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08-757Council File # �' �CJ� Green Sheet # 3056497 RESOLUTION SAINT PAUL, MINNESOTA 3 � Presented by RESOLUTION NO. 2 RESOLUTION APPROVING THE 3 AMENDMENT OF THE TAX INCREMENT FINANCING PLAN 4 FOR PHALEN VILLAGE TAX INCREMENT FINANCING DISTRICT BE IT RESOLVED by the City Council of the City of Saint Paul, Minnesota (the "City") as follows: Section 1. Recitals 8 1.01. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the 9 "Authority") has heretofore, with the approval of the City Council of the City of Saint Paul, Minnesota 10 (the "City"), adopted a Redevelopment Plan (the "Redevelopment Plan") for the Saint Paul Neighborhood 11 Redevelopment Project (the "Redevelopment Project Area"), pursuant to Minnesota Statutes, Sections 12 469.001 to 469.047, both inclusive; and 13 1.02. The City and the Authority have heretofore approved and created, by resolutions of the 14 City and Authority (collectively, the "Prior Resolutions), within the Redevelopment Project Area, the 15 Phalen Village Tas Increment Financing District (the "Tax Increment District") and adopted a Tax 16 Increment Financing Plan therefor (the "Tax Increment Plan"), all pursuant to and in accordance with 17 Minnesota Statutes, Section 469.174 through 4691799 (the "Tax Increment Act"). 18 1.03. The Authority has determined that it is necessary to amend the Tax Increment Plan to 19 increase the budget for the Tax Increment District. The Authority has performed all actions required by 20 law to, be performed prior to the amendment of the Tax Increment Financing Plan, including, but not 21 limited to, notification of Ramsey County and Independent School District Number 625, which have 22 taxing jurisdiction over the property included in the Tas Increment District, and has requested that the 23 City approve the Amendment of the Tax Increment Financing Plan follawing the holding of a public 24 hearing upon published and mailed notice as required by Iaw. 25 1.04. On this date, the City Council conducted a public hearing on the adoption of the 26 Amendment of the Tax Increment Financing Plan, after published notice thereof; and 27 1.05. At said public hearing the City Council heazd testimony from all interested parties on the 28 Amendment of the Tax Increment Financing Plan. 2194902vt OS-�5� Section 2. Findines for the Amendment of the Tas Increment Financing Plan. 2 2A1. The City Council hereby finds that the Amendment of the Tas Increment Financing Plan 3 dated July 16, 2008 (the "Amendment of Tax Increment Financing Plan") is intended and, in the judgment 4 of the City Council, its effect will be, to carry out the objectives of the Redevelopment Plan and to create 5 an impetus for the redevelopment of blighted areas and will otherwise promote certain public purposes 6 and accomplish certain objectives as specified in the Redevelopment Plan and Tax Increment Financing 7 Plan, as amended. 8 2.02. The City Council hereby reaffirms the findings heretofore made in its Prior Resolution, 9 including the financing that the Phalen Village Tax Increment Financing District qualifies as a 10 "redevelopment districY' within the meaning of the Tax Increment Act. 11 2.03. The provisions of this Section 2 are hereby incorporated by reference into and made a part 12 of the Amendment of the Tax Increment Financing Plan. 13 14 15 16 17 18 19 Section 3. Apnroval of Amendment of the Tax Increment Financing Plan. 3.01. The Amendment of Tax Increment Financing Plan for Phalen Village Tax Increment Financing District dated July 16, 2008 is hereby approved. 3.02. The staff of the City, the staff of the Authority and the City's and Authority's advisors and legal counsel are authorized and directed to proceed with the implementation of the Amendment of TaY Increment Financing Plan. Bostrom Carter Harris Stark Thune Adopted by Council: Date Yeas ✓ J Absent Re ested by D a e t oE Planning and Economic De elopment ✓ By: irector �� Adoption Certified by Council Secreta4�j BY� A Approve b Date ��ZS,U� By: Approve by the Office of F;nancial Services BY � � .� U !� 7 ' Approved by C' A to ey By . ��j � Approved by Mayor fo Submission to Council BY� 7�GYif/.' A��.d �—/D-.D�` < � Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet � 08 -�5� PE — Planning & Economic Devclopment 08-JUL-0B Green Sheet NO: 3056497 Coniact Person 8 Phone: Sheri Pemberton-Haiby 6-6615 must tse on 16-JU�-08 Doc. Type: PUBLIC HEARING (RESOLUI E-Document Required: N Docume'k Contact: Contact Phone: y Assign Number FOT Routing Order 7otal # of Signature Pages _(Clip All Lowtions for Signature) 0 lanniu & Economic Develo me Tom Sanchez 2 laonio & Economic Develo me Joan Rutten 3 i Attome PeteillcCall 4 �oaucial Services inancial Services Direrq 5 a or's Office Ma or/Assistant 6 ' Clerk Ci Clerk Public Hearing to be held by City Council on July 16, 2008 for "Resolution Approving [he Amendment of the Tas Increment Financing Plan for Phalen Village Ta�c Increment Financing DistricP'. Notice of Public Hearing was published on July 5, 2008 announcing the Public Hearing to be held July 16, 2008. Ptaoning Commission CIB Committee Civil Service Commission �} 7tR-H /.Son-ro1 a�/� _� G:� 8�fi�`2ooi aPPtove-d oc'i�lna,l Y1F O�s�ric�' 7. Has this person/firtn ever worked under a contract for this department? Yes No 2. Has this person/firm ever been a city employee� Yes Na 3. Does this person/firm possess a skill not normally possessed by any current city employee? Yes No Explain all yes answers on separate sheet and attach to green sheet Initiating Problem, Issues, Opportunity (Who, What, When, Where, Why): This action is necessary to amend the Phalen Village Tax Increment Financing District in order to reflect the property expenditures and budgets that have been undertaken with Authoriry and City approvaL This budget amendment needs to be adopted within 5 years from cenification of the Plan which was July 3Q 2003. AdvanWges If Approvetl: Brings the Phalen Vitlage Tax Increment Financing District Budget into compliance with approved activities. Meets the requirements of State Law for Ta�c Increment Financing Districts. Disadvantages If Approved: None DisadvanWges If NotApproved: Limits the Authority allowable expenditures of tax increment revenue received having negative effec[ on Authoriry budget. � ow� iamoun� ot N t 9 Transaction: FundingSource: ry�F-� CosflRevenueBudgeted: �WH Activity Number: N f/3 Financial Information: See attached Resolurion. (Explain) July 8, 2005 9:34 AM Page 1 � ii .; ; i, i�l %/� � � Phalen Villa�e Redevelopm�,�f Project . , � �-�� , � i � � � � � ��_ t � =i � �a �^ }-� <� � � �:" � Phalen Vitlage Redevelopment Prajeef Area Pfialen Viilage Redevetopment TIF Disfrict �i �� I I I � �- �5� NOTICE OF PUBLIC HEARING REGARDING THE AMENDMENT OF THE TAX INCREMENT FINANCING PLAN FOR THE PHALEN VILLAGE TAX INCREMENT FINANCING DISTRICT NOTICE IS HEREBY GIVEN that the City Council of the City of Saint Paul, Minnesota (the "City") will meet on Wednesday, July 16, 2008, at 530 p.m., or as soon thereafrer as the matter may be heazd, at the City Council Chambers, City Hall, 15 West Kellogg Boulevazd, Saint Paul, Minnesota, for the purpose of conducting a public hearing on the proposal of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "Authority") to amend the Tax Increment Financing Plan for the Phalen Village Taac Increment Financing District within the Saint Paul Neighborhood Redevelopment Project azea (the "Redevelopment Project Area"). A map indicating the property included in the Phalen Village Taac Increment Financing District and the boundazies of the Redevelopment Project Area are set forth below. A draft copy of the proposed TaY Increment Financing Plan, as amended, along with a11 attachments and exhibits thereto, will be available for public inspection at the City Clerk's Office, 386 City Hall and with the Authority at City Hall Annex, 12th Floor, 25 West Fourth Street, St. Paul, MN 55102, and_are available for inspection during regular business hours commencing on Monday, June 30, 2008. All interested parties may appear at the July 16, 2008, public hearing and presenY their views orally or in writing. In addition, interested persons may file written comments respecting the proposal with the Department of Planning and Economic Development, to the attention of Sheri Pemberton at (651) 266-6615, at or prior to said public heazing. 2195392v1 pg ��5� I� • I B R I G G 5 M O R G A\ June 5, 2007 Jim McDonough Ramsey County Commissioner Ramsey County Courthouse 220 Courthouse 15 West Kellogg Boulevazd St. Paul, MN 55102 W2200 first National Bank Building 332 Minnewta Stieet St Paul MN 55101-1396 tel 657.808.6600 fax 657.808.6450 Mary M. ITyrseth 651.808.6625 mdyrseth@briggs.com Re: Housing and Redevelopment Authority of the City of Saint Paul, Minnesota — Tax Increment F`inancing District (Phalen Village Project) Dear Commissioner McDonough: The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota is considering amending the Tax Increment Financing Plan for the Phalen Village Tax Increment Financing District to increase the budget to authorize additional costs to be paid from ta�c increments, including authorizing an additional 10% of the tax increment to be spent on low income rental housing outside the boundaries of the Tvc Increment Financing District. A public hearing by the City Council on this matter will be held on July 16, 2008. The amendment to the Tax Increment Financing Pian will be delivered to the County Auditor for distribution to the County Board at least 30 days prior to the public hearing. This letter is to solicit your comments on this proposal. The staff of the Authority is available to meet with you at your convenience if you so desire. Please direct any comments or questions to Sheri Pemberton, Department of Planning and Economic Development at (651) 266- 6615. Thank you for your consideration in this matter. Very iruly yo s, Mary M. yrseth cc: Ms. Jenny Wolfe Ms. Sheri Pemberton Mr. Peter McCall Briggs and Morgan, Profeuional Associarion Minrieapolis I StPaul I wwwbriggxmm 2186242v1 Member - Lex Muntli, a Global Azsaianon of lodependent Law Frms 6� - �� B R I G G 5 M O R G A N 7une 16, 2008' W2200 Firs[ Na[ional Bank BuiWing 332 Minnewta Sttee[ SCPaui MN 55101 7396 rel 651.8086600 fax657.808.6450 VIA MESSENGER Ms. Kazoua Kong-Thao and School Board Members Independent School Dish Number 625 360 Colbome Street Saint Paul, MN 55102 Attention Re: Tom Conlon Clerk, School Board Mary M. Dyrseth 651.808.6625 mdyrseth@briggs.com Housing and Redevelopment Authority of the City of Saint Paul, Minnesota — Amendment of Phalen Village Tax Increment Financing Plan Deaz Superintendent Cazstarphen and School Board Members: On behalf of the I3ousing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), enclosed please find a copy of an Amendment to Tax Increment Financing Plan for the Phalen Village Tvc Increment Financing District. The Amendment to the Plan will be considered by the City Council of the City of Saint Paul at a public hearing to be held at approximately 5:30 p.m. on Wednesday, July 16, 2008, at the City Hall. The Amendment primarily recognizes additional development in the Tax Increment District and increases the authorized costs to be paid with tax increments. A current fiscal and economic impact of the TaY Increment Financing District is included in Exhibit C of the Amendment. We invite you to attend t6e public hearing to be held by the City Council on Wednesday, July 16, 2008, begnning at approximately 5:30 p.m., or to direct any comments or questions to Sheri Pemberton (telephone number 651-266-6615) at the Depamnent of Planning and Economic Development. Very truly yours, Mazy M. Dyrse MMD:dc Enclosures cc: Ms. Jennifer Wolfe Ms. Sheri Pemberton Briggs and Mor9an, Profeszional Aswciation Minneapolis I St Paul I wwwbriggscom Z � 94�84�Z Member Lex Mundi, a Global Aswciation of Independeni Law F�ms �,�� . . _ _ ' � B R 1 G G S � M O R G A N June 16, 2008 W2200 First National8ank Building 332 Minnesota Street StPaul MN 55101-7396 tel 651.8086600 f� 657 8086450 VIA MESSENGER Chair Jan Parker and Boazd of Commissioners Ramsey County Court House 220 Court House 15 West Kellogg Boulevazd Saint Paul, MN 55102 Attention: Ramsey County Director of Property Taxation Mary M. Dyrseth 651.808.6625 mdyrseth@briggs.com Re: Housing and Redevelopment Authority of the City of Saint Paul, Minnesota — Amendment of Phalen Village Tax Increment N3nancing Plan Deaz Chair and Boazd of Commissioners: On behalf of the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), enclosed please find a copy of an Amendment to Taac Increment Financing Plan for the Phalen Village Tax Increment Financing District. The Amendment to the Plan will be considered by the City Council of the City of Saint Paul at a public hearing to be held at approximately 530 p.m. on Wednesday, July 16, 2008, at the City Hall. The Amendment primarily rewgnizes additional development in the Tax Increment District and increases the authorized costs to be paid with taac increments. A current fiscal and economic impact of the Tax Increment Financing District is included in Exhibit C of the Amendment. We invite you to attend the public hearing to be held by the City Council on Wednesday, July 16, 2008, beginning at approximately 5:30 p.m., or to direct any comments or questions to Sheri Pemberton (telephone number 651-266-6615) at the Department of Planning and Economic Development. V truly yours Mazy M. D eth MMD:dc Enclosures cc: Ms. 7ennifer Wolfe Ms. Sheri Pemberton Briggs and Morgan, Professional Assxiation MunneaooLs I SCPauI I wwwbnggsmm 2194088v2 Member - Lex Mu�i, a Global Assonation of Independent Law FiRns �,�� AMENDMENT TO TAX INCREMENT FINANCING PLAN for the PHALEN VILLAGE TAX INCREMENT FINANCING DISTRICT (a Redevelopment District) HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL RAMSEY COUNTY STATE OF MINNESOTA Original Plan Adopted by Authority: August 8, 2001 Amended Plan Approved by City Council: July _, 2008 Amended Plan Adopted by Authority: July _, 2008 �-75� AMENDMENT TO TAX INCREMENT FINANCING PLAN FOR THE PHALEN VILLAGE REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT Section 1. Foreword. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), and its staff and consultants have prepared the following information for the amendment of the Phalen V illage Redevelopment Tax Increment Financing District (the "TaY Increment Financing DistricY'). The Tax Increment Financing District is located within the New Housing and Blighted Lands Project Area heretofore established by the HRA (the "Redevelopment Project Area"). Section 2. Statutory and Leeislative Authoritv. There exist areas within the City of Saint Paul, Minnesota (the "CiTy") where public involvement is necessary to cause development to occur. To this end, the HRA has certain statutory powers pursuant to Minnesota Statutes, Section 469.001 to 469.047 (the "HRA Law") and Minnesota Statutes, Section 469.174 through 469.1799 (the "TaY Increment Financing Act" or "TIF AcY'), to assist in financing public costs related to a redevelopment project. (Language unchanged from original plan). Only sections modified by this amendment will be detailed. Section 7. Dev_elopment Activity in Tax Increment FinancinQ District for which Contracts have been Siened. Two additional contracts have been si�ned since the Plan was ori ig nally adooted. The entities involved include LTRW Land Development, LLC and KTJ Limited Partnership One Hundred Eightv-One. LTRW is under contract to construct 75 units of ownership housin¢. All of the units' exteriors have been completed and currently 16 units remain under interior comaletion. The estimated cost is $15.500,000. All site work and construction is anticipated to be completed bv Au�ust I5, 2008. KTJ is under contract to construct a new 60,000 s.f. Cub Foods re ocerv store, with an additional 14�175 s.f. of outivin¢ commercial retail buildinas. The estimated total cost is $18,200,000 and will be completed bv December 31, 2008. Section 9. Estimated Cost of Proiect; Tax Increment Financine Plan Bud¢et. The HRA has determined that it will be necessary to provide assistance for certain public costs of the Development. To facilitate the Development within the Tax Increment Financing District, this Amendment to Tax Increment Financing Plan authorizes the use of tax increment financing to pay for a portion of the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with Tax Increment Financin� District is outlined in Exhibit A. Section 10. Estimated Amount of Bonded Indebtedness. The expenditures authorized by this Amendment to TaY Increment Financing Plan may be paid for on a pay-as-you-go basis. If bonded indebtedness is issued by the HRA or the City, the principal amount is estimated not to exceed $5,000,000. Section 11. Sources of Revenue The costs outlined in Section 9 above will be financed from bond proceeds or through the annual collection of tax increments, and the loans or grants �-�� made by other public agencies for the development, including CDBG, HUD Initiative ProQram, Metropolitan Council, CiTy of Saint Paul STAR Program and St. Paul HRA funds. Section 12. Estimated Captured Tax Capaciri and Estimate of Tax Increment. The most recent orieinal t�vc capacitv of the Tas Increment Financin� District is estimated to be $213,249 as of Januarv 2. 200�. With certain knocked-out �roperties of the District brought back in and certain tax-exem�t prooerties becomin� taYable, the ori�inal tax capacity of the Tax Increment Financin¢ District is estimated to increase to $283.009 as of Januarv 2, 2009. The estimated captured tax capacity of the Tax Increment Financine District at project completion is estimated to be $715,166 in tax payable vear 2013. Attached as E�ibit B is the nroiected receipt oftax increments from the Tas Increment Financing District. The HRA elects to retain all of the captured tax capaciTy to finance the costs of Tax Increment Financing District. The HRA elects the method of tax increment computation set forth in Minnesota Statutes, Section 469.177, Subd. 3(a). Section 15. Altemate Estimates of the Impact of the Tax Increment Financin� on the Net Tax Capacities of All Taxin� Jurisdictions. The imvact of the Tax Increment Financin¢ District on the Taxine Jurisdiction is set forth on Exhibit C. On the altemate assumption, that none of the estimated captured tax capaciry would be available to Yhese Yaxing jurisdictions without the District, there would be no effect on the other taxing jurisdictions, but upon the expiration or earlier termination of this portion of the Tazc Increment District, each taxing jurisdiction's tax capacity would be increased by the captured tax capacity, as it may be adjusted over that time period. The estimated amount of tax increment that will be generated over the life of the Tax Increment District is aanroximatelv $16,966,309 with up to 2.0% inflation. The estimated amount of tax increment attributable to the School District and Countv levies is estimated to be auuroximately $3,872.362 and $6,747,520 respectively. It is not expected that the Tax Increment District will have any impact on the need for new or improved public infrastructure. The impact on City provided services such as police and fire protection are not anticipated to increase as a result of the Tax Increment District. The Authority will provide any additional infrastructure requested by the County or School District. Section 16. State Tax Increment Financin� Aid. Local Contribution as an exemption from Local Government Aid and Homestead and Aericultural Credit Aid — LGA/HACA penaltv is no lonQer a requirement and this section is herebv deleted. Section 17. Modification of Tax Increment Financine District and/or Tax Increment Financin Pe lan• This is the first formal modification to the Ta� Increment Financin¢ Plan. Section 18. Modifications to Tax Increment Financine District. In accordance with Minnesota Statutes, Section 469.175, Subd. 4, any: 1. reduction or enlargement of the geographic area of the TaY Increment Financing District; 2 V�� I� I 2. increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized; 3. increase in the portion of the captured net taY capacity to be retained by the HRA; 4. increase in total estimated tax increment expenditures; or 5. designation of additional property to be acquired by the HRA, shall be approved upon notice and afrer the discussion, public hearing and findings required for approval of the original Tax Increment Financing Plan. The current amendment increases the Section 19. Administrative Expenses. In accordance with Minnesota Statutes, Section 469.174, Subd. 14, and Minnesota Statutes, Section 469.176, Subd. 3, administrative expenses means all expenditures of the HRA, other than: 1) amounts paid for the purchase of land or amounts paid to contractors or others providing materials and services, including architectural and engineering services, directly connected with the physical development of the real property in the district; 2) relocation benefits paid to or services provided for persons residing or businesses located in the district; or 3) amounts used to pay interest on, fund a reserve for, or sell at a discount bonds issued pursuant to Minnesota Statutes, Section 469.178. Administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultants. Tax increment may be used to pay any authorized and documented administrative expenses for the TaY Increment Financing District up to but not to exceed 10 percent of the total tax increment expenditures authorized by this Tax Increment Financing Plan or the total tax increment expenditures, whichever is less. Pursuant to Minnesota Statutes, Section 469.176, Subd. 4h, taY increments may be used to pay for the county's actual administrative expenses incurred in connection with the Tax Increment Financing District. The counTy may require payment of those expenses by February 15 of the year following the year the expenses were incurred. Pursuant to Minnesota Statutes, Section 469.177, Subd. ll, the countv treasurer shall deduct an amount equal to approximatelv thiriv-six hundredths of one oercent L36%) of any tax increment distributed to the HRA and the county treasurer shall pay the amount deducted to the state treasurer for deposit in the state general fund to be appropriated to the State Auditor for the cost of financial reporting of tax increment financing information and the cost of examining and auditing authorities' use of tax increment financing. 3 bS � �5� EXFIIBIT A TIF Budget Amendment City of Saint Paul, Minnesota Phalen �Ilage TIF District (Redevelopment) County Numbers 234 & 269 Revised Budget - 2008 Amendment REVENUES 26 Tax Increment Revenues $ 16,780,000 i� 27 Market Value Homestead Credit 190,000 28 Interest on Invested Funds 250,000 29 TIF Bond Proceeds 30 Loan Proceeds - 31 Speaal Assessments 32 Sales/Lease Proceeds - 33 Loanladvance Payments - 34 Grants - 35 Other(describe) A CDBG Loans 13,167,000 B. Crty/HRAiLCDA Funds - C. HR4 Funds 175,000 D. HUD Initiative Grant 1,855,007 E. Met Council Grant 91,880 F. STAR Grant 1,732,000 G. STAR Loan 500,000 36 Transfers In - 37 TOTAL REVENUES & OFS's $ 34,740,887 EXPENDITURES 38 LandlBldg Acquisition $ 10,537,093 39 Site ImprovementslPrep Costs 11,204,007 40 Insiallation of Pubiic Utilities - 41 Public parking facilities 2,000,000 42 Streets and Sidewalks 43 Public Park Facilities - 44 Social, Recreationai - 45 Interest Reduclion Payments - 46 Bond Principal Payments - 47 Bond Interest Payments - 48 Loan/Note Principal Payments - 49 Loan/Note interest Payments 5,880,560 50 AdministraliveCosts 1,678,000 51 Other(describe) A. Capitalized Interest 1,744,227 8. Other- Pooling for Affordable Housing 1,697,000 C. Other - 52 Transfers out - 53 TOTALEXPENDITURESANDOFU's $ 34,740,887 i) Net of Stffie AudAOr deduction bg-�� EXHIBIT B Projected Tax Increments ��%� Assumptions Report CityofSaintPaul,Minnesota - Tax Increment Financing (Redevelopment) District No. 234l269 Phalen Village Project Type of Tax Increment Financing District Maximum Duration of TIF District Projected Certification Request Date Decertifcation Date Base Estimated Market Value Original Net Tax Capacity Redevelopment 25 years from 1st increment 12/31/01 12/31/28 25 years from tst increment 2001/2002 $21,445,830 Pay 2009 $283,009 Pay 2009 AssessmenUCollection Year 2008/2009 2009/2070 2010/2011 2011/2012 2012/2013 Base Estimated Market Value $21,445,830 $21,445,830 $21,445,830 $21,445,830 $21,445,830 Increase in Estimated Market Value 18,843,570 33,594,062 34,394,223 40,457 428 45,686,417 Total Estimated Market Value Total Net Tax Capacity City of Saint Paul Ramsey County ISD #625 Local Tax Capacity Rate 40,289,400 55,039,892 55,840,053 $513,228 $795,394 $807,462 Frozen Pay 2002 Curreni Pay 2008 38.773% 30 396% 50.545% 41.055% 34.812°l0 23.433% 7.322% 8.746% 131.452% 103.630% 61,903,258 67,132,247 $908,726 $998,175 Fiscal Disparities Contribution From TIF District 0.0000 % Administrative Retainage Percent (maximum = 10%) 10.00% Pooling Percent 0.00% d a 0 r t O� =='u °i 'o �oa` -m S�rn ym= „ a � -`�c y ° �a T � U c � X F �m0m�m$wremo�mrvew�oem� =m� _�w��W��W�e m_� ��mm��m�m�w��orom � ��ee m m�� mm�� K mEmo �m��m��mmmmmmmm� _ 1� Ja� m�� ;_ _ � Noo ��mm�mwm��n$��M�� 1y �a� m ��m�` - mNeQN�� m __________�� m� <ow��e�Mme� o�m >amR ��m��m ��m�mmmmmmmm�,m�,m � � p o U y F ^ � m � U c p ^' y F =�E a � � N � M � r� W m d N N t N< N 0 O N�`1 m°�'�m°n�mrnev`�'f" '°" """ ""' _ ""' _ "" � w � � rv w�� m � � � � m m m m m w m W EF x x � m � m n� �.-.-.-.-.-«.-�.-�� U N� m N �� u O v N� N N P N P n t�'O m W?� m ��.- .- m�V �V N N m n n F h W� 0�� 0� gi 0 t�i �i KU�U N ��a � LL p O ooaoa00000000000000000000 oggooSS8000000000 �� NrNnrrNnN��n��«�rN��,�«� j �o �I:�r,m`�&_`m'�' �eeo, '�°�a,,, .o,m�M°o�mm _ _ _ _ _ _ _ _ _ _ �z �� U - � m F � J � 7 W Q` a w` Q Q Q Q Q Q t oi i0 m Z 2 Z Z Z Z O � Q Q � � � � � N N N � iS'n e M m m � � � � � � � m f ` ' � � m � ` � � wAv�vwn. �.-.-�.-�� .-.-.-.-.- b8�� Market Value Analysis Report City of Saint Paul, Minnesota Tax Increment Financing (Redevelopment) District No. 23M269 Phalen Village Project Assumptions Present Value Date P.V. Rate - Gross T.1. 12/31 /01 6.00% Increase in EMV With TIF District $63,361,991 Less: P.V of Gross Tax Increment 6,525,018 Subtotal $56,836,973 Less: Increase in EMV Without TIF 0 Difference $56,836,973 Annual Present Gross Tax Value @ Year Increment 6.00°/a 1 2 3 4 5 6 7 S 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 2003 73,954 66,785 2004 139,490 118,837 2005 205,688 165,315 2006 175,685 135,483 2007 189,305 135,411 2008 235,130 158,670 2009 245,867 156,524 2010 530,985 318,901 2011 543,490 307,935 2012 648,430 346,597 2013 741,126 373,722 2014 757,755 360,480 2015 774,696 347,677 2016 791,946 335,300 2017 809,514 323,338 2018 827,407 311,778 2019 845,631 300,609 2020 864,191 289,$18 2021 883,095 279,394 2022 902,350 269,326 2023 921,960 259,603 2024 941,935 250,215 2025 962,280 241,150 2026 983,003 232,399 2027 1,004,110 223,952 2028 1,025,610 215,799 $17,027,636 $6,525,018 �-�� U � M F`1 � W b N V M r G Z V .` K � O � = y N _ � o � o a @ a � '-° R � _ y � A O � T � d U c LL C N � � u C X F m O O LL L > h > � N a` � � �� m d � � U � m m Q O_ U� K N � _ � � U Z F R � V � � � L N O �' O O U J X _ � F U p y � � O � = p J T a _ 3 � N � H Z � Z � II d d � m 2 N �t6 +�-� ~ U O N R � 9 a` � U Z U + � � W ry � � .�' � f� X � N LL N F Z A W 0 � N � G � LL o � N � � O N X � � ry � F r LL o F Z � N i W L C C X L f � �� o� n �o o i rn o M N V N 0 0 0 O� N V � O O � O O O 0 0 o e I� M Ol (O N N M A M � N � 0 � 4��I O 0 M � O OJ f0 � N � e ri co I <o o <o o �n o ro � m N � N W � W m � � � � W W W m � N M t0 O � W O N ; V ^ I� r r O N O N (O � r �o r N Yl N o a o 0 0 c o a n c�o M V N � � t(l M O�i O N v v r� n r O �fl O N (O N r co r N � N tl � T a = � � U R N T ry � 0 N � � Ul £ R �+ @ ❑ p U � N O F ��s� N � d O O s 1 6 s � O R N ,A_ r H @ K l0 .L. ; 0 K p X 01 O l0 .�- � r R X � 6 O U m p � .J - N � y N d � � � Y L O R 9 N O j a a N T 0 d — @ t6 L � d U V U � R � � � N � i L O j . S R Q O. N U1 y O L T C � � C = S y N N � C � � V 3 N O d N � U � N N c m � y X � Q K.� r C F LL � � � « F- U x � a N � R J � O u r y O 3 N N(l U N Y � N N '� Q � � � o � Q U m 2 9 vi �� y U�� A H I� c�i x o g d � o ~ �' � L w Z O Z N� a � d d N O T._ 3 > N = Q �� a� a�i R U a � C� O w o N � C �� L f0 H �0 O � c N o Z � m O U 9 O_ � �na d a� E O � N� V O � N Q N d C ("�J ? '6 N @ � N � ' � U a o �' o u�i �o d� a 'x 3 a °� � � C � R U j�0 U C w� 3 3 K v> � N C C E E O N N N N � N d s A U X Q W d � m w o � V 3 � 4 0 U � � � _ T � c Q o N C n � m � m n c d LL y f-' � a d U 3 S m m m � T � U d N � a N U N � O U � a — w A � o � II � � X U � N d m � U t X " � C O d U c � u� a s E X Ul H H v v ✓ V � • ! / TAX INCREMENT FINANCING PLAN for the establishment of PHALEN VILLAGE TAX INCREMENT FINANCING DISTRICT (a redevelopment district) HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT PAUL RAMSEY COUNTY STATE OF MINNESOTA Adopted: August _, 2001 This document was drafted by: BRIGGS. AND MORGAN (MNID) Professional Association 2200 First National Bank Bldg. St. Paul, MN 55101 (651)223-6625 13U3�89�9 �� TABLE OF CONTENTS (for reference purposes only) TAX INCREMENT FINANCING PLAN FOR THE PHALEN VII,LAGE TAX INCREMENT FINANCING DISTRICT Pa2e Secfion 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section I 1. Section 12. Section 13. Section 14. Section 15. Section 16. Section 17. Section 18. 3ection 19. Section 20. Section 21. Section 22. Section 23. Section 24. Forwazd.................................................................................................................. 1 StatutoryAuthority ................................................................................................ 1 Statementof Objectives ......................................................................................... i Redevelopment Plan Overview .............................................................................. 2 Pazcels to be Included in Tax Increment Financing Aistrict .................................. 2 Parcelsto be Acquired ........................................................................................... 2 Development Activity in Tax Increment Financing District for which Contracts have been Signed ................................................................................... 2 Other Specific Development Expected to Occur within Redevelopment Project ........................................................................................................... 3 Estimated Cost of Project; Tax Tncrement Financing Plan Budget ....................... 3 Estimated Amount of Bonded Indebtedness .......................................................... 3 Sources of Revenue ................................................................................................ 3 Estimated Captured Tax Capacity and Estimate of Tax Increment ....................... 4 Type of Tax Increment Financing District ............................................................. 4 Duration of Tax Increment Financing District ....................................................... 4 Estimated Impact on Other Taxing Jurisdictions ................................................... 4 State Tax Increment Financing Aid ......:...............:................................................ 4 Madification of Tax Increment Financing District and/or Tax Increment FinancingPlan ....................................................................................................... 4 Modifications to Tas Increment Financing District ............................................... 5 Administrative Expenses ....................................................................................... 5 Limitation of Increment ......................................................................................... 6 Use of Tas Increment ............................................................................................. 7 Notification of Prior Planned Improvements ......................................................... 8 Excess Tax Increments .......................................................................................... 8 Requirements for Agreements with the Developer ................................................ 8 1303439v3 �� Section 25. Other Limitations on the Use of Tax Increment .................. Section 26. County Road Costs .....:........................................................ Section 27. Assessment Agreements ...................................................... � 10 10 Section 28. Administration of the Tax Increment Financing District .....................................11 Section 29. Financial Reporting Requirements ...................................................................... 11 EXHIBIT A— Pazcel Identification Numbers EXHIBIT B— Tax Increment Financing Plan Budget EXHIBIT C- Projected Tax Increments EXHIBIT D- Estimated Impact on Other Taxing Jurisdictions uu3as��s �.-�� TAX INCREMEI3T FINANCING PLAN FOR THE PHALEN VILLAGE TAX INCREMENT FINANCING DLSTRICT Sect'son 1. Forward. The Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), and its staff and consultants have prepazed the following information for the establishment of a redevelopment tax increment financing district (the "Ta�c Increment Financing DistricY'). The Tas Increment Financing District is located within the 3aint Paul Neighborhood Redevelopment Project heretofore established by the HRA (the "Redevelopment Project Area"). On February 25, 1987, the HRA adopted a redevelopment plan for the Redevelopment Project Area, which redevelopment pian has been modified and amended from rime to time (collectively, the "I2edevelopment Plan"). Section 2. Statutory Authoritv. There exist areas within the City of Saint Paul (the "City") where public involvement is necessary to cause development to occur. To this end, the HRA has certain statutory powers pursuant to Minnesota Statutes, Section 469.001 to 469.047 (the "HI2A Law") and Minnesota Statutes, Section 469.174 through 469.179 (the "Tax Increment Financing Act" or "TIF AcY'), to assist in financing public costs related to a redevelopment project. Section 3. Statemant of Objectives. The Tax Increment Financing District consists of the parceis of land identified in Exhibit A and adjacent and intemal rights-of-way. The Tax Increment Financing District is being created to facilitate the development and redevelopment of housin� facilities. The taac incremenY financing plan is expected to achieve the objectives outlined in the Redevelopment Plan for the Redevelopment Project Area. The following aze some ofthe objectives being facilitated by the Tax Increment Financing Plan. A. Provide Affordabie Housing for Saint Paul Residents. The available housing for residents in the Redevelopment Project Area wiil be expanded when the housing facilities which are anticipated to be constructed in the azea are built. B. To Redeveloo Underused Prooertv. The Tax Increment Financing District currently contains owner occupied and rental housin� units and commercial buildings that aze blighted or have been underutilized for many years. In order to protect existing investment and encourage new development in the azea, substandard buildings need to be demolished and new facilities need to be constructed. C. Exoand the Ta�c Base of the City of Saint Paul. It is expected that the taxable market value of parcels in the Tax Increment Financing District will increase by approximately $19,000,000 as a result of the new development. The activities contempiated in the Redevelopment Plan and this Tax Increment Financing Plan do not preclude the undertaking of other qualified development or redevelopment acrivities. 1303a89v3 � �� These activities are anticipated to occur over the life of the Tax IncremenY Financing District and the Redevelopment Project. Section 4. Redevelopment Plan Overview. Property to be Acquired — Any of or all of the property located within Tax Increment Financing District or Redevelopment Project Area may be acquired by the HRA. 2. Relocation - if necessary, complete relocation services aze available pursuant to Ivlinnesota Statutes, Chapter 117 and other relevant state and federal laws. Upon approval of a developer's plan relating to a development and completion of the necessary legal requirements, the HRt1 may sell or assist a developer with the cost of selected properties within Tax Increment Financing District or Redevelopment Project Area, or may lease land or facilities to a developer. Section 5. Parcels to be Included in Tax Increment Financine District . The parcels located in the City of Saint Paul, Ramsey County, Minnesota identified on Exhibit A aze to be inciuded in the Tax Increment Financing District: FURTHER INFORMATION REGARDING THE IDENTIFICATION OF THE PARCELS TO BE INCLUDED IN THE TAX INCREMENT FINANCING DISTRICT CAN BE OBTAINED FROM THE EXECUTNE DIIZECTOR OF THE HRA. Section 6. Parcels to be Acauired. The FIRA may finance all or a part of the costs of acquisition of the parcels idenrified in Section 5 of this Tax Increment Financing Plan. The following are conditions under which properties not designated to be acquired may be acquired at a future date: (1) The HRA may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of the tax increment financing plan; and (2) Such acquisitions wiil be undertaken only when there is assurance of funding to finance the acquisition and related costs. Section 7. Development Activitv in Tas Increment Financin� District for which Contracts have been Siened. The following contracts have been or will be entered into by the HRA and the persons named below: One development agreement has been entered into at this time. The agreement is with Real Estate Equities Development Company (Terrance Troy and RobeR Bisanz, principals) and Phalen Village Rental II Limited Partnership with respect to the redevelopment of the Ames Lake Neighborhood (formeriy known as the 1303i89v3 � �� "Phalen Village Superblock") (the "Development".) The phased redevelopment plan includes the removal of btighted zesidentiai buildings, rehabilitation of residential buildings, construction ofnew townhouses, and a resident clubhouse. The HRA has aiso approved entering into a Development Agreement with Realife Cooperative of Phalen Village, a Minnesota non-profit corporation, with respect to the development of the Phalen Village Realife Senior Housing Cooperative, Phase One. This development includes the construction of 56 new senior residential units. Section 8. Other Specific Develooment Exnected to Occur within Redevelonment Proiect Area. The HRA anticipates that future development in the Tax dncrement Financing District will include: (1) Construction of a mixed use development on the northeast corner of Maryland Avenue East and Hazelwood Street; and (2) Phase Two of Phalen Village Realife Senior Housing Cooperative. Section 9. Estimated Cost of Proiect; Taac Increment Financine Plan Budeet. The HRA has determined that it will be necessary to provide assistance for certain public costs of the Development. To facilitate the Development witivn the Tas Increment Financing District, this Tax Increment Financing Plan authorizes the use of tax increment fmancing to pay for a portion of the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with Tax 7ncrement Financing District is outlined on Exhibit B. Estimated costs associafed with Tax Increment Financing District aze subject to change and may be reallocated between line items by a resolution of the HRA. The cost of all activities to be financed by the tax increment will not exceed, without formal modification, the budget for the tax increments set forth on Exhibit B. Section 10. Estimated Amount of Bonded Indebtedness. The expenditures authorized by this Tax Increment Financing Plan may be paid for on a pay-as-you-go basis. If bonded indebtedness is issued by the HRA or the City, the principal amount is estimated not to exceed $1,900,000. Section I 1. Sources of Revenue The costs outlined in Section 9 above will be financed from bond proceeds or through the annual collection of tax increments, the loans or grants made by other public agencies for the development, and private financing obtained by the Devetoper. Potential public sources of revenue to pay the costs of development in the Tax Increment Financing District are the Metropolitan Council, City of Saint Paul STAR program, Minnesota Housin� Finance Agency, FannieMae, CIB, CDBG, DTED redevelopment funds, federal HOME and Economic Development Initiative funds, proceeds of housing revenue bonds, taac credits and any other availabte federal, state or local grant or loan proceeds. 130J139�9 V'j �� Section 12. Estimated Captured Tax Capacitv and Estimate of Tax Increment. The most recent tax capacity of Tax Increment Financing District is estunated to be $178,641 as of January 2, 2001. The estimated captured tax capacity of Tax Increment Financing Dishict at completion is estimated to be $133,909. The HRA elects to retain alt of the captured tax capacity to finance the costs of Tax Increment Financing District. The HRA elects the method of taac increment computation set foRh in Minnesota Statutes, Section 4b9.i77, subd. 3(a). Section 13. Twe of Tax Increment Financine District. Tax Increment Financing District is a redevelopment district established, pursuant to Minnesota Statutes, Section 469.174, Subd. 10. Parcels consisting of 70 percent of the area of the Taac Increment Financing Disfrict are occupied by buildings, streets, utilities, or other improvements and more than 50 percent of the buildin�s, not including outbuildings, aze structurally substandazd to a degree requiring substantial renovation or clearance. The reasons and supporting facts for these detercninations aze on file with the Executive Director of the HRA. The HRA and the City have determined that the proposed development of the Tax Increment Financing District would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the plan. Section 14. DuraYion of Tax Increment FinancinQ District. The duration of Tax Increment Financing District will ba 25 years from the receipt of the first tax increment. The date of receipt of the first tax increment is expected to be July of 2005. Attached as Exhibit C is the projected receipt of tax increments from the Tax Increment Financing District. Section 15. Estimated Imnact on Other Taxin¢ Jurisdictions. If the construction within the Tax Increment Financing District would not have occurred without tax increment financing, the impact is $0 to the other ta�ing jurisdictions. Notwithstanding the fact that the construction would not have occurred without tax increment assistance, the estimated impact of Tax Increment Financing District if the "but for" test was not met is set forth on Exhibit D. Section 16. State Ta�c Increment Financin�id. Intentionally Omitted. Section 17. ModiFication of Tax Increment Financing District and/or Tax Increment Financin¢ Plan. No modifications to Tax Increment Financing Dish or the Ta�c Increment Financing Plan have been made as of the date hereof. 1:03339�3 [} a� �' Section 18. Modifications to Tax Increment FinancinQ District. In accordance with Minnesota Statutes, Section 469. 175, Subd. 4, any: reduction or enlazgement of the geographic azea of the Tax Increment Financing District; 2. increase in amount of bonded indehtedness to be incurred, inctuding a determination to capitalize interest on debY if that determinarion was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized; 3. increase in the portion of the captured net tax capacity to be retained by the HRA; 4. increase in total estimated taac increment expenditures; or 5. designation of additional property to be acquired by the HRA, shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original plan. The geographic area of District may be reduced, but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor. The requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from Taac Increment Financing District and (2)(A) the current net tax capacity of the parcel(s) eliminated from the Tax Increment Financing District equals or exceeds the net tax capacity of those pazcel(s) in the Tax Increment Financing District's original net ta�c capacity or (B) the HRA agrees that, notwithstanding Minnesota Statutes, Section 469. 177, Subd. 1, the ori�inal net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the Tax Increment Financing District. The HRA must notify the County Auditor of any modification that reduces or enlazges the geographic area of the Tax Increment Financing District or the Redevelopment Project Area. Modifications to Tax Increment Financing District in the form of a budget modification or an expansion of the boundaries will be recorded in the Tax Increment Financing Plan. Section 19. Administrative Expenses. In accordance with Minnesota Statutes, Section 469.174, Subd. 14, and Minnesota Statutes, Section 469176, Subd. 3, administrative expenses means all expenditures of the HRA, other than: amounts paid for the purchase of land or amounts paid to contractors or others providin� materials and services, including architectural and engineering services, directly connected with the physical development of the real property in the district; 1303489c3 6$ ,�� Z. relocation benefits paid to or services provided for persons residing or businesses located in the district; or 3. amounts used to pay interest on, fund a reserve for, or seil at a discount bonds issued pursuant to Minnesota Statutes, Section 469.178. Administrative expenses also include amounts paid for services provided by bond counsel, fiscal consultants, and planning or economic development consultanfs. Tax increment may be used to pay any aufhorized and documented administrative expenses for the Tax Increment Financing District up to but not to exceed 10 percent of the total tas increment expenditures authorized by the tax increment financing plan or the total ta7c increment expenditures, whichever is less. Pursuant to Minnesota Statutes, Section 469.176, Subd. 4h, tax increments may be used to pay for the county's actual administrative expenses incurred in connection with the Tax Increment Financing District. The county may require payment of those expenses by February IS of the yeaz following the year the expenses were incurred. Pursuant to Minnesota Statutes, Section 469. 177, Subd. 1 i, the county treasurer shall deduct an amount equal to 0.1 percent of any increment distributed to the HRA and the county treasurer shall pay the amount deducted to the state treasurer for deposit in the state general fund to be appropriated to the State Auditor for the cost of financial reporting of tax increment fnancing information and the cost of examining and auditing authorities' use of tax increment financing. Section 20. Limitation of Increment Pursuant to Minnesota Statutes, Section 469. 176, Subd. I(a), no taac increment shall be paid to the HRA for the Tax Increment Financing District after three (3) years from the date of certification of the Original Net Tax Capacity value of the taxable property in the Tax Increment Financing District by the County Auditor anless within the three (3) yeaz period: (1) bonds have been issued pursuant to Minnesota Statutes, Secrion 469. 178, or in aid of a project pursuant to any other law, except revenue bonds issued pwsuant to Minnesota Statutes, Sections 469.152 to 469.165, or (2) the HRA has acquued property within the Tax Increment Financing District, or (3) the HRA has constructed or caused to be constructed public improvements within the Tax Increment Financing District. The tax increment pledged to the payment of bonds and interest thereon may be discharged and may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in kust for ail outstanding bonds to provide for the payment of the bonds at maturity or redemption date. i wus�� 6 �� Pursuant to Nlinnesota Statutes, Section 469.176, Subd. 6: if after four years from the date of certification of the original net tax capacity of the tax increment financing district pursuant to Minnesota Statutes, Section 469.177, no demolition, rehabilitation or renovation of property or other site prepazation, including quali&ed improvement of a street adjacent to a parcel buf not installation of utility service including sewer or water systems, has been commenced on a pazcel located within a taac increment financing district by the authority or by'the owner of the parcei in accordance with the taac increment financing plan, no additional tax increment may be taken from that parcel and the original net tax capacity of that pazcel shal] be excluded from the original net tax capacity of the tax increment financing district. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that pazcel including qualified improvement of a street adj acent to that parcel, in accordance with the tax increment financing plan, the authority shall certify to the county auditor that the activity has commenced and the county auditor shall certify the net tas capacity thereof as most recently certified by the commissioner of revenue and add it to the original net tax capacity of the tax increment financing district. The county auditor must enforce the provisions of this subdivision. For purposes of this subdivision, qualified improvements of a street are limited to (1) construction or opening of a new street, (2) relocation of a street, and (3) substantial reconstruction or rebuilding of an existing street. Section 21. Use of Tax Increment The HRA hereby determines that it will use 100 percent of the captured net tax capacity of taxabie property located in the Ta�c Increment Financing Disuict for the following purposes: to pay the principal of and interest on bonds used to finance a project; 2. to finance, or otherwise pay the capital and administration costs of the Redevelopment Project Area pursuant to the Minnesota Statutes, Sections 469.124 to 469.134; 3. to pay for project costs as identified in the budget; 4. to finance, or othenvise pay for other purposes as provided in Minnesota Statutes, Section 469.1 76, Subd. 4; to pay principal and interest on any loans, advances or other payments made to the HRA or for the benefit of Redevelopment Project Area by the developer; 6. to finance or otherwise pay premiums and other costs for insurance, credit enhancement, or other security guazanteeing the payment when due of principal and interest on tax increment bonds or bonds issued pursuant to the Plan or 1303389v3 �,�� pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.165, or both; and 7. to accumulate or maintain a reserve securing the payment when due of the principal and interest on the tax increment bonds or bonds issued pursuant to Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to 469.165, or both. These revenues shall not be used to circumvent any levy limitations applicable to the HRA nor for other purposes prohibited by Minnesota Statutes, Section 469.176, subd. 4. Section 22. Notification of Prior Planned Improvements. The HRA shall, after due and diligent seazch, accompany its request for certification to the County Auditor or its notice of the Tax Increment Financing District enlazgement with a listing of al] properties within the Taac Increment Financing District or azea of enlazgement for which building permits have been issued during the eighteen (18) months immediately preceding approval of the Plan by the municipality pursuant to Minnesota Statutes, Section 469.175, Subd. 3. The County Auditor shall increase the original value of the Taac Increment Financing District by the value of improvements for which a building permit was issued. Section 23. Excess Tax Increments Pursuant to Minnesota Statutes, Section 469.176, Subd 2, in any yeaz in which the tax increment exceeds the amount necessary to pay the costs authorized by the Plan, including the amount necessary to cancel any tax levy as provided in Minnesota Statutes, Section 475. 61, Subd. 3, the HRA shall use the excess amount to do any of the following: prepay any outstanding bonds; discharge the piedge of tax increment therefor; pay into an escraw account dedicated to the payment of such bond; or 4. return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local ta�c rates. In addition, the HRA may, subject to the limitations set forth herein, choose to modify the Plan in order to finance additional public costs in the Tax Increment Financing District or Redevelopment Projecf Area. Section 24. Requirements for A¢reements with the Developer. The HRA will review any proposal for private development to determine its conformance with the Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate this effort, the following documents may be requested for review and approval: site plan, 1303489v3 (7 i l � • V�.7 construction, mechanical, and electrical system drawings, landscaping plan, grading and stocm drainage plan, signage system plan, and any other drawings or narrative deemed necessary by the City to demonstrate the conformance of the development with city plans and ordinances. The HRA may also use the Agreements to address other issues related to the development. Pursuant to Minnesota Statutes, Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be acquired in the Tax Increment Financing District as set forth in the Plan shall at any time be owned by the HRA as a result of acquisition with the proceeds of bonds issued pursuant to Minnesota Statutes, Section 469. 178, without the HRA having, prior to acquisi[ion in excess of 10 percent of the acreage, concluded an agreement for the development or redevelopment of the property acquired and which provides recourse for the HRA should the development or redevelopment not be completed. Section 25. Other Limitations on the Use of Tax Increment. 1. General Limitations. All revenue derived from tax increment shall be used in accordance with the Plan. The revenues shall be used to finance, or othenvise pay the capita] and administration costs of the Redevelopment Yroject Area pursuant to the Minnesota Statutes, Sections 469.124 to 469.134; These revenues shall not be used to circumvent existing levy limit law. No revenues derived from tax increment shall be used for the acquisition, construction, renovation, operation or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government, or for a commons azea used as a public pazk, or a facility used for sociai, recreation or conference purposes. This provision shall not prohibit the use of revenues derived from ta�c increments for the conshuction or renovation of a pazking structure. 2. Poolin� Limitations. At least 75 percent of tax increments from the Ta3c Increment Financing District must be expended on activities in the Tax Increment Financing District�or to pay bonds, to the extent that the proceeds of the bonds were used to finance activities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not more than 25 percent of said tax increments may be expended, through a development fund or otherwise, on activities outside of the Tax Increment Financing District except to pay, or secure payment of, debt service on credit enhanced bonds. For purposes of applying this restriction, all administrative expenses must be treated as if they were solely for activities outside of the Tax Increment Financing District. 3. Five Year Limitation on Commitrnent of Tax Increments. Tazc increments derived from the Tax Increment Financing District shall be deemed to have satisfied the 75 percent test set forth in paragraph (2) above only if the five year rule set forth in Minnesota Statutes, Section 469. 1763, Subd. 3, has been satisfied; and iso:as��s b�,'75� beginning with the sixth year following certification of the Tax Increment Financing District, 75 percent of said tax increments that remain after expenditures permitted under said five yeaz rule must be used only to pay previously commitrnent expenditures or credit enhanced bonds as more fully set forth in Minnesota Statutes, Section 469.1763, Subd. 5. 4. Exnenditures Outside District. The Authority hereby elects to spend an additional ten percent of the tax increments on activities located outside the Tax Increment District as permitted by Minnesota Statutes, Section 469.1763, subd. 2(d) provided that the expenditures meet the following requirements: (1) they are used exclusively to assist housing that meets the requirements for a qualified tow-income building as defined in Secrion 42 oFthe Intemal Revenue Code of 1986, as amended (the "Code"); (2) they do not exceed the qualified basis of housing as defined under Section 42(c) of the Code less the amount of any credit ailowed under Section 42 of the Code, and (3) They aze used to (i) acquire and prepare the site for housing, (ii) acquire, construct or rehabilitate the housing or (iii) make public improvements directly related to the housing. Section 26. Countv Road Costs. Pursuant to Minnesota Statutes, Section 469. 175, Subd. la, the county boazd may require the HRA to pay for all or part of the cost of county mad improvements if, the proposed development to be assisted by taac increment will, in the judgment of the county, substantially increase the use of county roads requiring construction of road improvements or other road costs and if the road improvements are not scheduted within the next five years under a capital improvement plan or other county plan. In the opinion of the HRA and consultants, the proposed development outlined in this Plan will have little or no impact upon county roads. If the county elects to use increments to improve county roads, it must notify the HRA within thirty days of receipt of this Plan. Section 27. Assessment Aereements. Pursuant to Minnesota Statutes, Section 469. 177, Subd. 8, the HRA may enter into an agreement in recordable form with the developer of property within the Ta�c Increment Financing District which establishes a minimum market value of the land and completed improvements for the duration of the Tax Increment Financing District. The assessment agreement shall be presented to the assessor who shall review the plans and specifications for the improvements constructed, review the market value previously assigned to the land upon which the improvements aze to be constructed and, so tong as the minimum market value contained in the 3 303389v3 1 Q t� assessment agreement appear, in the judgment of the assessor, to be a reasonable estimate, the assessor may certify the minimum mazket value agteement. Section 28. Administration of the Tax Increment Financi� District. Administration of the Tax Increment Financing District will be handled by the Executive Director of the HRA. Section 29. Financial ReportinQ Requirements. The HRA will comply with all reporting requirements of Minnesota Statutes, Section 469.175, Subd. 5, 6 and 6a. 1303�189�3 1 1 �� EXHIBIT A Phalen Viliage TIF Redevelopment District Parcels PIN 222922330053 Address: 7383 East Maryland Avenue Legal Description: Brenner Addition Vacated Alieys Accruing & Following; Lots 8 Thru 12 Woods Addition & in Said Brenner Addition Lot 5 Block 1 PIN 222922430040 Address: 1545 East Maryland Avenue Legal Description: Section 22 Town 29 Range 22 West 180 Feet of South 173 Feet of (Subject to Street, Avenue & Easements) of Southeast 1/4 of Section 22 Town 29 Range 22 PIN 222922430041 Address: 1555 East Maryland Avenue Legai Description: Section 22 Town 29 Range 22 South 173 Feet of East 84 Feet o� West 264 Feet of Southwesf 1/4 of Southeast 1/4 (Subject to Avenue) in Section 22 Town 29 Range 22 PIN 222922430042 Address: 1571 East Maryland Avenue Legal Description: Section 22 Town 29 Range 22 except West 264 Feet the South 173 Feet of West 6 Acres of Soufhwest 1/4 of Southwest 1/4 of Southeast 1/4 (Subject to Avenue) in Section 22 Town 29 Range 22 PIN 272922220015 Address: 1324 East Maryland Avenue Legai Description: Kiefer-Park West 34 Feet of Lot 9& A{V of Lot 14 B{ock 1 PIN 272922220014 Address: 1328 East Maryland Avenue Legal Description: Kiefer-Park East 6 Feet of Lot 9& Aii of Lots 7& Lot 8 Block 1 PIN 272922220039 Address: 0 East Rose Avenue (no address assigned) Legai Description: Kiefer-Park Lots 15 thru 21 Block 1 PIN 272922220020 Address:1181 Clarence Street Legal Description: Kiefer-Park Afley as Vacated Adjacent and Following North 1/2 of Lots 22 thru Lot 28 Block 1 PIN 272922220040 Address: 1177 Clarence Street Legat Description: Kiefer-Park South 1/2 of Lots 22 thru 28 Block 1 PiN 272922220038 Addr.ess: � East Rose Avenue (no address assigned) Legal Description: Kiefer-Park Subj to Ave; Lots 13 & Lot 14 Block 2 -1- b$ �� PIN 2T2922220026 Address: 0 East Rose Avenue (no address assigned) Legai Description: Kiefer-Park Subject to Avenue Lot 12 Block 2 PIN 272922220037 Address: 0 East Rose Avenue (no address assigned) Legai Description: Kiefer-Park except East 10 Feet Lot 10 & All of Lot 11 Block 2 PIN 272922220023 Address: 1324 East Rose Avenue Legal Description: Kiefer-Park except East 10 Feet; Lot 5& East 10 Feet of Lot 10 & All of Lots 6,7,8 & Lot 9 Block 2 PIN 272922220022 Address: 1161 Clarence Street Legal Description: KiefervPark East 10 Feet of Lot 5 and AIt of Lots 1, 2, 3 and Lot 4 Block 2 PIN 272922220034 Address: 1151 Prosperity Avenue Legal Description: Kiefer-Park except East 17 Feet; Lot 25 & All of Lots 22, 23 & Lot 24 Block 2 PIN 272922220635 Address: 1155 Prosperity Avenue Legal Description: Kiefer-Park East 17 Feet of Lot 25, All of Lot 26 & Subject to Road; Lot 27 & Lot 28 Bfock 2 PIN 272922220031 Address: 1305 Jessamine Avenue East Legal Description: KiefervPark Vacated Street & Alley Accruing & Lots 15 thru 21 Block 2& Lots 10 thru Lot 14 Bfock 3& Lot 17 thru Lot 19 Biock 3 PIN 272922220030 Address: 1129 Prosperity Avenue Legal Desoription: Kiefer-Park Part Northwesterly of Avenue of Fotlowing Lots 3 thru Lot 9 Block 3 PIN 272922220032 Address: 1083 Prosperity Avenue Legal Description: Kiefer-Park Part Northwesterly oi Avenue as re-Ioqted of Lots 21, 22 and 23 and All of Lot 20 Block 3 PIN 272922220046 . Address: 7365 East Magnolia Avenue Legal Description: Phalen Village Lot 1 Block 2 PIN 272922220049 Address: 0 Phaten Boulevard {no address assigned) Legal Description: That part of Lot 2, Block 1, Phalen Village, lying westerly of a line perpendicular to the north line of said Lot 2, which passes through a point 260.00 feet west of the northeast corner of said Lot 2 -2- �-�� PlN 27292222Q�44 Address: 1150 Prosperity Avenue Legal Description: Phalen Viilage Lot 1 Block 1 PIN 272922220007 Address: 1165 Prosperity Avenue Legal Description: Section 27 Town 29 Range 22 Subject to Maryland Avenue and Ciarence Street; Part of NoRheast 1/4 of Northwest 1/4 of Northwest 1!4 Lying Northwesteriy of Prosperity Avenue in Section 27 7own 29 Range 22 PIN 272922220033 Address: 1186 Prosperity Avenue Legal Description: Section 27 Town 29 Range 22 except East 588.5 Feet the North 206 Feet of Part Easterly of Prosperity Avenue and West of Maryla�d Heights of Northwest 1/4 (Subject to Avenue) in Section 27 Town 29 Range 22 PIN 272922220006 Address: 1182 Prosperity Avenue Legai Description: Section 27 Town 29 Range 22 except East 588.5 Feet and except North 206 Feet Part North of Rose Street and East of Prosperity Avenue and West of Maryland Heights of Northwest 1/4 of Section 27 Town 29 Range 22 PIN 272922220005 Address: 1396 East Maryland Avenue Legai Description: Section 27 Town 29 Range 22 Subject to Avenue the North 173 Feet of West 59 Feet of East 588.5 Feet of Part West of Maryland Heights of Northwest 1/4 of Section 27 7own 29 Range 22 PIN 272922220004 Address: 1399 East Rose Avenue Legai Description: Section 27 Town 29 Range 22 except North 173 Feet Part North of Rose Avenue of West 5H Feet of East 588.5 Feet of Part West of Maryland Heights of Northwest 1/4 of Section 27 Town 29 Range 22 PIN 272922220002 Address: 7402 East Maryland Avenue L.egal Description: Section 27 Town 29 Range 22 Subject to Avenue the North 173 Feet of West 59 Feet of East 529.5 Feet of Part West of Maryland Heights of North 1!2 of Northwest 1/4 of Section 27 Town 29 Range 22 PIN 272922220042 Address: 1405 East Rose Avenue Legal Oescription: Section 27 Town 29 42a�ge 22 Portiori of Vacated Rose Avenue Adjacent & except North 173 Feet; Part North of Rose Avenue of West 59 Feet of East 529.5 Feet of Part West of Maryland Heights of Northwest 1/4 of Section 27 Town 29 I2ange 22 PIN 272922210003 Address: 1517 Magnolia Avenue East Legal Description: Section 27 Town 29 Range 22 except South 241.17 Feet ihe East 1/2 of Southeast 1/4 of Northeast 1/4 of Northwest 1/4 (Subject to Road and Easements) in Section 27 Town 29 Range 22 -3- bg �� PIN 272922210008 Address: 7488 East Maryland Avenue Legal Description: Maryfand Heights except East 20 Feet Lot 7 and All of Lot 8 Block 1 PIN 272922210007 Address: 1494 East Maryland Avenue Legai Description: Maryiand Heights East 20 Feet of Lot 7 and All of Lot 6 Block 1 PIN 272922210006 Address: 1500 East Maryland Avenue Legal Description: Maryland Heights West 15 Feet of Lot 3 and All of Lots 4 and Lot 5 Block 1 PIN 272922210005 - Address: 1508 East Maryland Avenue Legal Description: Maryland Heights except West 15 Feet Lot 3& All of Lot 1& Lot 2 Biock 1 PIN 272922210001 Address: 1514 East Maryland Avenue Legal Description: Section 27 Town 29 Range 22 Subject to Maryland Avenue the West 100 Feet of North 154.38 Feet of East 1/2 of Northeast 1/4 of Northeast 114 of Northwest 1/4 of Section 27 Town 29 Range 22 PIN 272922210010 Address: 1178 Barclay Street Legal Description: Maryland Heights Lots 11 & Lot 12 Block 1 PIN 272922210011 Address: 1495 Rose Avenue East Legai Description: Maryland Heights except East 10 Feet; Lot 15 & Ali of Lots 13 & Lot 14 Block 1 PIN 272922210012 Address: 1501 Rose Avenue East Legal Description: Maryland Heights East10 Feet of Lot 15 & Subject to Street; the West 1/2 of Lot 18 & All of Lots 16 & Lot 17 Block 1 PIN 27292221Q013 Address: 1511 Rose Avenue East Legal Description: Maryland Heights Subject to Avenue; the Following; East 1/2 of Lot 18 & Ai4 of Lots 19 & Lot 20 Biock 1 PIN 272922210025 Address: 7166 Barclay Street Legal Description: Maryland Heights North 1/2 of Vacated Alfey Adjacent and Following Lots 9 and Lot 10 Block 4 PIN 272922210024 Address: 1494 Rose Avenue East Legai Description: Maryfand Heights North 1!2 of Vacated Alley Adjacent and Following West 1/2 of Lot 6 and All of Lots 7 and Lot 8 Block 4 -4- b8 �� PIN 272922210023 Address: 1500 Rose Avenue East Legai DescriQtion: Ntaryland Neights North t/2 of Vacated Atley Adjacent and Foltowing West 10 Feet of Lot 3 East 1/2 of Lot 6 and All of Lots 4 and Lot 5 Block 4 PIN 272922210022 Address: 1510 Rose Avenue East Legai Description: Maryland Heights North 1/2 of Vacated Alley Adjacent and Following except West 90 Feet Lot 3 and All of Lots 1 and Lot 2 Block 4 PIN 272922210026 Address: 1150 Barclay Street Lega1 Description: Maryland Heights South 1/2 of Vacated Alley Adjacent but no Part of Vacated Avenue Adjacent & Following Lots 11 and Lot 12 Block 4 PIN 272922210U27 Address: 1152 Barclay Street Legal Description: Maryland Heights South 1/2 of Vacated Aliey Adjacent but no Part of Vacated Avenue Adjacent & Following West 1/2 of Lot 15 & All of Lots 13 and Lot 14 Block 4 PIN 272922210028 Address: 115A Barclay Street Legai Description: Maryiand Heights South 1/2 of Vacated Aliey Adjacent but no Part of Vacated Avenue Adjacent & Foliowing East 1/2 of Lot 15 West 1/2 of Lot 18 and All of Lots 16 and Lot 17 Block 4 PIN 272922210029 Address: 1156 Barclay Street Legal Description: Maryland Heights South 1/2 of Vacated Alley Adjacent but no Part of Vacated Avenue Adjacent & Following East 1/2 of Lot 18 & All of Lots 19 and Lot 20 Block 4 PIN 272922210030 Address:1112 Barclay Street Legal Description: Maryland Heights All of Vacated Geranium Avenue North 1/2 of Vacated Jessamine Avenue Both Adjacent and Following Vacated Af{ey in and Block 5 PIN 272922210D31 Address: 1088 Barclay Street Legal Description: Maryland Heights South 1/2 of Vacated Jessamine Avenue Adjacent and Vacated Alley in and Block 8 PIN 272922210002 Address: 1530 Maryland Avenue East Legal Description: Section 27 Town 29 Range 22 Subject to Avenue Street and Sewer Easements and except West 100 Feet of North 154.38 Feet the East 112 of Northeast 1/4 of Northeast 9/4 of Northwest 1/4 of Section 27 Town 29 Range 22 -5- b$ ,'1�� PIN 272922210004 Address: 1515 Magnolia Avenue East Legai Descriptian: Section 27 Town 29 Range 22 South 241.17 Feet of East 1/2 ofi Southeast 1/4 of Northeast 1/4 of Northwest 1/4 (Subject to Roads and Easements) in Section 27 Town 29 Range 22 PIN 272922210043 Address: 1430 Maryland Avenue East Legai Description: Go�ns Addition, Lots '{ thru 10 Block 2 Maryfand Heights and that part of the North 296 feet of the Northeast 1/4 of Northwest 1/4 of Section 27 Town 29 Range 22 which lies West of Maryland Heights Lots 1 thru 10 Block 2 Maryiand Heights and that part of the North 296 feet of the Northeast 1/4 of Northwest 1/4 of Section 27 Town 29 Range 22 which liss west of Masyland Heights and East of Go�ns Addition and Lot 4 Block 2 Phaien Viftage and in said Goffins Additional Lots 1 and 2 Block 1 PIN 272922220041 Address: 1414 Maryland Avenue East Legal Descrfption: Section 27 Town 29 Range 22 Vacated Rose Avenue Adjacent & Parf North of Rose Avenue of West 135.25 Feet of East 470.5 Feet of Part West of Maryland Heights in Northwest 1/4 of Section 27 Town 29 Range 22 � EXHIBTl' B TAX INCREMENT FINANCING PLAN BUDGET Name of District: Type of Disfrict: Duration of District: Phalen Village RedevetopmenY 25 years SOURCES OF FUNDS Tax Increment Revenue InterestofInvested Funds Bond Proceeds Loan Proceeds Real Estate Sales Special Assessments RenNI.ease Revenue O[fier Sources (Specify): City/HRA LCDA HRA HRt� City/HRA CDBG City/FIItA Met Counsel Transfers In (Specify): Totai Sources of Funds USES OF FUNDS AMOUNT $4,129,118� 350,000 175,000 200,000 93,500 $4,947,618 AMOUNT Land/Building Acquisition Site Improvements/PrepazaHon Costs Installation of Public Utiliries Parking Faciliries Streets and Sidewalks Public Pazk Faci(ities Social, Recreational Interest Reduction Payments Bond Principal Payments Bond Interest Payments Loan Princigal Payments Loan/Note Interest Payments (Pay As You Go) Administrative Costs Pollution Abatement Bond Issuance Costs Capitalized Interest Contingency Other Uses (Specify): Ta�c Credit Rental Housing Bond Discount Relocation Transfers In (Specify): Total Uses of Funds � Net of State Audiror Deduction '' S1,298,?06 from TIF ' S20Q00 from CDBC ' S I,?95,20> Pay-as-you-go Note (8%) $1,823,205 293,500 2,419,900 $412,923 4,947,618 68-�� I303489v3 B-1 EXHIBIT C Assum tions Re ort City of St Paut, Minnesota Tax Increment Financing (Redeveiopment) Disfrict Phalen �Ilage Redevelopmenf Project Scenarlo A Type of Tax Increment Financing �istrict Maximum Durafion of TIF District Certifipfron Request Date �ecertification Date Base Estimated MarKet Value (t) Times: First $D Excess Original Net Tax Capacity (1) 0.00% 0.00% Redevekopment 25 years from 1st increment o�-�� 09/07/01 12/01/28 (24 Years of Increment) 2001/2002 $15,815,300 0 0 $578.641 AssessmenUCollection Year Base Estimated Market Value Increase in Estimated Market Value (2) Total Estimated Market Value Total Net Tax Capacity (2) 2001/2002 2002/2003 2003/2004 2004/2005 $15,815,300 $15,815,300 $15,815,300 $'15,875,300 0 0 0 3,184,700 $15,815,300 $15,815,300 $15,815,300 $19,000,000 $178,641 $178,641 $178,641 $194,300 Base Inflation Fador l.ocal Tax Capaciry Rate Fiscal Disparities Contribution From TIF District Administrative Retainage Percent (maximum = 70%) pooling Percent City Tax Rate (Only if Local-Effort Ti� flonds Bonds Dated First Interest Date Underwriters Discount NA 137.635% (Pay 2001) 0.0000% 10.00 0.00% NA Note (Pav-As-You-Gol NA Note Dated 09/Ot/01 NA Note Rate 8.00% NA LGA/HACA Loss: Will Annual Local Contribution Be Made (Yes or No)? I.S.D #625 Equalized Tax Capacity Rate I.S.D #625 Sales Ratio Ciry Sales Ratio & Taxable Net Tax Capacity PresentValue Date & Rate Yes NA NA NA NA 09/Ot/Dt 5.50% (7) See Base Value Exhibit for computation of Base EMV and Originaf NTC. (2) See Project Va4ue Exhibit for computation of Increase in EMV and ToTal NTC. 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