering a copy of the Ta�c Increment Financing Plan to Ramsey County and Independent
25 School District Number 625, which have ta�cing jurisdiction over the property to be included in the TaY
26 Increment Financing District. The Authority has requested that the City approve the amendment of the
27 Redevelopment Plan and the adoption of the Tax Increment Financing Plan and the creation of the TaY
28 Increment Financing District following the holding of a public hearing upon published and mailed nofice
29 as required by law.
30 Section 2. Findin�s far the Creation of the T� Increment Financinq District and Adontion of
31 Tax Increment Financing Plan therefor and the Amendment of the Redevelopment Plan.
32 2.01 The City Council hereby finds that the amendment of the Redevelopment Plan, the creation
33 of the Tax Increment Financing District and adoption of the Ta�c Increment Financing Plan therefor, are
34 intended and, in the judgment of the City Councii, its effect will be, to carry out the objectives of the
35 Redevelopment Plan and to create an impetus for the clearance of blighted structures and the construction
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36 of new for sale housing, including related structured pazking, and will otherwise promote certain public
37 purposes and accomplish certain objectives as specified in the Redevelopment Plan and Tas Increment
38 Financing Plan.
39 2.02 The City Council hereby finds that the amendment of the Redevelopment Plan, the creation
40 of the TaY Increment Financing District and the adoprion of the Tas Increment Plan are intended, its effect
41 will be, to carry out the objectives of the Redevelopment Plan by creating an impetus for the
42 redevelopment of blighted structures and the development of housing facilities in the City and otherwise
43 promote public purposes and accomplish certain objecfives as specified in the Redevelopment Plan and
44 Tas Increment Financing Plan.
45 2.03 The City Council hereby finds that the Tax Increment Financing District qualifies as a
46 "redevelopment district" within the meaning of the Tas Increment Act for the following reasons and
47 because the following conditions are reasonably distributed throughout the Taac Increment Financing
48 District:
49 The Tax Increment Financing District is, pursuant to Minnesota Statutes, Section
50 469.174, Subdivision 10(a)(1), a"redevelopment district" because it consists of a project or
51 portions of a project within which one or more of the following condirions, reasonabiy
52 distributed throughout the District, exist: (a) pazcels consisting of at least 70% of the area
53 of the District are occupied by buildings, streets, u6lities, paved or gravel parking lots, or
54 other similaz structures; and (b) more than 50% of the buildings not inciuding outbuildings,
55 located within the Ta�c Increment Financing District are "shucturaily substandard" (within
56 the meaning of Minnesota Statutes, Section 469.174, Subdivision 10(b)) to a degree
57 requiring substantial renovation or clearance. The buildings are structurally substandard
58 because they contain defects in structural elements or a combination of deficiencies in
59 essential utilities and faciliries, light and ventilation, fire protection including adequate
60 egress, layout and condirion of interior partitions, or similar factors, which defects or
61 deficiencies are of sufficient total significance to justify substantial renovation or clearance.
62 In addifion, the costs of bringing the structurally substandazd buildings into compliance
63 with building codes applicable to new buildings would exceed 15% of the cost of
64 construcring new structures of the same size and type on the sites. The "structurally
65 substandard" buildings are not in compliance with the building code applicable to new
66 buildings, and the costs of modifying such buildings to satisfy the building code is more
67 than 15 percent of the cost of constructing a new structure of the same square footage and
68 type on the site.
69 The reasons and support facts for these deternunations are set forth in a report dated
70 January 16, 2006 prepared by Short, Elliot, and Hendrickson, Inc., a copy of which is on file
71 with the Executive Director of the HRA, and which is incorporated herein by reference in
72 its entirety.
73 The City Council hereby makes the following additional findings:
74 (a) The City Council further finds that the proposed development, in the opinion of the
75 City Council, would not occur solely through private investment within the reasonably foreseeable
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future and, therefore, the use of tas 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 foreseeabie futuze because of the presence of a substandard
buiiding and the cost of demolition and renovation of that building.
(b) Far purposes of compliance with Miuuesota 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 Ta�c Increment Financing District that could reasonably be expected to occur without the
use of taY increment financing is less than the increased mazket value estimated to result from the
proposed development (i.e., $110,286,60Q) after subtracting the present value of the projected taY
increments for the masnnum duration of the Tas Increment Financing District (i.e., $12,690,198).
The current market value of the properiy in the Tax Increment Financing District is approximately
$3,560,000, and with t� increment financing the mazket value of the property will increase by
$110,286,600 to approximately $113,846,600. In making these findings, the City Council has
noted that the properiy has not been developed far many years and wouid 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 t� increment assistance does not
exceed the benefit which will be derived therefrom.
(c) The City Council fiuther finds that the Tax Increment Financing Plan conforms to
the general plan for the development or redevelopment of the City as a whole. The specific basis
for such finding being:
The Tax Increment Financing Plan will generally compliment and serve to
implement policies adopted in the City's comprehensive plan. The housing
development contemplated by the Tax Increment Financing Plan is in
accordance with the City's comprehensive plan.
(d) The City Council further finds that the Tu� Increment Financing Plan will afford
maYimum opporiunity consistent with the sound needs of the City as a whole for the development
of the Tas Increment Financing District by private enterprise. The specific basis for such finding
being:
The proposed development to occur within the TaY Increment Financing
District is primarily for high density sale housing including related structured
parking. The proposed development will increase the taYable market
valuarion of the City and expand the available housing facilities by
approximately 304 units of for sale housing facilities.
(e) The City elects the method of tax increment computation set forth in Minnesota
Statutes, Section 469.177, subd. 3(a).
1.02. The provisions of this Section 1 are hereby incorporated by reference into and made
a part of the Tax Increment Finaneing Plan. A copy of the TaY Increment Financing Plan is
attached hereto as Exhibit A and is incorporated herein by reference in its entirety.
b� ����
115 Section 3. Crearion of the Tax Increment Financing District. Approval of the Tu� Increment
i 16 Financin� Plan and Amendment of the Redevelopment Plan.
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3.01. The creation of the Tax Increment Financing District, the Amendment of the
Redevelopment Plan and the Tazc Increment Financing Plan are hereby approved.
3.02. The staff of the HRA and the HRA's advisors and legal counsel are authorized and
d'uected to proceed with the implementation of the Amendment to the Redevelopment Plan and the
establishment of the Tas Increment Financing District and the TaY Increment Financing Plan and
for this purpose to negotiate, draft, prepare and present to the Boazd of Commissioners of the HRA
for its consideration all further plans, resolutions, documents and contracts necessary for this
purpose.
Bostrom
Hazris
Adopted by Council: Date
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Adop6on Certified by Council Secretary
By: � '' p�t_
Approved b� M�gpi Date �P ?��
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Form
By:
Form
By:
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
PE — P�a�og&EconomicDevelapment j '12.RJN-O6
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Contact Person 8 Phone: � �'
I
Dan Smith I
' Z �'`�� ; Assign
, Must Be on Council Agenda by (pate): I Number
, 21-JUN-06 ` For
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' Routing
� Order
' ContractType: ;
RE-RESOLUT70N
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; Green Sheet NO: 3031004
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no..a.r..�...,� SnnfTnDmm�n i��naimare �
0 Plaonine&EconomicDweloo
1 yl unine & Eco " Dev lon � D n rtrneM D' ector �,��
2 '� Attor � Ci A m r
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3 M vor' Offi M o/ASS' ta t �
4 'C ncil C5ri C nn il
5 'G5N G9 k � C'ro Ge k '
Total # of SignatUre Pages _(Clip All Locations for Signature)
Action Requested:
Resolurion approving the establishment of a TIF Dishict adopting a TIF Plan and amending a Redevelopment Plan for the Penfield
Project.
idations: Approee (A) or Reject (R):
Planning Commission
CIB Committee
CiHI Service Commission
rersona�service aon[rac[s mustp�nswerme rouowmg uuesnons:
1. Has this persoNfirtn e�er worked under a contract for this department?
Yes No
2. Has this persoNflrm eeer been a city employee?
Yes No
3. Does this person/firtn possess a skill not no�mally possessed by any
cunent city employee?
Yes No
Explain all yes answers on separate sheet antl attaGh to green sheet
Initiating Problem, Issues, Opportuniiy (Who, What, When, Where, Why): �
The HRA Boacd approved a Development Agceement for the Penfield Peoject on the Public Safety Building Property in Maroh
That AgreemenE commits $9.6 Million in TIF to the Project. This action is required in order to set up a TIF district under State law.
Advantages !f Approved:
Disadvantages If Approved:
Disadvanta9es H Not Approved:
Total Amount of
Transaction:
FUnd'mg Source:
; Financiallnformation:
(Explain)
I
CosURevenue Budgeted:
Activdy Number:
June 13, 2006 2:06 AM Page 1
f�'�o.��
TENTH AMENDMENT TO REDEVELOPMENT PLAN FOR THE SEVENTH PLACE
REDEVELOPMENT PROJECT AREA
ORIGINAL APPROVAL BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF
THE CTI'Y OF SAINT PAUL: November 16, 1978
FIRST AMENDMENT APPROVAL: NOVEMBER 5, 1981
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL
SECOND AMENDMENT APPROVAL: JANUARY 28, 1982
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF SAINT PAUL
TAIRD AMENDMENT APPROVAL: MAY 25, 1983
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAII�T PAUL AND THE CITY OF SAINT PAUL
FOURTH AMENDMENT APPROVAL: MARCH 25, 1985
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF SAINT PAUL
FIFTH AMENDMENT APPROVAL: NOVEMBER 9, 1989
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF SA1NT PAUL
SIXTH AMENDMENT APPROVAL: MAY 28, 1997
SY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF 5AINT PAUL
SEVENTA AMENDMENT APPROVAL: SEPTEMBER 24, 1997
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF 5AINT PAUL AND THE CITY OF SAINT PAUL
EIGHTH AMENDMENT APPROVAL: APRIL 12, 2000
BY THE HOUSING AND REDEVELOPMENT AUTAORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF SAINT PAUL
1905316v1
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NINTH AMENDMENT APPROVAL: DECEMBER 6, 2000
BY THE HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF SAINT PAUL AND THE CITY OF SA1NT PAUL
This document was drafted by:
BRIGGS AND MORGAN (MMD)
Professional Association
2200 West First National Bank Building
Saint Paul, Minnesota 55102
1905316v1
TENTA AMENDMENT TO REDEVELOPMENT PLAN FOR
� ���
SEVENTH PLACE REDEVELOPMENT PROJECT AREA
SECTION 1. BACKGROiJND AND PURPOSE
The Housing and Redevelopment Authority of the City of Saint Paui, Miunesota (the
"Authority") has heretofore established the Seventh Place Redevelopment Project Area (the
"Redevelopment Project Area") and adopted a Redevelopment Plan therefor (the
"Redevelopment Pian") pursuant to Minnesota Statutes, Secrions 469.001 to 469.047 (the
"Housing and Redevelopment Authority AcY').
The Authority proposes to amend the Redevelopment Plan to eniarge the Redevelopment
Project Area by adding property which is the site of the former public safety building, which
property is legally described below (the "Property"). The Property is to be redeveloped into
approximately 304 housing units. One of the objectives of the Redevelopment Plan is to
encourage the development of high density housing. The original Redevelopment Project Area
and the Property to be added to the Redevelopment Project Area will conect or prevent the
emergence of blighted land and deteriorated azeas under the Minnesota Statutes, Section
469.002, Subdivision 14.
SECTION 2. AMENDMENT
Secfion 2.1 Addition of Propert�to the Redevelopment Proiect Area.
The description of the Redevelopment Project Area in Section A is hereby amended to
include the following property:
"All of Block 6, Robert and Randall's addition and all of Block 11 of Lamprey's Subdivision of
Robert and Randa1P s addition to Saint Paul, Ramsey County, Minnesota."
Secrion 2.2 Effect of Amendments
Except as heretofore and herein amended and supplemented, the Redevelopment Plan
remains in full force and effect.
1905316v1
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FINAL DRAFT
TAX INCREMENT FINANCING PLAN
for the estabiishment of the
PENFIELD REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT
(a redevelopment district)
HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNTY
5TATE OF MINNESOTA
Approved by City Council: June 21, 2006 (proposed)
Adopted by Authority: June 28, 2006 (proposed)
This docuxnent was drafted by:
BRIGGS AND MORGAN (MMD)
Professionai Association
2200 First National Bank Bldg.
Saint Paul, MN 55101
(651) 80&6625
1905324v1
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TABLE OF CONTENTS
(for reference purposes only�
TAX I�i tCREIvtENT FINANCING PLAN
FOR THE pENFIELD REDEVELOPMENf TAX INCREMENT FINANCING DISTRICT
Section 1.
Section 2.
Section 3.
Secrion 4.
Section 5.
Section 6.
Section 7.
Section 8.
Section 9.
Section 10.
Section 1 l.
Section 12.
Section 13.
Section 14.
Section 15.
Section 16.
Section 17.
Section 18.
Section 19.
Section 20.
Section 21.
Section 22.
Section 23.
Secrion 24.
Section 25.
Secrion 26.
Section 27.
Section 28.
EXHIBIT A
EXHIBIT B
EXHIBIT C
EXHIBTT D
Pa2e
Fo reword........................................:............:.......... ... ..........1
. ..................................
Stahrtory Authority ..........................: ..........................1
...........................................
Statementof Objectives .............................. .............................................. 1
.............
Redevelopment P1an Overview ....................... .................................... 2
...................
Parcel to be Included in Tax Increment Financing District ................................... 2
Parcels to be Acquired ................. ........ 2
..................................................... ............
Development Activity in Tas Increment Financing District far which
Contracts have been Signed ...........................
........................................................ 3
Other Specific Development Expected to Occur within Redevelopment
Area................................................... .
. ................................................................... 3
Estimated Cost of Project; Ta�c Increment Financing Plan Budget ....................... 3
Estimated Amount of Bonded Indebtedness ................. ,..,,,,,.,,.,,. 3
..........................
Sources of Revenue ................... .
.. .......................................................................... 3
Estimated Captured Tas Capacity and Estimate of Taic Increment ....................... 3
Type of TaY 7ncrement Financing Disfrict ............................................................. 4
Duration of Tax Increment Financing District .............:. ....................... 4
.................
A ternate Estimates of the Impact of the Taa� Increment Financing on the
Net Tax Capacities of All Ta7cing Jurisdictions ..................................................... 4
Modification of Tax Increment Finaneing District and/or Tax Increment
Financing Plan ............................. . ..... 5
. ...................................................................
Modifica�ons to Taz� Inerement Financing District ............................................... 5
Admiuistrative Expenses ............... ........... 6
.............................................................
Limitation of Tncrement ................................
......................................................... 6
Use of Tax Increment .................
.............................................................
Norification of Prior Planned Improvements ......................................... ............... 8
ExoessTas Increments .......................................................................................... 8
Requirements Pox t��eements with Developers .................................................... 9
Other Limitarions on the Use of Tax Increment ...........:........................................ 9
CountyRoad Costs .......:...................................................................................... 10
Assessment Agreements ................. .._.........10
........................................................:
Administration of the T'ax Increment Financing District ..................................... 11
Financial Reporting Requirements ......:............................................ .....11
..............
ax Increment Financing Plan Budget .............................................................. A-1
Projeeted Ta:c Increments ...............
....... . ....................................... B-1
.........
Fiscal and Economic Impact on Other Tazing Jurisdictions ..................:
Map of TaJC Increment Financing District ............:...... ....... .. G 1
...................................... D-1
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D� ���
THE PENFIELD REDEVELppME TAX IN REMEN'T FIi�rANCING DISTRICT
Section 1. Foreword. The Housing and Redevelopment Authority of the City of Saint
Paui 14linnesota (t1�e "�A and its staft ����� have prepazed the followiug
infozmation for the establishment of a redevelopment tax increment financing � ��e "Tax
Increment Financing District"). The Tax Increment Financing District is located within the
Seventh place Redevelopment Project Area lieretofore established by the HRA (the
"RedeveIopment Project Area").
Section 2. Statutorv Authorit�.. There exist areas within the City af Saint Paul,
Minnesota (the "City") where public involvement is necessary to cause devalopment to occur.
To this end, the HRt� has certain statutory powers pursuant to Minnesota .gtatutes Section
469.001 to 469.047 (the "HRA Law") and.Minnesota Statutes, Section 469.174 through
469.1799 (the "Tax Increment Financing AcY' or "TIF Act"), to assist iu financing public costs
related to a redevelopment project.
Section 3. Statement of Obiectives. The Tax Increment Financing District consists of
one city block and adjacent and intemat rights-of-way. The T� Increment �inancing Dishict is
being created to facilitate the redevelopment of a substandard building by the construction of
new for sale housing, including relatirig shuctured parlcing (collectively, the "Project"). The taic
increment financing plan is expected to achieve the objectives outlinefl in the Redevelopment
Plan for the Redevelopment Project Area by the construction of high density housing. The
following are some of the objectives being facilitated by the Tax Increm�nt ginancing pian.
A• Provide Housin for Saint Paul Residents.
The available housing for residents in the Project A.rea will be �panded when
aPProXimately 304 units of for sale housing aze constructed.
B• To Redevelo Underused Pro
The Tax Increment Financing District contai�s one building that is structurally
substandard. In arder to encourage new development in the area, remove and prevent the
emergence af blight and blighting influences, tax increment financing must be used to encourage
the redevelopment of the site.
C• Exnand the Ta�c Base of the Cit� of Saint Paul.
It is expected that the taYable market value of pazcels in the Tax Increment Financcing
District wili increase by approximately $123,846,600 as a result of the new development,
considering the current ta�-exempt status of such parceis. Tf the parcels were assumed to be
t��ble, then the taYabie market value inerease would be $110,286,60Q.
The activities contemplated in the Redevelopment Plan and this Ta� In� Financing
Plan do not preclude the undertaking of other qualified development or redevelopment activities.
These activities are anticipated to occur over the life of the Tax Increment District and the
Redevelopment Project.
i9osazavi
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Section 4. Redevelovment Plan Overview.
1• Property to be Acc}uired — The City intends to vacate the parcel in the Tax
Inci'ement Financing District to the HRt�. The HRA will then sell the property to
a.private developer for redevelopment.
2• Relocation - if necessary, complete relocation sen�ices aze available pursuant to
Minnesota Statutes, Chapter 117 and other relevant state and federallaws.
3• The HItA may sell or assist the developer with the cost of acquisition of
PrOP��s w�th� Tax Increment Financing District, or may lease land or faeilities
to a developer.
Section 5. Pazcel to be Included in Tax Increment Financin District . The following
parcei located in the City of Saint Paul, Ramsey County, Minnesota is to be included in the Taic
Increment Financing District:
PID Number Address
3 1-29-22-43-0006 101 East Tenth Street
Including all interior and adjacent pubiic streets and rights of way. A map showing the property-
to be included in the Tasc Increment District is attached hereto as E�ibit D.
FURTHER INFORMATION RECzARDING THE IDE1�3'I`IFICATIOIV OF THE PARCEL TO
BE INCLUDED IN THE TAX iNCREMENT gII�rANCING DISTRICT CAN BE OBTAII�ED
FROM THE EXECUTIVE DIItECTOR OF THE HItA.
Section 6. Pazcels to be Ac �'red. The HRA may acquire and finance a1T or a part of the
costs of acquisition of all or a portion of the parcel idenrif ed in Section 5 of this Taz� Increment
Financing plan. T'he gRA maY �so acquire parcels in the City which are outside the Tas
Increment District in order to encourage the development of affordabie rental housing facilities
as anticipated by Section 24, paragraph 4 hereof. Prior to acquiring any parcels with tax
increments in excess of the percenfages pemlitted by M}nnesota Statutes, Section 469.176, subd.
5� the HRA will enter into an agreement with a private developer for the development of the
parcels which will provide recourse to the FiRA if the development is not completed. The HRA
may use its powers of eminent domain to acquire parcels which it cannot obtain through private
negotiation_
The HRA may acquire property by gift, dedication or direct purchase from willing setlers
2n order to achieve the objectives of the ta�c increment financing plan,
Such acquisitions will be undertaken only when there is assurance of funding to finance
the acquisition and related costs.
1905324v1
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Sectio4 7. Develo ment Activi in Tax Inc�.eme�� g��� Disfrict for which
Contracts have been Si ed. The foIlowing contracts j�ave been or will be entered into by the
HRA and the persons named below:
A Develogment Agreement by and between the HRA and 11'� Street Assaciates
LLC has or will be entered into in co�ection with tha purchase of the property
located in the Tax In���t Disfrict and the construction of approximateIy 304
nnits of for sale housing and related structured parking (tt�e "Development"). The
total development costs are estimated to be approximately $130,700,000, and the
development is expected to be substantially completed by December 31, 2009.
S�hon 8• Other S ecific Develo ment Ex ebted to Occur within Redevelo ment Area.
The HRA does not anticipate that other fature de� in the Tax Increment Financing
District will occur.
Secrion 9. Estirimated Cost of Pro'est TaY Increment ginanc� plan Bud et, The HRA
has determined that it will be necessary to provide assistance for certain public costs of the
Development. To facilitate the Development within the Tax In�rement Pinancing District, this
Tax Increment Financing P1an authorizes the use of tax increment financing to pay for a portion
of the cost of certain eligible expenses. The estimate of public costs and uses of funds associated
�th TaY increment Financing District is outlined on E�ibit A.
The xRA may sPend tax increments or other revenues idenrified in Section 11 hereof in other
azeas of the City. Any expenditure of taac increments outside the Tax Incretuent I7ishict will
comply with the pooling limitations described under Seetion 24, paragraph 2� as modified by
pat'agraph 4 thereof.
Estimated costs associated with Tax increment Financing District are subject to change and may
be reallocated between line items by a resolution of the HRA. The cost of ali activities to be
financed by tha taz incr�e wi11 not exceed, without fornial modification, the budget for the
tax increments set forth on E�ibit A.
Section 10. Es6mated Amount of Bonded Indebfedness. The expenditures authorized by
this Tax Inete��t g����g plan may be paid for either on a pay_asyouu-go basis or paid from
the proceeds of tax increment revenue bonds or notes. If bonded indebtedness is issued by the
HRA or the City, the principal amount of permanent long term finan�ing is estimated not to
exceed $14,000,000.
Section ll. Sources of Revenue. The costs ouflined 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 througb the
annual collection of tax increments. Other sources of revenues to pay the costs include private
���g °b�� bY �e private deve2opers, 'I'fla mazket value upon completion of the Project
is estimated to be approximately $113,846,600.
Section 12. Estimated Ca tured Tax Ca aci and Esfimate of Tax Increment. '�
property in the Tax In� District is currenfly tax exempt. If the property, were taxable, the
HRA estimates the current tax capacity of Tas Increment Financing District would be
aPPro�mately $35,600. - The captured ta� �apaclt� of Ta�c Incremenf Financing District, at the
i9oss2a�i
3
C�6 (�b
completion of development which is estimated to occur by January 2, 2010, is estimated to be
$1,105,403.
The HRA elects to retain all of the captured tax capacity to finance fhe costs of Tu�
��'�ment Financing District The HRA elects the method of tax increment computation set
forth in Minnesota Statutes, Section 469.177, Subd. 3(a).
Secfion 13. Type of Taic Increment Financin¢ Disirict. Tax Increment Financing District
is a redevelopment distnct estabiished pursuant to Miimesota Statutes, Section 464.174, Subd.
10, clauses (a)(1} and (a){3).
The TaY Increment Financing District contains one pazcel. The parcel is occupied since
it meets the requirements of Section 469.174, Subd. 10(a)(i) in that at least 70% of the azea of
this parcel is occupied by buiidings, streeEs, utilities, paved or gavel parking lots or similaz
struetures. In addirion, there is oniy one buiiding located in the Tax Increment Financing
District. The building is "struchually substandard" to a degree requii9ng substantial renovation
or clearance. The "structurally substandard" building is not in compliance with the building code
applicabie to new buildings, and the costs of modifying such building 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 detemunations are set forth in a
report dated January 16, 2006, prepared by Short Elliot Hendrickson, Inc., a copy of which is on
file with tbe Executive Director of the IIRt�,
The HI2A and the City kave deternvned that the proposed development of the'£ax
Increment Finan�ing District would not reasonably be expected to occur solely through private
investrnent within the reasonably foreseeable future and that the increased market value of the
site that couId reasonably be expected to occur without the use of tax inerement 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 tas increments for the maximum duration of
the Tax Increment Financing District permitted by the Tax Increment Financing plan.
Section 14. Duration of Tax Increment Financin District. The duration ofT�
Incx'ement Financing Distzict will be 25 yeazs from the receipt of the first tas increment. The
date of receipt of the first taY increment is expected to be the first half of 20Q9. Attached as
Elchibit B is the projected receipt of tax increments from the Tae Increment Finaneing District.
Section 15. Aitemate Esrimates of the Im act of the Taat Increment Financin on the Net
Tax Capacities of All Taxing Jurisdictions. The impact of the Tax Increment Financing District
on the Taxing Jurisdiation is set forth on Exhibit C.
On the alternate assumption, thaf none of the estimated captiued tax capacity would be
available to these taxing jurisdictions without the District, there would be no effect on the ot$er
taXing jurisdictions, but upon the expiration or earlier terminafion of this portion of the Tax
Increment Distdct, each taacing jurisdiction's tax capacity would be increased by the captured tax
capacity, as it may be adjusted over that �e p�od.
The estimated amount of tax increment that will be generated over the life of the Tas
Tnox'ement District is approximately $36,818,888 assuiuing inflafion at 3.4% for 23 yeazs
1905324v1 -
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CO��n�mg in 2�12. The estimated amount of tax increment attributable to the School Dtshict
and County levies is estimated to be approximately $9,944,791 and $14,701,142 respectively.
It is not expected that the Tas Increment District will liave any impact on the need for
new or improved pubiic infrastructure, other t� � �,���e paid for by tax increments or
fr'om other public and private funds currently appropriated.- The impact on City provided
services such as police and fire piotection aze.anticipated to increase only slighfly as a result of
the Tax 7ncrement District. The Authority wiil provide atty additional infrastruchue requested
bY the Counry or School District
Section 15. Mc3ificatioa of TaY increment Financin District and/or Tax Increment
F�an��Plan. No modifications to Tax Increment Financing District or the Tas Increment
Financing plan have been made as of the date hereof.
Section 17. Modifications to Taac Increment Financin District.
In accordance with Mimxesota Statutes, Section 469.175, Suhd. 4, any:
reduction or enlargexnent of the geographic area of the TaY Increment Financing
District;
2• increase i� amount of bonded indebfedness to be incurred, including a
deteimination to capitalize interest on debt if that deternunation 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 talc capacity to be retained by the HRA;
4• inerease in total estimated talc inprement expenditures; or
5• . designation of addirional property to be acquired by the HRA,
shall be approved upon notice and after the discussion, public hearing and findings required for
approval of the original Tas Increment Financing Pian.
The geographic area of the TaY Increment Fanancing District may be reduced, but shall not be
enlarged afier five years following the date of certification of the original net tax capacity by tke
Connty Auditor. The requirements of this paragraph do not appiy if (1) the only modification is
elimination of pazcel(s) from the Tax Increment Financing District, and j2)(A) the current net taY
capacity of the parcel(s) eliminated from the Tax Tncrement Financing District equals or exceeds
the net Yax capacity of those parcet(s) in the Ta� Increment Financing District's original net ta�
capacity, or (B) the HRp, agrees �at notwithstanding Minneaota Statutes, Section 469.177,
Subd. 1, the original net tax capacity will be reduced by no more than the current net tax capacity
of the parcel(s) eliminated from the Tax Increment Financing District.
The HRA must notify the County Auditor of.any modificarion that reduces or enlarges the
geographic area ofthe Tvc Increment Financing District ar the Redevelopment Project Area.
ivossaa�i
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Modifications to Ta�c Increment ginancing District in the form of a budget modi&cation or an
expansion of the boundaries will be tecorded in the Tas Increment Financing Plan.
Section 18. Administrative Ex�enses.
In accordance with Minnesota gt��fes, Section 4b9.174, Subd. 14, and Mivuesota
Statutes, Section 469.176, Subd. 3, administrafive expenses means ail expenditures of the HRA,
other than:
amounts paid for fhe purchase of land or amounts paid to contractors or others
providing materiats and services, inc2uding azcluteciural and engineering services,
directly connected with the physical development of the real property in the
dishict;
2. relocation benefits paid to or services provided for persons residing or businesses
located in the district; ar
3• amonnts used to pay interest on, fund a reserve for, or seil at a discount bonds
issued pursuant to Minnesota Statutes, Section 4K9.178.
Admiiustrarive expenses also include amounts paid for services provided by bond
oounsel, fiscal consultants, and plamung or economic develonment cansultants. Tax increm�nt
may be used"to pay any autkorized and documented adminisirative expenses for the Tax
Increment Financing District up to but not to exceed 10 percent of the total taJC increment
expenditures authorized by this Tax Increment Financing plan or the total t� inerement
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 connecrion with the Ta�c
increment Financing District. The county may require payment of those expenses by February
IS of the year following"the year the expenses were incurred.
PZUSUant to Minnesota Statutes, Section 469.177, Subd. 11, the counry treasurer sha11
deduct an amount equal to approximately thirty_six hundredths of one percent (.36%) of any t�
increment distributed to the fIRA and the county treasurer shall pay the aznount deducted to the
state treasurer for deposit in the state general fund to be appropriated to the State Auditor for the
cost of financial reporting of tax increment finan��g �o�ation and the cost of examining and
auditing authoriries' use of taY increment finaucing.
Section 19. Limitation of Increment.
Pursuant to Minnesota Statutes, Secrion 469.176, Subd. 1(a), no taic increxnent shall be
paid to.the HRA for the Tax Increment Financing District after three (3) years from the date of
cerEification of the original net tas capaeity value of the taxable property in the Tazc Inc�
Financing District by the County Auditor unless within the three (3) year period: .
19053?Avl . 6
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(1) bonds have been issued pursuant to Minnesota-Statutes, Section
469178, or in aid of a project pursuant to any other law, except revenue bonds
issued pursuant to Miimesota Statutes; Sections 469.152 to 469.1651, or
(2) the HRA has acquired properiy within the Tax Increment
Financing District, or
(3) the HRA has consiructed or caused to be constructed public
improvements within the T� Increment Financing District
The tax increment p! edged to the payment af bon�'s and interest thereon �ay be
dischazged 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 redempfion date.
Pursuant to Minneaota Statutes, Section 469.176, Subd. 6:
if after four yeazs from the date of certificarion of the original net tax 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 pazcel located within a tax increment finaticing dishict by the
authority or by the owner of the parcei in accorciance with the tas increment
financing plan, no additional tas increment may be taken from that parcel and the
original net taY capacity of that parcel shall be excluded from the original net tax
capacity o£the tax increment financing district. If the authoriry or the owner of
the parcel subsequentty commenbes demolition, rehabilitarion or renovarion or
other site preparation on that parcel inclading qualified improvement of a street
adjacent to that parcel, in accordance with the tax increment financing plan, the
authority shall certify to the county auditor that the activity has commenced and
the county auditor shall certify the net ta�z capacity thereof as most recently
certified by the commissioner of revenue and add it to the original net tas capacity
of the taY increment financing district. The county auditor must enforce the
provisions of this subdivision. For purposes of this subdivision, qualified
improvexnents of a streeY aze limited to (1) construcrion or opening of a new
street, (2) relocation of a street, and (3) substantial reconstruction or rebuilding of
an existing street.
Ssction 20. Use of Tax Increment.
The HRA hereby deternuues that it will use 100 percent of the captured net tax capacity
of taxable properiy located in the Tas Increment Financing District for the following purposes:
to pay fhe principal of and interest on bonds used to finance a project;
1905324v1 ,
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2. to finance, or otherwise pay the capital and aclministration costs of the
Redevelopment Proj ect Area pursuant to the Minnesota Statutes, Secrions
469.001'to 469.047;
3. to pay for project costs as identified in the budget;
4• to finance, or othenvise pay for other purposes as provided in Mivnesota 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 bene£t of Redevelopment Proj ect Area by the developer;
6. to finance or otherwise pay premiums and otlier cosfs far insurance, credit
enhancement, or other security guaranteeing the payment when due of principal
and interest on taic increment bonds or bonds issued pursuant to the T� .
Incrament Financing Plan or pursuant to Mirinesota Statutes, Chapter 462C and
Minnesota Statutes, Sections 469.152 to 469.1651, or both; and
7. to accumulate or maintain a reserve securing the payment when due of the
principal and interest on the taac increment bonds or bonds issued pursuant to
Minnesota Statutes, Chapter 462C and Miimesota Statutes, Sections 469152 to
469.1651, 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, Secfion 469.176, subd. 4.
Section 21. Notification of Prior Planned Improvements.
The HRA shall, after due and diligent search, accompany its request for certification to
the County Auditor or its norice of the TaY Incre�ent Financing District eniazgement with a
listing of all properties within the Tax Increment Financing District or area of enlargement far
which building permits have been issued during the eighteen (18) months immediately preceding
approval of the TaY Increment Financing Plan by the municipality pursuant to Minnesota
Statutes, Section 469.175, Subd. 3. The County Auditor shail increase the original value of the
T'ax Increment Financing District by the value of improvements for which a building permit was
issued.
Seetion 22. Excess Taac Increments.
Pursuant to Minnesota Statutes, Section 469.176, Subd 2, in any year in wluch the tax
increment exceeds the amount necessary to pay the costs authorized by the Plan, including the
amount necessary to canceT any tax Ievy as provided in Minnesota Statutes, Sectian 475.61,
Subd, 3, the EiRA shall use the excess art�ount to do any of the following:
prepay any outstanding bonds;
2• discharge_ the pledge of tuc increment therefor,
190532av1 $
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3 • pay into an escrow account dedicated to the payment of such bond; or
4• retum the excess to the County Auditar for redistribution to the respective taxing
jurisdictions in proportion to their local tax rates.
In addition, the HRA map, subject to the limitations set forth herein, ehoose to modify the
Plan in order to finance additional public costs in fhe Tax Incremenf gi�a��g Dish or
Redevelopment Project Area.
Section 23. Reauirements for Aeree��ts with Develoroers.
The HRA wili 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,
constractiott, mechanical, and electricaI 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 ordinances. The
HRA may aiso use the agreements To address other issues related to the development.
Pursuant to Minnesota Statutes, Section 469.176, Subd. 5, no more than ten percent
(10%), by acreage, of the properiy to be acquired in the Tax Increment Financing District as set
forth in the Tax Increment Financing p1an shall at any 1i*ne 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 HItt�, having, prior to acquisition in excess of ten percent (1 Q"/o} af the acreage,
concluded an agreement for the development or redevelopment of the properiy acquired ang
which provides recourse for the HRA should the development or redevelopment not be
completed.
Section 24. Other Limitations on the Use of Tax Increment.
General Limitations, A11 revenue derived from tas increment shall be used in
accordance with the TaY increment Financing plan, T'he revenues shall be used to
finance, or otherwise pay the capital and admiiustration costs of the
Redevelopment Project Area pursuant to the HRA Law;
These revenues shall not be used to circumvent eJCisting levy limit law. No
revenues derived from tax increment shall be used for the acquisition,
construcfion, renovation, operation or maintenance of a building to be used
primazily and regularly for conducting the business of a municipaliry, county,
school district, or any ot�� l �� o fgovernment or the state or federal
governmen�, or for a commons area u�ed as a public park, or a facility used for
sociat, recreation or conference puiposes. This provision shall not prohibit the
use of revenues derived from taY increments for the construction or renovation of
a Parking structure.
2• Pooling Limitations. Except as otherwise provided in paragraph 4 below, at least
seventy-five percent (75%) of taz� increments from the Ta� I�� Financing
District must be expended on activiries in the Tax Increment ginancing District or
19 05324vI - � . �
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to pay bonds, to the extent that the proceeds of the bonds were used to finance
activifies within said district or to pay, or secure payment of, debt service on
�Tedit enhauced bonds. Not more than 25 percent of said tax inctements may be
expended, through a development fund or otherwise, on activities outside of the
T� ��'ement Financing District except to pay, or secure payment of, debt
service on credif enhanced bonds. For purposes of appiying this restriction, all
administrative expenses must be treated as if they were solely for activities
outside of the TaY increment pinanci�g District.
3. Five Year Limitation on Commi{ment of Tax Inc=ements. Tu� increments derived
from the Tax Increx�e�t gi�anc�g District shall be deemed to have satisfied the
75 percent test set forth in paragraph (2) above only if tfie five year rule set forth
in Minnesota Statutes, Section 469.1763, Subd. 3, has been satisfied; and
beginning witli the sixth year following ceitification of the Tax Increment
Financing District, 75 percent of said ta�c increments that remain after
expendihues pernutted under said five yeaz ru1e must be used only to pay
previously commitment expenditures or credit enhanced bonds as more fully set
forth in Minnesota Statutes, Section 469.1763, Subd. 5.
4• Expenditures Outside District. The Authority hereby elects to spend an addihonai
ten percent of the tax increments on activities located outside the Tax Increxnent
District as permitted by Minnesota Stztutes, Section 469.1763, subd. 2(d)
provided that the expenditures meet the following requirements:
(1) they are used exclusively to assist housing that meets the
requirements for a qualified low-income building as defined in Secfion 42 of the
Internal Revenue Code of 1986, as amended (the "Code"};
(2) they do not exceed the qualified basis of housing as de£ned u.n��.
Section 42(c} of tiie Code less the amount of any credit allowed uuder Section 42
of the Code, and
(3) they are used to (i) acquire and prepare the site for housing, n
acquire, construct or rehabilitate the housing or (rii) make public improvements
directly related to the housing,
Section 25. Countv Road Costs.
Pursuant to Minnesota Statutes, Section 469.175, Subd. 1 a, the county board may require
the HRA to pay for all or part of the cost of coun.ty road improvements if, the proposed
development to be assisted by taY increment will, in the judgment of the county, substanrialiy
increase the use of county roads requiring construction of road improvements or other road costs
and if the road improvements aze not scheduted within the next five yeazs under a capital
�mprovement plan or other county plan,
in the opinion of the HRA and consultants, the proposed development outliued in this
Plan will have litCle or no impact upon county roads. If the county elects to use increxnenfs to
improve county roads, it must notify the HRA with� �L.�, days of receipt of this Pian.
1 905324v1 �
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Section 26. Assessment Aereements.
Pursuant to Minnesota Statutes, Section 469.177, Subd. 8, the HRA may enter into an
agreement in recozdable form with the developer of pmperty within the Tax Increment Financing
District which establishes a minimum market value of the land and completed improvements for
the duration of the Tas Increment Financing District. The assessment agreement shall be
presented to the assessor who shall review the plans and specificarions for the improvements
conshvcted, review the market value previously assigned to the laud upon which the
improvements are to be constructed and, so long as the min;mum market value contaiued in the
assessment agreement appear, in the judgment of the assessor, to be a reasonable estunate, the
assessor may certify the minimum mazket value agreement.
Secrion 27. Admimstration of the Tax Increment Financin� Disirict.
.9dministration of the Tax Increment Financing District will be handled by the Executive
Airector of the HRA.
Section 28. Financial Renorting Reauirements.
The HRA will comply with all reporting requirements of Mimiesota Statutes, Section
464.175, Subd. 5, 6 and 6a.
1905324v1 � " li
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Housing and Redevelopment Authorityof Saint Paul, Minnesota �bg q
Tax Increment Financiog Ptan Budget �
Narne of Disfid: Penfield �
Type of District Redevelopment flistrict
DuraSon of District 25 years following 1st coltection
(1) Net of State Auilitar Deduction �
I � i � �
�i��� �
Projected Tax Increments
i9ossza�i B_1
Assumptions Report �
- City of Saint Paul, Minnesofa
Tax lncrement Financing (Redevelopment) Disfrict
Penfield Projed {Pub6c Safety Building) -
Scenacio F- 5113M EMV, 3.4°/, inflation, 95°{o Tax Rate
TYPe of Tar Increment Finanang Disfict
Mabmum Duration of TiF District
P�qecfed Ce�cation Request Date
DecerYffication Daie
6ase Estimated Market Value
Taxabfe Estimated Market Value
Curtent Original Net Taz Capacfly
Original Net Tax Gapacity Once Taxabie
Redevelopment
25 years from 1st increment
06/01/06
1?J31/33 (25 Years of increment)
2005/2006
53,053,000
$3,560,�00 easae on sale W eeve�oper
30
$as,soo Baed on 53.S6M ERM1 8 residrntia; homzsiead
AssessmenVCotlection Year
.I �i d
200612007 2007/2��8 2068(2069 26092050 2070i2011
Base Estimated Market Value $3,560,000 53,56Q000 $3,560,000 $3,S60,OOQ $3,560,OOa
increase in Eslimated Market Value p 0 T3209,320 53,363,300 110,256,600
Total Esfirtrated Market Value
Totai Net Tac Capaciiy
3,560,000 3,560,000 22,769
$35.600 $35,600 �228.2p'f
City of SaiM Paul 28.935°0
RamseyCOUnbj � 43.41A°l� '
f5D r�625
29,365%
Other 7.013% .
to6af Ta�c Capacity Rate . 108.730% Finai 2005l2006
Flscal Disparitles Contribution From TIF Qistrict
AdministraGVe Retainage P�cent (maximum = 10%)
PooUng percent
Bonds
Bonds Daied � �
Bond Issue @
EtigiWe Project Casis
D.ODDO%a
10.00°b
Q.00%
Note (PawAS-You-Gol . �
311;2atQ tdoteDated 52f1Y2606
5'10,850,o00 Note Rate � 7,00°l0
S9�579,350 NoteAmount 51,637,600
Notes � - � . �
26°F, of value added in 2007, 50°� in 200&, witl� 100°/, value added and projear comp}ete in 2ppg
e
56,923,300 � 113,&?&,600 �'
$570,50'1 $1,t�
BasW on 10p'h .
projecred uie pnce p{
units and etl2 parking
i
Preparetl by: Spnngstetl Ittcapwated {printe8 on 5/22/2006 at 11:01 AM) TIF Scenario F 51'13M 3.4% Irtfi Penfield TIF Pian.xls Pssumptions
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