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07-868Council File # �� � D �l1 b Green Sheet # ��Q � 3�C RESOLUTION CITY OF SAINT PAUL, MINNESOTA Presented by Referred To Committee Date 30 1 RESOLUTION ADOPTING THE CREATION OF THE GLOBE z REDEVELOPMENT TAX INCREMENT DISTRICT AND THE 3 HAZARDOUS S[JBSTANCE SUBDISTRICT AND THE ADOPTION OF THE 4 TAX INCREMENT FINANCING PLAN FOR THE DISTRICT 6 BE IT RESOLVED by the City Council (the "Council") of the City of Saint Paui, Minnesota 7 (the "Cit�'), as follows: 9 Section 1. Recitals 10 l i 1.01. On May 24, 2005, the Port Authority ofthe City of Saint Paul (the "Port Authority") 12 established the Phalen Corridor Globe Extension Industrial Development District in the City of Saint 13 Paul. On August 28, 2007, the Port Authority approved the Tax Increment Financing Plan (the 14 "Plan") establishing the Globe Redevelopment Tax Increment Financing District and Hazardous 15 Substance Subdistrict (the "District"). It has been proposed that the City approve the District and the 16 related Plan; all pursuant to and in conformity with applicable law, including Minnesota Statutes, 17 Sections 469.090 through 469.1081 and 469.174 through 469.179, all inclusive, as amended, all as 18 reflected in the Plan, and presented for the Councii's consideration. i9 20 1.02. The Council has investigated the facts relating to the Plan. 21 22 1.03. The Port Authority has performed all actions required by law to be performed priorto 23 the adoption and approval of the proposed Plan, including, but not limited to, notification ofRamsey 24 County and School District #625 having tasing }urisdiction over the property to be included in the 25 District, and the holding of a pubic hearing upon published notice as required by law. 26 27 1.04. Certain written reports (the "Reports") relating to the Plan and to the activities 28 contemplated therein have heretofore been prepazed by Port Authority staff and submitted to the 29 council and/or made a part of the City files and proceedings on the Plan. The Reports include data, 30 information and/or substantiation constituting or relating to (1) the "studies and analyses" on why the 31 new District meets the so-called "but for" test and (2) the bases far the other findings and 32 determinations made in this resolution. The Council hereby confirms, ratifies and adopts the 33 Reports, which are hereby incorporated into and made as fully a part of this resolution to the same 34 extent as if set forth in fu11 herein. 35 36 1.05. A notice o£ the hearing on the Plan at this meeting was published as required by 37 Minn. Stat. §469.175, Subdivision 3, and pursuant to such notice a public hearing has been held on 38 the creation of the District and adoption of the Plan. 39 40646.v1 40 41 42 43 44 A5 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 8s 89 Section 2. Findin¢s for the Adoption and Approval of the Plan. �-1 �g�� ( 2A1. The Council hereby finds that the Plan, is intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus far developmeni in the public purpose and accomplish certain objectives as specified in the Plan, which is hereby incorporated herein. Section 3. Findines for the Establishment of the Globe Redevelopment Tas Increment Financina Dishict. 3.01. The Council hereby finds that Yhe Dish is in the public interest and is a `Yedevelopment districY' under Minnesota Statutes, Section 469.174, subdivision 10. 3.02. The Council further finds that the proposed development would not occur solely through private investment within the reasonably foreseeable fixture and that the increased market value on the site that could reasonably be expected to occur without the use of tas increment financing would be less than the increase in the market value estimated to result from the proposed development after subh the present value of the projected tax increments for the maacimum duration of the District permitted by the Plan, that the Plan conforms to the general plan far the development or redevelopment of the City as a whole; and that the Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the District by private enterprise. 3.03. The Council further finds, declares and determines that the City made the above findings stated in 2his Section and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. Section 4. Hazardous Substance Subdish 4.01. The Port Authority will undertake the removal and remediation of the soil in the District. Contaminants such as polynuclear aromatic hydrocazbons, Lead and mercury and diesel range organics will be addressed. These activities will eliminate areas of hazardous substance in the desi�ated hazardous substances sites. Section 5. Ap�roval and Adoption of the Plan. 5.01. The Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, as hereby approved, ratified, established, and adopted and shall be placed on file in the office of the Port Authority President. 5.02. The staff of the City, the City's advisors and legal counsel are authorized and directed to cooperate with the Port Authority with respect to the implementation of the Plan and to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. 5.03. The Auditor of Ramsey County is requested to certify the original net tax capacity of the District, as described in the Plan, and to certify in each yeaz thereafter the amount by which the original net tax capacity has increased or decreased; and the Port Authority is authorized and directed to forthwith transmit this request to the County Auditor in such form and content as the Auditor may specify, together with a list of all properties within the District, for which buildingpermits haue been 40646.v7 90 91 92 93 94 95 96 97 98 99 100 lol 102 103 104 105 issued during the 18 months immediately preceding the adoption of this resolution. ��� 1� Cj (% U The motion for the adoption of the foregoin� resolution was duly seconded by Council member and upon a vote being taken thereon, the following voted in favor thereof: and the following voted against the same: Dated: September 19, 2007 � Mayor ATTEST: City Administrator 40646.v1 Adopted: Yeas Nays Absent Benanav ,/ Bos4om ✓ Harris �/ Helgen �/ Lantry �/ Montgomery �/ Thune ,/ 7 U � Adopted by Council_ Date �/�Gf�,��l� � Adoption Certified by Council Seccetary By: i7 Approved by o ate � z-s J By: o7�g�$ Requested by Departrnent oE . ,J� By: Form Approved by City Attorney� By: �L � !% �� �'a� Approved by Mayor for Submission to Council By ( ,t — l.� � � 40646.v1 � Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet � ���� P,!{ - Po�tAutLarity ! Contact Person & Phone: , Monte Hilleman T245686 i Must Be on Cq{� il Agenda by (Date , 19-SEP-07 y i � Doa Type: RES�LUTI N ' E-Document Requiretl: Y I Document Contact: Robin Dixon 70SEP-07 ; Green Sheet N0: 3043770 � ueparunem oeni�ore�on �muavua�e � � 0 'P, ort AuthoriN ! 1� Assign � 1 I�rtmentD"uedoc 7 Num6er i Z tyAttornev 1 I For Routing � 3 �YYIapor`s Ogice I MavodASSistant Order � 4 onncil I 5 ,CItV C9ark � City Cleik I ContactPhnne: 2245686 � f Total # of Signature Pages _(Ciip All Locations for Signature) Resolution adopting the creation of the Globe Redevelopment Tas Ineremehi District and the Hazardous Substance Subdistrict and the adoprion of the Globe Tas Increment Financing Pla�. Planning Commission CIB Committee Ciml Service Commission 1. Has this person/firm ever worked under a contract for this department? Yes No 2. Has this person/firtn ever been a city employee? Yes No 3. Does this persoNfirm possess a skill not normally possessed by any cuRent city employee? Yes No Explain ail yes answers on separate sheet and attach to green sheet Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): The Port Authority and the City of St. Paul have been jointly working on the compledon of the redevelopment along the eastern end of the new Phalen Blvd. The project is proceeding as planned & it is now time to approve the taY inerement finance district & plan for the Globe Redevelopment site. AdvanWges ItApproved: The Globe site redevelopment will proceed as planned. Disadvantages If Approved: None Disadvantages If Not Approved: Globe will not be redeveloped and the Eastside will not receive the benefit of over 92 jobs and new tax paying development along Phalen Blvd. Transaction: Funding Source: Financial Informatian: (Explain) CoSt/Revenue Budgeted: Activity Number. September 10, 2007 1:13 PM Page 1 07�5(�g EXHTBIT A RESOLUTION # The reasons and facts supportin� the findings for the adoption of the Globe Redevelopment Tax Increment Financin� District (the "District") and the hazardous substance subdistrict (the "HSS") therein, are as follows: 1. Finding that the Distr-ict is a"redeveZopment district. " [Note — Based on the Assessment described below, the Port Authority and the City Council have previously determined that the building located within the District was substandard (Resolution No. 4161 of the Port Authority adopted March 28, 2006 and Resolution No. 06- 349 of the City Council adopted April 12, 2006), and that building was subsequently demolished by the Port Authority as provided by Minn. Stat. §469.174, Subd. 10(d), and no longer exists.] The District is a redevelopment district because parcels consisting of 100 percent of the area of the district are occupied by buildings, streets, utilities, or other improvements and more than 50 percent ofthe buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. These facts aze documented in detail in the Redevelopment Eligibility Assessment prepared by Short Elliott Hendrickson, Inc. and dated January 20, 2006 (the "Assessment"), a copy ofwhich is on file at the office ofthe Port Authority. As confirmed in the Assessment, the total District area consists of three parcels. All three of these parcels are considered to be 100% occupied by buildings, streets, utilities or other improvements, exceeding the 70% area coverage requirement imposed by statute. The Assessment further confirms that the one building located within the District is considered substandard to a degree requiring substantial renovation or clearance, as required by statute. Port Authority staffworked closely with Short Elliot Hendrickson in examining the District and the building located within the District. Extensive documentation ofthe condition ofthe Dishict and the buildings within the District is located on file at the office of the Port Authority. 2. Finding that the proposed development, in the opinion of the Port Authority, 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 e�yected to occur without the use of tax incrementfznancing would be Zess than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the distYict permitted by the Plan. Private development of the District has not been possible for a variety of reason, including 40646.v1 A-1 � � /i blighted property, unstable soil conditions and high pollution remediation costs. As a result, this project is feasible only through assistance, in part, from tax increment financing. 3. Finding that the Gtobe RedeveZopment Tax Increment Financing District conforms to the general plan for the development or redevelapment of the municipality as a whole. The East 7th and Duluth Street Financin� Plan has been reviewed by the Port Authority and has been found to conform to the general development and redevelopment plan ofthe City. 4. Finding that the establishment of the Globe Redevelopment Tax Increment Financing District for wi11 afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the project by private enterprise. The District will provide approximately six net developable acres, or 261,000 square feet of land. It is anticipated that the development will result in light industrial space, but the Plan does not preclude the undertaking of other qualified development or redevelopment activities. Based upon the Port Authority's experience in other business centers, it is expected that approximately 1.5 jobs will be created per 1,000 square feet of conshuction. 40646.v1 ,�_2 p�-� (�$ Resolution No. 4230 RESOLUTION OF THE PORT AUTHORITY OF THE CITY OF SAIN'T PAUL [GLOBE REDEVELOPMENT � TAX 1NCREMENT FINANCING DISTRICT] WHEREAS, on May 24, 2Q05 the Port Authority of tYie City of Saint Paut (the "Port Authorit}�� established the Phalen Corridor Globe Extension Industrial Development Dish in the City of Saint Paul; and . WI�REAS, it is proposed that the Board of Commissioners of the Port Authority consider the estahlishment of approximately six acres witt�in that Industrial Development District the site as the Giobe Redevelopment TaY Increment Financing District (the "DistricY') and Hazazdous 3ubstance Subdistrict (the "HSS"), and authorize the taY increment financing plan related thereto (the "Plan"); and VJI�REAS, in March, 2006 the Port Authority determined that the existing buiIding in the District was substandard, as required by statute, to enable that building to be demolished in advance of the creation of the District, and that buiiding has since been demolished; and WHEREAS, Port Authority management has prepared a budget for land acquisifian, remediation, consfxuction of infrastructure improvements and other development necessary to establish an business center in the District (the "ProjecY'), and the sources of funds to be used to accomplish the same, ali of which is set forth in the Plan; and WI�REAS, pursuant fo the budget for the Project, it is anticipated that the Port Authoriry will make interfund loans to the Project from EPA Revolving I,oan Fund, and its Development Fund, as more specifically described herein and in the report provided to the Board at this meeting; and WFIBREAS, the Port Authority hereby determines ti�at there has been no significant development or redevelopment in the Disfrict and, in the opinion of the Port Authority, the proposed development and redevelopment described in the Plan is not reasonably expected to occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tas increment financing is deemed necessary; and WHEREAS, the Port Authority fiirther fmds, declares and detern�ines that the Port Authority made the above findings and has set forth the reasons and supporting facts for each determination in writing, attached hereto as E�ibit A; and WHEREAS, the Port Authority has perforsned all actions required by law to be performed prior to the establishment of the Dishict and the HSS, including, but nat limited to, notification of Ramsey Counry and SchooI Disteict No. 625 (which have tasing jurisdiction over the properiy included in the District}, and the holding of a public hearing; and 40641.vi WHEREAS, a notice of the hearing on the Plan has been published as required by Minn. Stat. §469.175, Subdivision 3, and pvrsuant to such notice a public hearing will be held by the City Council on September 19, 2007 on the creatioa of tke Dzsfrict and adoption ofthe Plan. - NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Port Authority of the City of Saint Pa�zi as follows: 1. The PIan is hereby approved and adopted, and shall be placed on file in the office of the Authority. . 2. Port Authority management, along with the Port Authority's legal counsel, is hereby authorized To procee@ wi#h tlze irnplemeatation of the PTan and for tlris ptupose to negotiate and finalize all fiuther pTans, resolutions, documents and contracts necessary for this purpose. 3. Port Authority management is hereby authorized to forward a copy of the Plan to the Ramsey County Auditor and the Minnesota Department of Revenue pursuant to Miunesota Statutes, Section 469.175, subd. 2. 4- The interfund loans to be made to the Project from the Port Authority's EPA Revolving Fund and Development Fuad as described in the information presented to ihe Board at this meeting are hereby approved, and Port Authority managemettt is heraby authorized to put in pIace promissory notes reflecting the teims of such loans. The President of the Port Authority is hereby authorized to execute any such promissory notes reflecting the interfund 2oans approved hereby. Adopted: August 28, 2007 PORT AUTHORITY OF THE CITY OF SAINT PAUL � By Its Chair A T; Its Secre aa�i.�i ! � '• EXFIIBIT A RESOLUTION# 4230 'The reasons and facts supporting fhe findings for the adoption of the Globe Redevelopment Tas Increment Financing Dishict (the "Dishict") and the hazazdous substance subdistrict (ttie "HSS") therein, are as follows: 1. Finding that the District is a"redevelopment district. " [Note — Based on the Assessment described below, the Port Authority and the City Council have previously detern7i.ued that the building located within the Disirict was substandard (Resolution No. 4161 of the Port Authority adopted March 28, 2006 and Resolurion No. 06-349 of the City Council adopted April 12, 2006), and that building was subsequently demolished by the Port Authority as provided by Minn. Stat. §464174, Subd. 10(d) and no longer exists.) The District is a redevelopment district because pazcels consisting of 100 percent of the azea of the district aze occupied by buildings, streets, utilities, or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. These facts are documented in detail in the Redevelopment Eligibility Assessment prepared by Short Elliott Hendrickson, Ina and dated 3anuary 20, 2006 (the "AssessmenY'), a copy of which is on file at the office of the Port Authority. As confirmed in the Assessment, the total District area consists of three pazcets. AIl three of these parcels are considered to be 100% occupied by buildings, stzeets, utilities or other improvements, exceeding the 70% area coverage requirement 'vnposed hy statute. fihe Assessment fin confirms that the one building located within the District is considered substandard to a degree requiring substantial renovation or clearance, as required by statute. Port Authority sfaff worked cIosely with Short Elliot Hendrickson in examining the District and the bnrlding located within the District. Bxtensive documentation of the condition of the District and the buildings within the District is located on file at the office of the Port Authority. 2. Finding that the proposed development, in the opinion of the Port Authority, wouZd not reasonably be expected to occur solely through psivate investment within the reasonably foreseeable future and that the increased market vaZue of the site that could reasonabZy be expected to oecur without the use of tax increment financing would be Zess than the increase in the market value estimated to resuZt from the proposed deveZopment after subtracting the present value of the projected taz increments for fhe maximum duration of the distract pern2itted by fhe plan. ao6ai.�i Private development of the District has not been possible for a variety of reason, including bIighted properly, unstable soil conditioas and lugh pollution remediation costs. As a result, this project is feasible only through assistance, in part, from ta7: increment fivancing. _ Finding that the Globe Redevelopment Tax Increment Financing District conforms to the general pZan for the develapment or redevelop»cent af the municipaZity as a whole. The East 7th and Duluth Street Financing Pian has been reviewed by the Port Authority and has been found to conform to the general development and redevelopment plan of the City. 4. Finding that the establishment of the Globe Redeveloprrzent Taz Increment Financing District for wilt afford maximum opportunity, consistent with the sound needs of the City as a whole, for tke devetopment or redevelopment of the project by private enterprrse. The District will provide appmximately six net developable acres, or 261,000 square feet of land. It is anticipated that the development will result in light industdal space, but the Plan does not preclude the undertaking of other qualified development or redevelopment activities. Based upon the Port Authority's experience in other business centers, it is expected that approximately 1.5 jobs will be created per 1,000 square feet of canstruction. 4064t.v1 SAiNT PAUL PORT AUTHORITY r .•• , i TO: FROM: SUBJECT: BOARD OF COMMISSIONERS (Regular Meeting of August 28, 2007) Monte M. Hillema Lorrie L. Louder Laurie J. Nanse� Kenneth R. Johnson Final Approval - Globe Redevelopment Tax tncrement Financing (T{F) Plan - Resolution No. 4230 and Final Approval Gri�n Redevelopment Tax Increment F+nancing (TIF) Plan - Resolution No. 4z3i i : �: DATE: August 22, 2007 Action Requested Final approval of the Globe Redevelopment Tax Increment Financing {TIF) Plan and the Griffin TIF Plan, creation of the related tax increment financing districts and hazardous substance subdistricts, and approval of interFund loans. Make findings of fact re{ated to past railroad usage within the Griffin District. Public Purpose: The redevelopment of the former Globe Building Materials site will create a minimum of 92 jobs using the Port Authority's one job per 1,000 square feet of building space criteria. The redevelopment of the former Gri�n Wheelworks site wiA create a minimum af 137 jobs using the Port Authority's one job per 1,000 square feet criteria. These redevelopments will complement the Port Authority's Westminster Junction Business Center and will provide employment opportunities for Saint Paul residents, especially East Side residents, and will generally eliminate blight and return vacant unused land to productive use. Business Subsidv: N/A Backqround: In 1995, the Board of Commissioners approved the creation of the Phalen Corridor Industrial Development District, which encompasses the former Globe Building Materials site and the former Gri�n Wheelworks site. The Globe site, formerly known as the "Phalen-Atlanfic Area", is now to be known as the Globe Redevelopment Tax Increment Financing District. The Griffin site is to be known as the Griffin Redevelopment Tax Increment Financing District. At its March 2006 meeting, the Board of Commissioners made statutory findings that the existing structure at the Globe site was substandard and should be demolished in Page2-Brd. Memo Globe/Griffin TIF �^ ��� � preparation for redevelopment, including the creation of a related tax increment financing district. The Board of Commissioners also directed Port Authorify management to work toward the creation of said related tax incremenf financing district. Statutory findings of substandard buildings were also made by the City of Saint Paul in March, 2006. Subsequent to these findings, and as permitted by the applicable statutes, the Globe building was demolished. Both the Port Authority and the City based their findings on a Short Eliiot Hendrickson, Inc. report, "Redeveiopment Eligibility Assessment", dated January 20, 2006. I� addition, the Port Authority was provided a legal opinion from Leonard, Street and Deinard, regarding "Phalen-Atlantic Area — Proposed Demolition of Giobe Building", dated March 16, 2006. The Griffin site is vacant land and contains no buildings. Its history of ownership and disuse supports the creation of a redevelopment TiF district because the land consists of "vacant, unused, under used, inappropriately used, or infrequently used rail yards, rail storage facilities and vacated railroad rights-of-way." [Minn. Stat. Section 469.174, Subd. 10] Specifically: • The site was operated for a while as a foundry and cfay-making operation, but by 1896 it was part of the Gri�n Wheel Company, a rail car wheel manufacturer still based in Chicago. Griffiin operated its plant at the site unfil the late 1950's, but closed and demolished its buildings by 1964. The site has been vacant since 1964. • Title reports (Exhibit B) show that the site is burdened by as many as five separate railroad tracks and related easements in favor of (a) Northem Pacific Railway Company, for purposes of using, maintaining, operating and removing railroad tracks, including the switch tracks and spur located thereon and (b) Chicago, Saint Paul, Minneapolis and Omaha Railway Company on certain switch tracks, for shipping purposes in connection with the operation of any business or industry located thereon. • Plat maps from 1908 through 1965 show the location of railroad spur tracks and rights-of-way (Exhibit C). These rights-of-way have not been vacated but are unused. Unused railroad trackage remains at the site yet today (Exhibit D). Please see the attacfied exhibits for further documentation, including a legal opinion from Leonard, Street and Deinard, related to the qualification of this District as a redevelopment TIF district (Exhibit E). The redevelopment of these sites has bee� supported by several East Side neighborhood and business organizations. The main focus of these redevelopments is to create light industrial jobs at good wages for residents and the maximum tax base in the area. 1"hese redevefopments will create a minimum of 229 jobs using the Port Authority's minimum criteria of one job per 1,000 square feet of building space. 40602.�2 Page3-Brd. Memo Globe/GnffinTlF ��/�� The $16,900,000 of estimated new construction at these sites would not be expected to occur in the reasonably foreseeable future without the use of tax increment financing. No such development or redevelopment has taken place at these sites in recent years, with respect to Gri�n, more than 40 years. Further, pollution found at the sites necessitates the creation of Hazardous Substance Subdistricts to help pay the cost of remediation. The Port Authority has developed a redevelopment finance plan for the Globe site and the Griffin site, which contain several different funding sources, including tax increment financing. The Port Authority intends to reimburse itself for funds advanced to each of these projects, plus interest at the lesser of the one-year treasury plus two percent or the maximum allowed rate under State Statutes. It is expected that the Port Authority will advance approximately $2,465,000 to the Globe project and approximately $4,400,000 to the Griffin project, which includes amounts to be advanced to the associated project from the Port Authority's EPA Revolving Loan Fund of $1,000,000 and $1,400,000, respectively. Both of these plans are being reviewed by Ramsey County, the Saint Paul Public School District, and the City of Saint Paul. A City Council public hearing is scheduled for September 19, 2007 at 530pm. Both plans must be approved by the City Council. Also attached are spreadsheets entitled, "Construction Costs - Sources and Uses" and "Partial TIF Recovery", for both projects (Exhibits F-I). The former shows the balance of funding for the construction costs associated with each project and the latter shows a breakdown of the Port Authority capturing only 50 percent of the future TIF increment for each project. Recommendation: Final approval of the Globe Redevelopment Tax Increment Financing (TIF) Plan and the Griffin TIF Plan, creation of the related tax increment financing districts and hazardous substance subdistricts, and approval of interfund loans. Make findings of fact related to past railroad usage within the Griffin District. Attachments: [Exhibit A— Memo from Monte Hiileman] [Exhibit B — Griffin Title Reports] [Exhibit C — Piat Maps] [Exhibit D— Site Pictures of Trackage] [Exhibit E— Legal Opinion from LSD] [Exhibit F— Griffin Construction Costs — Sources/Uses] [Exhibit G— Griffin — Partial TIF Recoveryj [Exhibit H— Globe Construction Costs — Sources/Uses] [Exhibit I— Globe Partial TIF Recovery] 406a2.v2 SAINT PAUL PORT AUTHORITY EXHIBIT A MEMORANDLIM TO: FI�E Monte M. Hilieman � DATE: . / �� • . August 9,2007 FROM: SUBJECT: Past Railroad Usage at Former Griffin Wheelworks Site as Related to TIF The Port Authority's nonprofit affiliate, Capital City Properties ("CCP") has acquired land in Saint Paul commonly I�own as the Griffin Wheelworks Site (the "Site") for development as a business pazk and has asked the Port Authority Eo create a redevelopment dishict under the statute menrioned above in order to obtain a 25 yeaz period to collect tax increments for its use in the payment of at least a portion of the remediation and redevelopment costs ttiat it will incur. The Port Authority proposes to create a redevelopment taY inorement financing district for the azea commonly known as the "Griffin WheeIworks Site" (the "Prapert�'). The Properiy consists of appro�mately 9.3 acres of land in the Dayton's BlufFneighborhood, and is generally located sonth of Phalen Boulevard, and is bounded by Atlanric Street to the west, Johnson Parkway to the east, Central Pacific rail tracks to the south, and Phalen Boulevard to the north. Because the Property as ununproved at this point and time, a redevelopment tax increznent districf can only be created if it is deternuned that the property consists of "vacant, unused, under used, inappropriately used, or infrequently used railyards, rail storage facilities, or excessive or vacated rights-of-way." (Minn. Stat. §469.174, Subd. 1 a] I believe that the Property meets this requirement, based on the foilowing facts: • The Site was operated for a while as a foundry and clay-making operation, but by 1896 it was part of the Griffin Wheel Company, a rail car wheel manufacturer srill based in Chicago. Griffin operated its plant at the Site until the late 1950's, but closed and demolzshed its buildings by I464. The Site has been vacant since 2964. Tiele reports (Exhibit A} show that the Site is burdened by as many as five separate raikoad h and related easemenfs in favor of (a) Northern Pacific Railway Company, for purposes of using, maintaining, operating and removing railroad tracks, including the switch tracks and spur located thereon and (b) Chicago, Saint Paul, j� inn eapolis and Omaha Railway Company on certain switch tracks, for shipping purposes in connection with the operataon of any busin'ess or industry located thereon. • Plat rnaps from 1908 through I965 show the locarion of railroad spur tracks and rights-of-way (E�ibit B}. These rights-of-way have not been vacated but aze unused. Unused railroad trackage remains at the Site yet today (see pictures at Exhibit C). 3'1034.'I. j LafldAsnerica Co[nmatnrvealth Port Authority of the Ciry of Safnt Pau� Chuck Derscheid 345 St, peter Street 1900 Landmark Towers St. Pau(, MN 55102-1661 EXHIBIT B I : i: Re: Order No.: 060544 � Buyer/eorrower(s): Port Autharity of St. Paul Sefler(s): Lang Real Estate Acquisitions, LLC and Steiner Rea! Estate Acquisitions, LLC Addendum to Report of Ownership and Eacumtrrances Fite No. 050453 prepared October 22, 2005. To: Charles Derscheid, Port Autharfty of the Ctty of Satnt Paul From: Bill Kennedy, LandAmerica/Commonweafth Land Title Insurance Company Re: Railroad ownership of the �id Griffin Wheel Company site. Dated: May 17, 2006 A search of Ramsey Courtty records from patent forward does not disclose fee tftle ownership by any railroad entity in tfie Old Griffin 1Nhee1 Company siEe, as described in Report of Ownership and Encumbrances Fiie No. 050453. Letter Commonwealf.h i.and TitFe insurance Campany 400 Stbiey Syeet, 255 Park Square Court, Saint Paul, MN 55101 Phone: 651-2U-8571 Faz: 651-227-2�08 1 � �� Commanweaith �and Title Ynsearance Company OftDER NO.: 050453 REPORT OF RECdRD OWNERSHIP ANYS 'eNCUMBRAf+10ES Legal 6escriptioa; See Exhibit A attathed hereto. Commonwealth Land Title insurance Company does hereby certify thaf as of the 7th day of MarcFt, 2005, at 8:00 A,M., the records in the oftics ot the County Record�r and Registrar of Tit4es in and for Ramsey County, Minnesota disclose as grantee in the last recorded rnnveyance to the abave captioned properry by Quit Ciaim Deeds recorded on September 10, 1999, as Document Nos.. 1573502 and I573503 (T) a�d on OcEober 26, 1999, as Document Nos. 3281125 and 3281126 (A), the foflowtng: lang Real Estate Acqutsitions, LLC, a Minnesata pmlted llability company, as to an urtdivided 73.264% interest, by Certiflcate No. 521442 and Steiner Real Estate Acquisitions, LLC, a Minnesota limited flabiHty company, as to an undivided 26.736%lnterest, by Certtfcate No. 511443 . Encumbrances: The above captioned property appears Eo be subject to the following enwmhrances; • As to TrecE A: Agreement dated May 1, 1948, filed af record May i4, 1908, In Book 60 M.R., page 78. • As to Tract A: Easement contained in Warranty Deed dated May 14, 1908, filed of record May 15, 1908, in 600k 54I of Deads, page 180. • As ta Tract A: Right and easement" of the Northern Pacific Ratlway Company, a corporat(on, to enter upon the property described for khe puvposes of using, maintaining, operating and removing said rallroad tracks, IncEUding the switch tracks and spur as now locaYed thereon. (Shown as a recEtai on the Certificates ofTitle.j o As to Tract q; Easement and right of way to the Griffin 1Nhee1 Company, a corporetlon, and Ets successors and assigrts, for shfpping purposes, to access to the tracks of the Chfcago, St. Paul, Minneapolis and Omaha Raftway Company and to the Northern Paci�c Raiiway Compatty on the switcM tracks now located on the properky, but not for storing cars, • (Sfiown as a recita! on the Certificates of Title.) • As to Parcels 2 and 3 of Tract A; Public eesement for highway purposes in said Phalen Street and Sklllwater Avenue. (Shawn as a recttal on the Certificates of TiE{e.) ' + As to Tract A: Easement in favor of the Chicago, St. Pau�, M(nneapolis and Omaha Railway Campany on said swltch tracks, as now tocated thereon, for shEpping purposes (n connection with the operatian oF any business or Industty Iocated thereon. (Shawn as a recitai on the Certtflcates of Title.) Ownership and Encumbrance Report Page 1 of 6 � 6��I�g Order Mo.: 056453 As tro Parcef A: . Al! minerals and mtneraf rights raserved to the State of Minnesota in trust for Ehe taxing districks concemed, Combination Mortgage, Security Agreement and Fixtvre Fnancing Statertxe�t dated as of Dscember 22, 1988, fl(ed of record 7anuary 13, 1989, as Document No. 887256 {T) and fi�etl o; record 7anuary 18, 1969, as Document Na. 2477101 (A}, executed by Lague Enterprises, I�c., a Minnesata corporation, to Norwest Leastng, Ina, a Minnesota carporation, in the origina3 principal amount of $1,927,504.D6, AssFgned to Narwest Fna�cial Ledsing, Inc, an Iowa corporation by Ass(gnment of Mortgage and Assfgnment of Rents and Leases dated December 29, 1989, filed of record September 6, 19390, as Document No. 930978 ('� and filed of recnrd September 19, 19g0, as Document No. 2563497 (q}. Note: The above Assignment does not appear on the current Certlflcates of Titte. Note: The above Mortgage was released in Abstract records only by Document No. 2824031, Assignment of Rents and Leases dated as of Decemtrer 22, 1988, fifed of record January 13, 1968, as Document No. 887257 (T) and filed of record January I8, 1989, as Document No. 2477102 (A}, by and 6etween Lague Enterprise es, Inc., a Minnesota corporetion, and Norwest Leasing, Ina, a Minnesata corporatlan. Ass(gned to Nonvest Ffnanciaf Laasittg, Inc., an fowa corpo2tion by Assignment of Mortgage and Assignment af Rents and Leases dated December Z9, 1989, fifed of record September 6, 19990, as Document iVo. 930978 ('� and fiied of record September 29; 199p, as pocument No. 2563497 (A). , Note: The above AssE4�ment does not appear on the current Certificates of Title, Note; The above MorCgage was released in Abstract records only try Document No. 28z4030. Martgage, Security Agreemen[ and F(xture Fiiing Statement dated June 2, 1994, f(ed of record Jufy 14, 1994, as Document Nn. 1064818 (T) and flled of record August 4, Y994, as Document No. 2822826 (A}, executed by TC/American Monarail, Inc., to NQrwest Bank Minnesota, N.A., in khe arigina{ principai amount of �2,770,000.00. Amended and restated by Amended and Restated Mortgage, Security Agreemettt, Fixture rEling Statement and Assignment of Leases and Rents dated April 7.3, 1999, filed of rarord Aprll 15, 1994, as Document No. 1552263 (T) and flled oF rewrd April 28, 1499, as Docvment {�lo. 3139642 (qJ, Note: Oniy the above Mortgage Document IVO. 282Z$26 was released En Abstract records by Document No. 3603366, Assignment of Rents and Leases dated lune 2, 1994, filed of record Jufy i4, 1944, as Document No. 1064819 ("f� end filed of record August 4, 1994, a5 Document No. 2822827 (A), executed by TC/American Mpnorail, Inc., to Notwest Sank Minnesota, N.A., in the orlginal prfnc[pai amount of $2,770,000.00. B-3 - ----- vl���g ONer tSO.: QSp453 Amended and restated by Amended and Restated Mortgage, Security Agreement, Fixture Filing Statement and Assignment of Leases and RenFS dated April 13, 1934, filed of record April 15, 1499, as 6ocument No. 155Z263 (T1 and filed of record Apri( 28, 1994, as Document No. 3239692 {A). _ Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and RenEs dated August 3, I999, fifed of recoPd Saptember 10, i494, as Document No. 1573504 ("I) and fi}ed of record Octo6er 26, iS99, as Document No. 3281I33 (A), executed by l.ang Real Estate Acquisftions, LLC, a Minnesota firnited liability company, and Steiner Real Estate Acquisitions, LLC, a Minnesota Iimited Iiabiiity company, to Notwest Bank Minnesota, NaCiona! Association, a net(onal banking association, (n the orlginal principal amount of $3,200,OOO.QO. _ Amended by Amendment to Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents dated AugusE 1, 2000, filed of recofd September Z5, 2600, as 6ocument No. 33461D6 (A) and flied of record October 13, 2000, as Document No. 1614678 jT). , - � Assigned Yo Wells Fargo Bank, Nat�onal AssociatiQn by AssEgnment of Mortgage dated May Zl, 2001, filed of record ]une 15, 2001, as Document No. 3397523 (A). Certified copy of narne change filed of record October 13, 2001, as Document No. 1614677 m. Financing Statement of recard as follows: Real estate records on Ju(y 20, 2064, as Document No, 3774238 (A), Debtor: Lang Reai Estate Acquisitions LLC, a Minnesota limfted kiability company Secured Party: Wel4s Fargo Bank, N.A. RealEState Taxes: Reai estate taxes for and paya6le in the year 2005 in the amount o€ $184,842.00, first half paid, second hatf due October 15, 2005 Base Tax: $165,06�,04,"Non-homestead.° Property Tax identlfiqtion No. 28.29.22.14.D066. � � � ,y_--/ Prepared: OctoberiZ, 2005 KJ..�:�'s �" ��_ This report on(y cites matters appearing in the public records of Ramsey County, Minnesota, and is not to be construed as an Opinion af Titis nor Is it a substitute for an Abstract of Titie or a Registered Property A6stract. This report does nat fnciude a search for levied or pendtng assessments, The liabitity of the Company In making this report shall be Ifmited to the cost of this report. � / . � i� Exhibit "A" Tract A; Parcel 1: Order No.: a50453 All that paK of SecEions 2� and 28, Township 29, Range 22 described as fAflows: Commencing at a point where the center line of Phalen Street intersects Fhe Northarn line of the right of way of the Chicago, St. Paui, Mtnneapoiis & Omaha Rafiway; thence Nortfierly on the center Iine of Phalen Street 397.38 feet, to the Northerly Ifne of Sttllwafer Avenue; thence Southwesterly atong the Northern Ilne of Stillv,�ater Avenue and that flne produced to the Easterly boundary line of the Northwestern Wheei & Foundry Company's Addition to St. Paul; thence Southerty along the Easteriy boundary Iine of said Northwestern Wheel & Foundry Cnmpariy's Additfon to the itttersection of sald boundary Iirte with the Northerfy boundary tine oP tiie right of way of the Chicago, St. Paui, Minneapolis &. Omaha Railway; thence Northeasterly along the said boundary Iine of said right of way, 282.2 feet to tha po(nt of beginning, according to the United States Govemment Survey thereof and sltuate in Ramsey County, Minnesota. Parcel 2; That strip of land lying directly East of and adjacent iv the Easterty lina of the Northwestem tNheel and Foundry Company's Addition, St. Paul, Minnesota, described as follows: Commencing at the intersection of the Northerly line of Ames Avenue with the center line of Phalen SYreet as same Is extended in a IJortherly direction; fhence Westerly a4ong the said NortheNy iine of Ames Avenue and sa[d Itne extended Westerly a distance of 6&.78 feet to point of beginning of iand Eo be described; thence Northwester�y at an angie to the Ieft 84 degrees 17 minutes wfth the said Northerly I'rne of Ames Avenue and said tine extended, a distance of 288.35 feet to a point; thence at an angle to the left of 3 degrees 27 minutes, a distance of 47.50 feet to an iron monuinent In the Easterly line of Lot A of the Northwestern Wheel and Foundry Company's Addition; thence .Southerly along said Easterly line of sald Lot A, a distance of 336.10 feet iro the intersection with the said Northerly fine of Ames Avenue and safd line extended Westerty; thence Easterly along said I[ne extendad a disiance of 3.29 feet to the beginning, accordtpg to the UnEEed States Government Survey thereof and sftuate in Ramsey County, Mlnnesota. . Parcel 3: That part of the Southwest quarter of the Northwest�quarter of Seceion 27, Township 24, Range 22 and the Southeast Quarter of the Northeast Quarter of Sectton 28, Township 29, Range Z2, bounded as follows: On the East by Corning Avenue and the West fine of Corning Avenue extended to the South {ine of Magnotla Street as the same streets are now platted and lald out; on the North by the SouEh Iine of Magnolia Street; � b�-��ng ONer No.: O50?53 on the West by the Not �hem Pacific Railway Campany and the East Iine of the NorthwesEem Wheel and Foundry Company's Addition; on the South by the North line of Rmes Avenue, and the t�arth ltne oF Ames Avenue extended Westerly to the East line of t11e Northwastem Wheei and Fourtdry Company's Addi[ion, according to the United States Governmenk 5urvey thereaf and situate in Ramsay County, Minnesota; Except the fo}lowing tracts of land: (AJ Tt7at part of Section 28, Township 29, Range 22 which lies North af the North tine of Corning's Addition produced Westerly; (BJ That tract descrfbed as foftows: Commencing on the Northerly lltte of StNlwater Avenue 85 feet Westerly €rom Its inYerssctfon with the Westerly line of Coming Avenue; thance Easterty to said intersectiort; thance Norther(y a[ong the Westerly line of Corning Avenue 85 feet; thence Southwesterly to 6eginning; {G)That strfp of land dascribed as follows: 't'hat strip of tand lying directiy East of and adjacent to the Easterly )!ne of the NorthwesEern Wheel and Poundry Company's Additian, St. Peul, Mtnnesota, described as follows: Commencing at'the tnEersection of the Northerty {ine of Ames Avenue with the cenEer Vine of Phalen Street as same is extended in a Northerly dlrectlon; thence Westecly along the said Norther(y llne of Ames Avertue and sald lirte exCended WesYerfy a dlstartce of 66.78 feet to pofnt of begtnning of iand to be described; thence NorthwesteNy at an angle to Ehe ieft of 84 degrees 17 minutes wlth the said Northerty tine of Ames Avenue, and sald 11ne extended, a dlstance of 288,35 feet to a point; thence at an angie to the lefr of 3 degrees 27 minutes a distance of 47.50 feet To an imn monument In the Easterly line of Lot A of the Northwestem Whee� and Foundry Companys Addit(on; thence Southerfy along said Easterfy line of said Lot A, a distance of 336.10 feet to the.intersection with the said Northerfy line nf Ames Avenue and said lihe axtended Westerfy; thence Easterly along said Iine extended a dlstaace of 3.29 feet to the beginning, Together with an easement for overfiang of fence along the East ftne of the above described premises, ft being the properiy lying between the Easterly llne of the above said Lot A and the present wire fanca where the same ts sltuated Easterly qf the Easterly line of said Lot A. (Torrens) Tract B: A!! of Yhe Northwestern Wheet and Foundry Company`s Addition to Sk. Paul, according to the recorded piat thereof, and slcuate in Ramsey County, Minnesota. � I • �: Ortler No.: QSD453 AlSO aIl OF Lotz 3, 4, 5, 6, 7, 8, g, jQ, 11, 12, in BIoGk 1, arod LOts 3, 4, 5, 6, 7, 8, 9, 10. 11, 12, I7, 18, 14, 20, 2Y and 22 ir Biock 2 and Block 3, in Proafz Addition of CoZtins (Cotiings) Outtots to St: Paut, according to the reeorded plaY thereof, and sttuate in Ramsey County, M(nneso�, lying Easteriy of the fotlowing described (ine: . Commencing at the Northeast comer of the Southeast Quarter of SeFtion 28, Towrtsnip 29, Aange 22; thence South OD degr�es 10 minutes 00 seconds East assumed bearing along the East line of said Sectian 28 a distahce of 275.55 feet pius or minus to the point of intersection with a ftne dtstant 34.�0 feet measured at right angles from and parafiel to the centerline of the Chicago, St. Paul, Minneapoiis and Omaha Railway; thence South 68 degrees 58 minutes 08 seconds West along satd paralfei tine a distance of 474.65 feet to the potnt oP beginning; thence North 20 degrees 18 minutes 09 seconds West a distance of 25I.02 feet to the polnt of Intersection wlth a iine distant 285.D0 feet measured at rfght angles from and paraifel to said centerline of said Railway; thence North 68 degrees 58 minutes 08 sewnds East along said parallef line a distance of 50.08 Feet; thence North 29 degrees 56 minutes 12 seconds West a disEance of 2D0.25 feet plus or minus to the potnt of Intersection with the Southeriy right-of-way lirie of the Northem Pactfic Railway and there terminating. Also those parts of Lots 14, IS and 16 in said Block 2, lytng within the boundartes of Lot I0, Coliins (COltings) Addition of Outlofis to St. Paui, according Eo the recorded plat thereof, and situate in Ramsey County, Minnesota. Excepting, however, a paCt af said Lots 11 and 12 in Block S of Proetr Addition of CoIlins Outlots to St. Paul, described as follows: Commendng aE the Southeast corner of said Lot 12, running thence Northwesterly along the line 6etween said Lots iz and Lot 13 of said 81ock 1, 60 feet; thence SouthwesteHy 116�/z feet to the Soutfiwest comer of said Lot 11; thence along the line of the right-of-way of the Chicago, St. Paui, Minneapolis & Omaha Railway in a Northeasterly directlon to the place of beginntng; Togetfier with all those portions of vacated Harvester Alley now known as Ames Avenue and vacated Etward Alley now known as Copiey Avenue accruing to satd lots by reason of the vacation thereof. 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The Sanbom Library, LLC �,� ���.� ; �� D t 0 i � �t � a' ` �' t ; ,. ��. �� 0 t � gq�. � �r�°� � - C-9 67��g EXHIBIT D Photos of Exisfing Trackage 3950480.1 LEONARD S'I'REET AND DEINARD TO: FROM: RE: DATE: Monte Hilleman Robyn Haz Proposed F District (G Aub st 10, EXHIBIT E I •i: M E M O R A N D U M Roav?a F3,��s�; 612-335-1987 DIRECT robyn.hansen@leonard. com � i Atlantic Redevelopment Tax Increment Financing �elworks Site) At the Port Authority's request, we reviewed Secrion 469.174, Subd. 10 of the Minnesota Statutes to determine whether or not the former Crnffin Wheelwarks site meets the rests required to create a redevelopment ta�c increment district. As you know from previous advice provided by this office, that statute allows a redevelopment district to be created if the Authority finds by resolution that "the properiy consists of vacant, unused, underused, inappropriately used, or infrequently used rail yards, rail storage facilities, or excessive or vacated railroad rights-of- way". This provisions was originally enacted in 1987, and the text has not been changed since that time. We were unable to locate any case law or attorney general opinions to assist in interpreting this provision, and therefore, will look to the public purpose of the statute. The facts, as I understand them, are set out in your file memo dated August 9, 2007, attached hereto. Based on the facts outlined in your memo, we believe that this property may be included in a redevelopment district. The public purpose of the statute is to acknowledge that railroad lands need to be redeveloped since the railroads are declining in use in favor of other modes of transportation. This property appears to fall within the intent of the statute to redevelop land fo�nerly used by or in connection with the railroads. The last significant development of the Site was the construction of the Griffin Wheelworks facility in the late 1800's. That faciliry was related to the railroad. It closed more than 50 yeazs ago, and there has been no development of the Site since then. As required by the statute, in order to create the redevelopment district, the Port Authority will have to find by resolution that the property meets the test outlined in Secfion 469.174, subd. 10 discussed above. We believe that this finding would be reasonable. In order to get to that conclusion, we would also require the Authority's resolurion to contain a finding that the properry has not been significantty redeveloped since its use as railroad property. 3950480.1 b��6(�� If you have any questions regarding the above or need furtherinformarion, piease give me a call. Ijl 3950480 I E-2 D7-�� g EXHIBTT C Photos of E�sting Trackage 3950480 1 E-3 EXFIIBIT F d N � 00 ooa00000 000000000 0 0o a0000000 000000000 0 0 00000 0 0 00 0� dn000�ri 000c00000m 00 00 0�00�0» oror�� oo��� ia N N N f_ V' V � .- .- �.- �J �(V .- I� W �- � � � {+j � EA f9 V3 K3 V3 Vj E+9 H3 69 fA V3 H3 f9 flj b3 El3 43 El3 Hf y} J J t Q 0 F = N IG U O y U �'a� m� y o� m (n a a� � � (� a� � � } > c a Y ' N ��' m �a y aE��� o u7 � w C? 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V: 'V 6 C � L '4" Qya � �U � C C 'i � O O a � .._I J c c -a a � � c c 0 0 � � J J � � � � J _I � � ¢¢da aaaa wwcncn O O � ti ti � N E!-T c a> E m L U C � � J Q F 0 H m � � O O � n n � N fA J H � F m � N EXHIBIT H N d y � � � � N d V L � V! .y N � U c 0 �b+ v 3 L N � � U d � O � 0 0 0 0 c� m EA c 0 :� .� 6 Q 0 O O O M M s� 0 .� n 0 U c m O J � C `� � c Q a a � ° oo 0 0 0 0 0 0 rn rn N b3 EA � � � > � N N > C C c .°- o � o a� � K 0 0 0 0 0 0 O O O O O O O O O O O O O O O O O O O O O O O O M tn (O O N N Ea�sEn�aESV3 c 0 .� � c � m 0 cU (� �° c Q � C� o � m c J � � N "6 � d (J y � U � a � m m � � � ai � p J U � Q Q U � p U 0 0 0 o a 0000a 0 0 0 0 0 0 0 0 0 0 000��n �n �r � H3 ER EA E9 tfl J Q F � F m � � � y y � � N � � } O O N � Q y N N � N N O —"" O U � � U � � c `m m � S W U N m � O �C�Ua 0 0 0 0 w N N � � W � � J F � 0 0 o O o c�o m i° u ° w � f0 M r N � � va c» F» ui `� J 4 c F " o � � m m � � � �� c y QU m U' F c ti 7 J W W d - C C Q' c '� o � m °: v v�i (n � T 0 Q � Q � 1 /1 � a � X N N N � N � U O � �' O U� 0 U � � � 0 U� m 9 0 � > u� 0 � Q a a � � � � 0 V � � F- � � � a � � 0 � 0 � � N L � � N O O O O O O O O � � O (p tf") � T Lfl n o� M c- � N ER Ef-? ER H3 Vl J Q � � U �O c m 1- � � � Q � LL 'V � C � � � N N � C . J J C C � � � � C C J J � � LL LJ.. •-�� �.�• _I J = � QQ��.. aaa.a wwcncn 0 0 0 0 a o � � � � � � (V nj Ef� th � J o a � � �-+ ~ C N � N L U C EXHIBIT I , � ! s EXHIBIT K � � ii TAX INCREMENT FINANCING PLAN for the establishment of the GLOBE REAEVELOPMENT TAX INCREMENT FINANCING DISTRICT AND AAZARDOUS SUBSTANCE SUBDISTRICT PORT AUTHORITY of the CITY OF SAINT PAUL RAMSEY COUNTY STATE OF MINNESOTA Adopted by the Port Authority: August 28, 2007 Approved by the City Council: . / •'• PORT AUTHORITY OF TFIE CITY OF SAINT PAUL TAX INCREMENT FTI�TANCING PLAN FOR THE GLOBE REDEVLOPMENT TAX INCREMENT FTNANCING DISTRICT AlVD Ha�aunOUS SUBSTANCE SUBDISTRICT Section I. Introduction A. Background In 2005, the Port Authority of the City of Saint Paul ("the Port Authorit�') acquired approximately 6 acres of land from the baulmipt Globe Building Materials, Inc. in the Dayton's Bluff neighborhood on the East Side of Saint Paul. This site (herein, the "Site") is generally located South of Phalen Boulevazd, and is bounded by Eazl Street to the west, Duluth Street to the east, East 7th Street to south, and CP Raikoad to the north. Property recards indicate Yhat a blacksmith, a pickle factory, various asphalt related building materials companies, as well as a streetcar maintenance bam, occupied the Site from the early 1900s until Globe vacated the Site in 2000. The property remained vacant until the Port Authority acquired the Site in May 2005. The Site had been under the ownership of Globe Building Materials or its predecessor roofing product companies since the early 1900's. In 1995, the Boazd of Commissioners of the Port Authority adopted its Resolution No. 3538 creating the Phalen Corridor Industrial Development District (the "DistricY'). The Industrial Development I?istrict was axnended in 1997, 2003, and 2005 to include additional property. The 2005 amendment included the addifion of the Site to the Industrial Development District. In 2004, the Board of Commissioners of the Port Authority and the City Council of the City of Saint Paul adopted the Westminster Juncrion Tas Increment Distdct and Hazardous Substance Subdistrict and related TaY Increment Financing Plan far the westem area of the Industrial Development Disirict, which is generally located west of Arcade Street. The Globe Redevelopment Taac Tncrement Financing District is located at the eastern end of the Phalen Corridor Industrial Development District. The goal in creating the industrial development district and related t� increment districts was idenrified as being to create the maYimuxn taY base and job creation in the area. B. Creation of Redevelopment Tas Increment District and Hazardous Substance Subdistrict; Statutory Authority. This taY increment plan relates to the creation, under Minnesota Statutes Section 469.174, Subd. 10, of the Globe Redevelopment Ta7c Increment Financing District (the "DistricY� consisting of the approximately 6 acre Site purchased by the Port Authority from the baulauptcy trustee for Globe Building Materials, Inc., and the crea6on within the Dishict of a Hazardous Substance Subdistrict (the "HSS") pursuant to Section 469.175, Subd. 7. i . f: C. Need and Public Pnrpose The Site is located on St. Paul's East Side, in the eastern portion of the Phalen Corridor. The East Side formerly housed lazge, indushial, and commercial job centers that employed hundreds of neighborhood residents and served as unifying features within the neighborhood. Job losses, due to the ciosing or ma}or downsizing of 3M, Whirlpool, Stroh Brewery facilities and others, haue altered the economic and cultural landscape of this neighborhood. As the }obs left the core city, so did many of the residents with disposable incomes. As a result, the East Side commerciai corridors of Payne Avenue, East 7�' Street, and Arcade Street slipped from thriving prosperity to blighted decline, which has, in turn, depressed property values in adjacent neighborhoods. The area immediately surrounding the Site is occupied by a mix of low intensity commercial and industriai uses (pole barns, auto salvage, and outdoor storage) and housing in significant need of rehabilitarion. The East Side is experiencing some reinvestment, spurred by other Brownfield redevelopment along the new Phalen Boulevard and anchored by public, private and institutional inveshnents along the Phalen Corridor. The construcrion of the new Phalen Boulevard has created quick access to previously hard-to-reach properties throughout the fiast Side. However, the Globe Site is a physical unpediment to further reinvesiment in the area. Remediation is necessary to overcome this obstacle. The Port Authority believes that this area will e�perience private sector reinveshnent with the encouragement provided by redevelopment of the Site. In early 2006, the City of St. Paul convened a community forum to plan for the next three years of work along East 7th Street (the southem border of the Site is East 7�' Street). This foruxn concluded that improvements in crime prevention, public safety, business and city investment, and joint marketing are greatly dependent upon an influs of jobs and new private inveshnent to the area. The participants in the forum and the Port Authority believe that this area will benefit by the redevelopment of the Site. The Site lies within the "Dayton's B1ufP' neighbarhood of St. Paul. This area is among the most nnpoverished in the Twin Ciries. Fourteen percent of the neighborhood popularion and 18% of all families live below the poverty line. For context, 6.1% of the Twin Ciries metropolitan area population and 6.5% of inetropolitan azea families live at levels below the poverty line. The project area population displays great ethnic and cultural diversity. The non-white population is 60°l0 of the neighborhood. Biack individuals comprise 9% percent of the neighbarhood populations, Hmong persons comprise 17% of neighborhood population, and the Hispanic population comprises 10% of the neighborhood population. Sixty-nine percent of public school children in this neighborhood are children of color and 48% of the public school children speak a languaae other than English as their primary language at home. [Source of all data: Wilder Foundation Dataworks, compiled from Census 2000 data]. The City of St. Paul's designated Enterprise Community, which is a HCJD program, inciudes the former Globe Site. 2 l � ,�. The Port Authority purchased the Site with the intent of demolishing the substandazd building located thereon, remediating and redeveloping this brownfields site, completing a Response Action Plan (RAP), and preparing the property for development, then selling the property to business entities which can meet the Port Authority's job creation and wage requirements. The Port Authority requires all of its property buyers to enter into covenants which max;mi�e building coverage of the properiy, provide a high ratio of livable wage jobs per square foot of development (mir of $11.00 per hour pius benefits, i job/1000 square feet of building), and provide 70% of the new jobs created to St. Paul residents. In 2006, the Port Authority and ffie City deternvned that the building located on the site when it was purchased was substandazd, and the building was subsequently demolished [see Part III, below). Before the property can be sold to selected businesses, the Port Authority must complete the NIPCA zequired response actions, perform geotechnical soils conections, grade the property, and prepare utility connections and curb cuts to facilitate development of the property. The Port Authority's plans for the Site anticipate that the new development will involve approximately 91,500 sq ft of light industrial building space, which should provide approximately 92-138 new jobs and approximately $178,500 in annual properiy ta�ces. This job crearion estimate is based upon the jobs per square foot created at Port Authority's past six Business Center projects. The building will likely be accessed from East 7�' Street, with access to the new Phalen Boulevazd via Atlantic Street. Section II. Obiecrives of the Port Authoritv for the Imnrovements in the District A. Provide Job Opportunities for Saint Paul residents. The Port Authority's goal is to create at least one job per 1,000 squaze feet of construction. As it is the Part Authority's stated ob}ective, the Port Authority wili require that at least 90 new jobs will be created by the construction of an approximate 91,500 squaze foot business center. Based upon the Port Authority's eaperience at the Crosby Lake, Arlington 1 Jackson, Williams Hill, Great Northern Business Center — North and Great Northern Business Center - South, and Energy Lane Business Centers, however, approxunately 1.5 jobs were created per 1,000 squaze feet of conshuction. This job creation history exceeds the Port Authority goal of one job per 1,000 square feet. The Globe Business Center might also achieve this higher job production level, depending on the mazket. B. To Redevelop Underused, Inappropriately Used, or Infrequently Used Property. The District has been owned by Globe Building Materials, Inc. or its predecessor roofing product companies since the early 1900's, and has been vacant and unused since a�-g�� 2000. This is an under-utilization of the area, and results in a stagnant, polluted, and non- producrive use of the Site. C. Develop the Globe Site as a Light Indnstrial Business Site. The District will provide approxunately b net developable acres or 261,000 square feet of land. While it is anticipated that the development will result in light industrial space, the Redevelopment Pian and this Tas Increment Financing Plan do not preclude the undertakuig of other qualified development or redevelopment activities. There will be good access to and from the Site from East 7th Street immediately south of Phalen Boulevard. Phalen Boulevazd can be accessed from Atlanric Street, two blocks to the east of The District. 'I'he Dishict azea is currently zoned ]R – Light Industrial Restricted. The District is located along a major bus line on Minnehaha Avenue East, as well as being within several blocks of at least two addirional lines, all of which enhance access to jobs for Saint Paul residents. Construction values are estimated at $85.00 per squaze foot based upon recent Business Center build-out experience. A. Expand the Industrial Tag Base Of The City Of Saint Paul. It is ezcpected that the taacable market value of parcels in the District will increase by approximately $7,000,000 once the Globe site is placed in service. This value will come from private development over the life of the TaY Increment District and the Redevelopment Project of approximately 91,500 square feet of light industrial development with an auerage construction value of $85.00 per square foot. The Port Authority wiil require 35% coverage of the land by buildings. The ta�cable value of the new facilities is assumed to be 9d% of their conshuction cost. In addition, the land value would likely increase to reflect the value of clean land versus polluted soils. E. Hazardous Substance Remediation. Pursuant to its MPCA approved Response Action Plan, the Port Authority is in the process of remediating the land in the District at a cost of approximately $2.9 million, which exceeds the estimated market value of $1.5 million far this pazcel (as `5xnpolluted" — or, remediated to MPCA requirements). 'The Port Authorify's MPCA approved Response Action Plan provides for the remediation of contaminated soil, which inciudes polynuclear aromatic hydrocarbons (PAHs), Lead and Mercury, and diesei range organics (DROs). These activities will eliminate areas of hazardous substances in the designated hazardous substance sites. Section III. Ciassification of the District The Port Authority and the City of Saint Paul have found that the District is entitled to be qualified as a Redevelopment District pursuant to Minnesota Statutes, Section 469.174, Subd. 10 because parceis consisfing of 100 percent of the area of the District aze occupied by buildings, streets, utilities, ar other improvements and mare than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring 0 I • / j� substanrial renovation or ciearance. These facts are documented in detail in the Redevelopment Eligibility Assessment prepazed by Short Elliott Hendrickson, Inc, and dated 7anuary 20, 2006 (the "AssessmenY'), a copy of which is on file at the office of the Port Authority. As confiimed in the Assessment, the total District azea consists of three parcels. A11 three of these parcels are considered to be 100% occupied by buiidings, streets, utilities or other improvements, exceeding the 70% area coverage requirement unposed by statute. The Assessment further confirms that the one building located within the District is considered substandard to a degree requiring substantial renovation or clearance, as required by statute. Based on the Assessment, the Port Authoriry and the City Council haue previously determined that the building located within the District was substandazd (resolution No. 4161 of the Port Authority adopted March 28, 2006 and Resolution No. 06-349 of the City Councii adopted April 12, 2006), and that building was subsequently demolished by the Port Authority as provided by Minn. Stat. §469.174, Subd. 10(d). In addition, the Dishict meets the requirements of a Redevelopment District pursuant to Minnesota Statutes, Section 469.176, Subd. 4, because at least 90% of the revenues derived from tax increments from the District will be used to finance the cost of correcting conditions that allowed designation of the District as a Redevelopment District under Section 469.174, Subd. 10 described above. These costs consist prnnarily of acquisition, demolition, environmental cieanup, grading, and public improvements. The allocated administrative costs may also be included in the qualifying costs. The Port Authority and the City have further found that it is appropriate to create an Hazardous Substance Sub-district (HSS) within the Dishict pursuant to Minnesota Statutes, Section 469.175, Subdivision 7 because: a. Due to the presence o£ significant environmental contamination, and the significant costs to implement the Port Authority's MPCA approved Response Action Plan, redevelopment of the District would not reasonably be expected to occur solely through private inveshnent or the ta�c increment otherwise available from the District; b. The HSS is not larger than, and the period of time which increments are elected to be received is not longer than, that which is necessary to pay the additional and significant costs of the environmental remediation needed in the Dishict. c. Other neazby pazcels not in the District that are not designated HSS Sites are expected to be developed together with the designated HSS. Section IV. Description of the Development Proeram for the Globe Business Center The Redevelopment Plan consists of the development of one or two buildable sites in the District. In anticiparion of this ultimate use, the Port Authority has acquired the Site and is managing site demolition, pollution remediarion, and infrastnxcture installarion. In addition, 5 I � .i� the Port Authority will undertake to provide financing and administrative functions, all as described in more detail below and in the Sources and Uses budget attached as Appendis E. Estimated costs associated with this TaY Increment Financing District aze subject to change and may be reallocated between line items provided that the cost of all activities to be financed by the tax increment will not exceed, without fonnal modification, the budget for the tas increments set forth on Appendix E. A. Site Acquisition, Assembly, and Relocation Acquisirion of the Dishict has been completed at a land cost of $33Q000. This cost includes appraisals, professional fees and closing costs. B. Demolition The demolition of the former Globe Building Materials building and below ground siructures was completed at a cost of approximately $900,000. C. Remediate Polluted Soils Remediafion costs are estimated to total approximately $2,900,000. These costs include $300,000 of completed environxnentai studies and $2,250,000 estimated cleanup costs. The cost will also include line items for field testing, soil remediarion, MPCA oversight, and other related professional services. D. Undertake Soil Corrections and Install Site Improvements and Utilities Site unprovements will inciude engineering, site grading, soil corrections, gas and elechic utilities, and landscaping. Total site nnprovement equal approximately $650,000. E. Contracts for Professional Services Essential to the Redevelopment Ac6vities Professional services will include land surveys and title work, real estate, civil engineering, geotechnical engineering, appraisals, traffic engineeriug, historic preservation, reai estate brokerage, and site design. The total cost for professional services, other than professional costs associated with the creation of the District, is estimated at $500,000. F. Contingency for Additional Costs Redevelopment of contaminated indushial land is complicated and there are often additional costs or cost overrm�s. A$250,0�0 contingency is included in the redevelopment budget far this purpose due to the very complex nature of the demolition and rexnediation necessary. C7 / ��� Seciion V. Descrintion of Contracts Entered Into at the Time of Prenaration of the Plan The following, as required by Secrion 469175, Subd. 1(3), is a list of development acrivities that are proposed to take place within the Dishict for which contracts have been entered into at the time of the preparation of flus plan, including the names of the parties to the contract, the activity governed by the contract, the cost stated in the contract, and the expected date of completion of that activity. A, Site Acquisition, Assembty, and Relocation The Port Authority has previously acquired the parcel at a cost of $330,000. B. Demolition The Port Authority has entered into a contract for demolition, site remediation and site improvements with Landwehr Construction. The original cost stated in the contract for the Demolirion portion of this work was approximately $600,000. However, due to the complexity of the demolition finai billings may result in demolition costs of up to $900,000. Completion is expected in the fall of 2007. C. Remediate PoIluted Soils The Port Authority has entered into a contract for demolition, site remediation and site improvements with Landwehr Construction. The original cost stated in the contract for the Remediation portion of this work was approximately $1,600,000. However, due to the severity of the contamination at this site, finai billings reflecring actual quantities on site may result in the costs to remediate contaminated soil reaching $2,900,000. Completion is expected in the fall of 2007. D. Undertake Soil Correcfions and Install Site Improvements and Utilities The Port Authority has entered into a contract for demolition, site remediation and site improvements with Landwehr Conshuction. The original cost stated in the contract for the Site Tmprovements portion of this work was approximately $30Q000. However, final billings may result in Site Improvement costs reaching $500,000. Completion is expected in the fall of 2007. E. Contracts for Professional Services Essential to the Redevelopment Activities. The Port Authority has entered into the following professional services contracts with the following firms: • Loucks Associates, an engineering firm, to perform duties associated with the development of demolition specifications and the oversight of that demolition at a cost of $160,000. Completion is expected in the fall of 2007. I � � � 1 • Loucks Associates for development of grading plans and site improvement specifications and the oversight of said work totaling $50,000. Complerion is expected in the fall of 2007. • Liesch Associates for environmental testing of the subject property, development of a cleanup plan, and coordination of these activities with the Minnesota Pollurion Control Agency (MPCA) at a cost of $250,000. Completion is expected in the fall of 2007. • Liesch Associates for environmental engineering services related to the impiementarion of the cleanup plan for the Site and reporting to the MPCA on cleanup implementation at a cost of $250,000. Completion is expected in the fa11 of 2007. • Loucks Associates for survey services totaling $10,000. Completion is expected in the fall of 2007. • American Engineering Tesring for geotechnical soiis evaluation, engineering and reporting at a cost of $11,000. Completion is expected in the fall of 2007. • Oliver Dufrene for plant engineering and environmental engineering services related to the former manufacturing piant on site at a cost of $10,000. This contract was completed and ended 7anuary 1, 2007. • Summit Envirosolutions for historical and archeological analysis and documentation related to the National Historic Preservation Act at a cost of $7,000. Completion is expected in the fall of 2007. Section VI. Description of Other Twes of Develonment Activi6es Wliich Can Reasonablv be Exnected to Take Place Within the District It is expected that the end-users of the Site will consist of light indush businesses. These activities aze anticipated to provide space that leads to the creation and retention of living wage jobs. This District wili generate new conshucrion and a total tasable value of approxunately $S.5 million based upon approximately 91,500 squaze feet with an average conshuc6on cost of $85.00 per squaze foot, assuming a 35% building to land coverage ratio applied to 6 acres, 90% tasable valuation of construction costs, and land value increase due to remediafion. For purposes of its projecrions, the Port Authority has asswned that 90 jobs wiil be at the Site based upon its policy of creating a minimum of one job per 1,000 square feet of constn.iction. As described in Part II.A., the Port Authority's experience would support a conclusion that approximately 1.5 jobs per 1,OOd square feet of building space will be created. b�'6�$ Section VII. Estimated Cost of the Proiect and Description of the District The following, as required by Secrion 469.175, Subd. 1(5), are estimates of the (i) cost of the project, including administration expenses; (ii) amount of bonded indebtedness to be incurred; (ui} sources of revenue to finance or otherwise pay public costs; (iv) the most recent net taY capacity of taz�abie real property withiu the tas increment financing district; (v) the estimated captured net tas capacity of the tax increment financing district at completion; (vi) the original tax capacity and caphxred tax capacity of the HSS and (vii) the durarion of the District's and the HSS's existence. A. Cost of the Project, Including Administrative Expenses. The total cost of the project, exciuding debt service is estimated at $5,530,000 plus adtniiustrative charges in an amount up to the lesser of 10% of the taY increment expenditures, or 10% of total taac increment. B. Amount of Indebtedness to be Incurred. The Port Authority does not intend to issue revenue bonds for this project, but the project has obtained, (i) a$1,000,000 interest-bearing interfund loan from tk�e Port Authority EPA Revolving Loan Fund which loan will require a balioon payment or refinancing at the end of the tenth year, and (ii) a$1,465,000 interest-bearing interfund loan from the Port Authority's Development Fund. Both of these loans will be repaid from tax increments. C. Sources Of Revenue To Finance Or Otherwise Pay Public Costs. The following are the likely sources for funding the total project, including the taY increments, which will be pledged initially to the above indebtedness: i. Tas Increments Tas increments, net of administrative expenses, are anticipated to equal $160,650 annually (total of $178,500 less 10% a.dmivistrative costs of $17,850). These tax increments will be first pledged to pay principal and interest on the EPA revolving loan, and any loan made to refinance the EPA loan at the end of the tenth year. Tax increments rema.iuing after the payment of the EPA loan wili be pledged to repay the Port Authority far fiznds contributed to this project through an interfund Development Fund loan. It is fiuther anticipated that tas increments in excess of those needed to pay administrative costs and the debt service on the EPA and Development Fund interfund loans will either be used to support additional indebtedness or to pay or reimburse the eligible costs incurred 'm the redevelopment of the District, to the extent not paid from the EPA loan or the Port Authority's interfund loan. 0 I iii ii. Inveshnent Income None eacpected. It is expected that all funds will be expended as received. iii. Other Sources If other funding sources aze not identified, the Port Autlaority may also fund additional amounts currently estimated at $33$,000. These funds may be repaid with interest from the available tax increment. iv. Grants It is anticipated that grants will include $1,20Q000 from the Minnesota Depariment of Employment and Economic Development, $600,000 from the Met�opolitan Council, $500,000 from the US Environmental Protecrion Agency, $350,000 from the Ramsey County Environxnental Response Fund, and $165,000 from the City of St Paul STAR funds. D. Most Recent Net Tas Capacity of Taxable Real Property Within the Tax Increment Financing District. The Port Authority closed on the purchase of the 6 acre Site comprising the District in May 2005. The net tazc capacity for the District has been estimated for purposes of this plan and will be included at its actual value before request for certification of the District. The total District has an Estimated Market Value of $1.5 million according to Ramsey County records for property tases payable 2006. [Note: This prior value may be contested due to the contatninated nature of the properiy.] The original tax capacity and Tax Rate are calculated in accordance with Mi�nesota Statutes, Section 469.I74, SubrG 7 artd Section 469.177, Subd Z. The net tax capacity of the District is $30,OOQ which is calculated by multiplying the light industrial taY rate of 2% by the estimated mazket value of $1.5 million. The original tax capacity and Tax Rate are caZculated in accordance with Minnesota Statutes, Section 469.I74, Subrt 7 and Section 469.I77, Subd I. E. Estimated Captured Net Tax Capacity of the Tax Increment Financing District at Completion. The District will have six acres of developable land at a 35% building to land ratio for a minimum of approximately 91,500 square feet of new buildings. The expected aggregate cost of the new consiruction is $7,777,500. Approxunate County assessed value of buildings is likely to be 90% of construcfion value or $7,000,000. Applying a 2.00% taY capacity rate yields a building taac capacity within the District of �; ��-��� $140,000. Land within the District had an Estimated Mazket Value of $1,500,000 miliion for properiy taxes payable 2006. Applying a 2.00% taY capacity rate to the land yields a land t� capacity of $30,000. Therefore, the net tax capacity of the Dishict at completion is �170,000. This captured tax capacity is calculated in accordance with Minnesota Statutes, 5ection 469.174, Subd. 4 and 469.177, Subd. 2. F. Original T� Capacity and Captured Ta% Capacity of the HSS. The HSS is expected to include the same pazcels as the District. Therefore, the net tax capacity of the HSS is $170,000 at completion (the same as the District). Expected remediation expenditures are approximately $2.9 million. Pursuant to Minn. Stat. Section 469.174, Subd. 7(b) the remediation expenditures aze deducted from the most recently determined tax capaciTy to calculate the original net tax capacity of the HSS, which may not be less than zero. Tn this case, the remediation expenditures exceed the most recently determined tax capacity, therefore the originai net ta�c capacity is $0. G. Duration of the Tax Increment Financing District's E�stence. The request for certification of the District will be filed in 2007. The first tax increments are anticipated to be generated £or taaces payable in the year 2010. The durafion of the Dishict wili nxn 25 years from fhe first receipt by the Port Authority of taY increments, which is anticipated to be the calendar years 2010 through 2035. Section VIII. Alternate Estimates of the Imnact of the Tax Increment Financine on the Net Tax Cauacities of All Ta�ne Jurisdictions. The taYing jurisdictions in which the District is located in whole or in part are as follows: a. Independent School District #625, whose boundaries are cotermiiious with those of the City of Saint Paul. b. The County of Ramsey, the total mazket value of which the City of Saint Paul contributes approximately 45%. c. The Housing and Redevelopment Authority of the City of Saint Paul, whose boundaries are coterminous with those of the City of Saint Paul. d. The Port Authority of the City of Saint Paul, the requesting authority, whose boundaries are cotern�inous with those of the City of Saint Paul and whose powers to levy and use property taxes are limited. il � � ,: e. Metropolitan authorities, such as ffie Metropolitan Council, Metropolitan Airports Commission, Metropolitan Waste Conh Commission, and the Metropolitan Mosquito Control Aistrict. Of these, only the Metropolitan Council and the Metropolitan Mosquito Control District currentiy levy taYes on real estate. The Port Authority is required by Minnesota Statutes Section 469.175, Subd. 1(6) to make statements relative to the altemate estimates of the impact of the tax increment financing on the net tas capacities of all tasing jurisdictions in which the tax increment financing district is located in whole or in part. For purposes of one statement, which is made in Statement A below, the Port Authority shall assume that the estimated captured net ta�c capacity would be available to the taa�ing jurisdictions without creation of the District. For purposes of the second statement, made in Statement B below, the Port Authority shall assume that none of the estimated captured net tax capacity would be available to the taYing jurisdictions without creation of the District. Statement A, Under the assumption that the estimated captured net ta�c capacity would be available to the taxing jurisdictions without ereation of the District, creation of the District will serve to deny these taxing jurisdictions the ta�ces from the captured net ta�c capacity in the amount estimated under Section VII.E. above. In addition, the tases on the base value will also be lost due to the HSS created within the District. For the period 2005-2007, when the properiy is held in the name of the Port Authority and is exempt from taYation prior to being sold to private parties, there will be no t�es paid from property in the District. Statement B. The Port Authority believes that none of the estimated captured net tax capaciry would be available to the taYing jurisdictions without creation of the District due to the expense of getting the land to a state in wluch it would be conducive to the generation of such increased value. Assuniing this to be true, the taxing jurisdictions would conrinue to receive the same amount of tazes as they have currently been receiving based on the current net tax capacity of the District as set forth in 5ection VII.D. above. Once the tas increment district terrsiinates in 2035, the taxing jurisdictions will receive tases for parcels esiimated value after redevelopment at $8,500,000 million. Section IX. Studies and Analvsis Used to Determine Need for Tax Increment N�nancinE The Port Authority has detemuned that the proposed development or redevelopment of the 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 ]ncrement 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 taY increments for the masimum durafion of the district pernutted by the plan. The Port Authority has studied the District and concluded that (a) due to the presence of significant environmental contamination, and the significant costs of the remediation that 12 67�1�� would have to be completed, redevelopment af the District would nof reasonably be expected to occur solely through private investment or the ta�c increment otherwise available from the Disttict; (b) the HSS is not larger than, and the period of time which increments aze elected to be received is not longer than, that which is necessary to pay the additional and significant costs of the environmental remediation needed in the District. Section X. Identification of All ParceIs to be Included in the District Attached hereto in Appendis A through D are a Iist of the Properry Identification Numbers for a11 properties to be inciuded in the Dish a map showing the Project azea, the District and the e�sting properties, and a legal description identifying the boundaries of the Dishict. Section XI. Hazardous Substance Subdistrict Certification of the HSS will allow ta<ces ariributable to the base value of the District to be used to reunburse or pay a portion of the estimated $2,900,000 of pollution tes6ng and remediation costs. As was menrioned in Section VIII above, the HSS will cause taxes on the base value of the District to be lost unril such time as the pollution costs ue sarisfied. Total esrimated taxes payable in 2006 for the District were $0. A response action plan has been completed; approved by the MI'CA, and implemented. The Port Authority has studied the District and concluded the development would not reasonably be expected to occur solely through private investment and tax increment otherwise available from the District, far reasons stated in this plan, and therefore the use of the HSS is deemed necessary. Attached hereto in Appendix B through D aze a list of the Property Identification Numbers for a11 properties to be included in the HSS, a map showing the Project area, the HSS and the existing properties, and a legai description identifying the boundaries of the HSS. Other parcels that are not designated hazazdous substance sites are expected to be developed together with a designated hazazdous substance site. The HSS is not larger than, and the period of time during which increments are elected to be received is not longer than, that which is necessary in the opinion of the authority to provide for the additional costs due to the designated hazardous substance site. 13 V��VU'� Section XII. District Administration and Annual Disclosure. Admitusization of the District will be the responsibility of the Port Authority. The resolutions of the City and the Port Authority approving and creating the District will darect the County to forward all tax increment from the District to the Port Authority. TaY increments will be deposited into interest bearing accounts sepazate and distinct from other funds of the Port Authority. Since taY increments are anticipated to be less than previously incurred costs, no interest eamings are anticipated. TaY increments will be used only for activiries described in this tas increment plan. The Port Authority will report annually to the State Auditor, county board, school board and Depariment of Revenue regazding activities in the District as required by Section 469.175, subdivision 5 and subdivision 6 and will include information with regard to the Dish in ti�e data necessary to comply with such subdivisions. Section XIII. Mod�cafions to District In accordance with Minnesota Statutes, Section 469.175, Subd. 4, any reduction or enlargement of the geographic azea of the District increase in amount of bonded indebtedness to be incurred, including a deternunarion to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized; increase in the portion of the captured tas capacity to be retained by the Port Authority; increase in total estnnated taaf increment expendihxres; or designation of additional property to be acquired by the Port Authority shall be approved only upon the notice and after the discussion, public hearing and findings required for approval of the original plan. The geographic area of a taac increment fmancing district may be reduced, but shall not be enlarged after five yeazs following the date of certification of the original taac capacity by the county auditor. Section XIV. Administrative Expenses In accordance with Minnesota Statutes, Secrion 469.174, Subd. 14; and Minnesota Statutes, Section 469176, Subd. 3 adininistrafive expenses means all eapenditures of an authority other Chan amounts paid for the purchase of land; amounts paid to contractors ar others providing materials and services, including architectural and engineering services, direcfly connected with the physical development of the real properiy in the District; relocation benefits paid to or services provided for persons residing or businesses located in the Dishict; or amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to Section 469.178; or amounts used to pay other finance obligations to the extent those obligations were used to pay the preceding costs. Administrative expenses also include amounts paid for services provided by bond counsel, fiscat consultants, and plam�nig or economic development consultants. Administrative expenses of the Dishict will be paid from taY increments, provided that no tax increment shall be used to pay any 14 ♦ � � admiuist�ative expenses for the District which exceed ten percent of the total tax increment expenditures authorized by the faY increment finaucang plan or the total tax increments from the District, whichever is less. Pursuant to Mninesota Statutes Section 469.176, Subd. 4h, taac increments may be used to pay for the county's actual admiuistrarive expenses incurred in connection with the Ilistrict. The county may require payment of those expenses by February i S of the year foliowing the year the expenses were incuned. Section XV. Necessarv Imurovements in the District No tas increment shall be paid to the Port Authority after three years from the date of certification of the origival net taac capacity of the District by ttae County Auditor uniess within the three-year period: (1) bonds have been issued in aid of the Project pursuant to Section 469178 of the TIF Act or any other law, except revenue bonds issued pursuant to Mimiesota Statutes, Section 469.159 to 469.165; �2) (3} the Port Authority has acquired property within the District; or the Port Authority has consh�ucted or caused to be constructed public improvements within the District. Since the Port Authority has already acquired approacimately 6 acres within the Dishict, and incurred indebtedness with respect to the District, this test has been met. Section XVI. Use of Tax Increment All revenues derived from tax increment shall be used in accordance with this tax increment financing plan, and pursuant to Mimiesota Statutes, Section 469.176, Subdivisions 4, 4e and 4j. Section XVII. Notification of Prior PIanned Imnrovements Pursuant to Minnesota Statutes, Section 469.177, Subd. 4, the Port Authority has diligently searched the area to be included in the District and has not found properties for wtuch building permits haue been issued during the 18 months immediately preceding approval of the Plan by the Port Authority. IS ♦ / ��� Sectian XVIII. Excess Tax Increments Pursuant to Miruiesota Statutes. Section 469.176, Subd. 2, in any year in which the tas increment exceeds the amount necessary to pay the costs authorized by the tax increment plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475.61, Subd. 3, the Port Authority shall use the excess amount to do any of the following: 1. pay additional indebtedness used for project costs; 2. prepay any outstanding bonds; 3. pay into an escrow account dedicated to the prepayment of such bonds; 4. discharge the pledge of tax increment therefore; 5. rehun the excess to the County Auditor for redistribution to the respective ta�cing }urisdictions in proportion of their tax capacity rate. In addiUon, the Port Authority may, subject to the limitations set forth herein, choose to modify the Plan in order to finance additional public costs in District or Kedevelopment Project Area. Section XIX. Fiscal Disnarifies The Port Authority and the City have elected to compute Fiscal Disparities contribution for the District in accordance with 5ecrion 469177, subdivision 3, paragraph a. Section XX. Requirements for Aereements with Developers The requirements of Minnesota Statutes Section 469.176, Subd 5, with respect to agreements for the development or redevelopment of the Site do not apply since the entire District wili be an HSS. Section XXI. Develonment and 3ob Creation To the extent appiicabie, the Port Authority agrees to comply with Minnesota Statutes, Section 116J.991, which states that a business receiving state or local government assistance for economic development or job growth purposes, including taY increment fmancings, must create a net increase in jobs and meet wage level goals in Miuuesota within two years of receiving assistance. 16 I ; i: Appendig A Property Identification Number within the District PARCEL ID — 28.29.22.42.0002 PARCEL ID — 28.29.22.42.4003 PARCEL ID — 2$.29.22.42.0096 v�-��$ ApQendi% B Property Identification Number withim the HSS PARCEL ID — 28.29.22.42.0002 PARCEL ID — 28.29.22.42.0003 PARCEL ID — 28.29.22.42.0096 D��g�� Appendix C L,egal Description of Parcels Within the District PARCEL ID — 28.24.22.42.0002 Triangular Tract Of Land W Of Center Of Channel Of Phalen Creek And Bet Sly R/w L Of C St P M And O Ry And N L Of E 7th St Being Part Of Blk 6 Terrys Add To The City Of St Paul Co Of Ramsey And State Of Minn And Part Of Nw 1/4 Of Se 1/4 Of Sec 28 Tn 29 Rn 22 PARCBL ID — 28.29.22.42.0003 Pt Of S6 Terrys Add & Nwi/4 Of Sel/4 Desc As Beg On N17th St 492.18 Ft W Of Wl Of Frank St Th Ne On Channel C L To Sl Of Ry R!w Th Ne On Sd SI 135ft Mol Th Nw At Ra 15ft Th Ne Par To Sd S1400 Ft Th Ne Par To & 10 Ft S Of Spur No 94 To Ext WI Of Deans Add Th S To Sl Ry R/r Th 9w On Sd SI To L Run N At Ra To 7th St 127.18 Ft W Of WI Frank St Th S Qn Sd L To 1Vl 7th St Th W To Beg Part O£Nwl/4 Of Sei14 Of Sec 28 Tn 29 Rn 22 PARCEL ID — 2829.22.42.0096 Vac St Accruing And �ol, Beg On N Line Of East 7th St 127.18 Ft W Of W Line Of Frank St Thence E On N Line Of East 7th St 366.06 Ft Thence N At Ra 245.61 To S Line Of Ry Rfw Line Thence Swly On R/w 388.94 Ft Thence S To Beg Being Part OfBlk 5& 6 In Terrys Add & Part Of 5e 1/4 Of 5ec 28 Tn 29 Rn 22 And In Sd W.b.deans Add Vac Alley Bet & Blks 1& 2 , ; , _ _ _ -_ . . , . � � - ., : -- ,;. . _ . , . =:. _ , - , : -.-_. - - - - - - ' • ,. . .: . _ - - _- . - -- ..,�. �.-�� 7_ �..._...: � . ., c : , f . _ . _-.:_ . i , . . _:_ . �.� . _ .i- - . • ... - .�- _ . - . _ >_. ..,, . ,: . _.�—�—.�._ ... _ . . �_ . . . -. . .,. , _- . : . . �.�_�. �, -. , .. ; - . �- . , �� . . . . . _ . � , - _ . .-. . -_ - ' . � - _ _ _' _ . _ . � . - - 0 . _ _ .__ _ ' ' - �._ :.. m � :. , __,�..� --�'-., ` � . : .' .' . -.._ . -,' . 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