10-515Council File # 10-515
Green Sheet # 3109798
RESOLUTION
CITY��S�INT)k�AUL, MINNESOTA � 7
Presented by
RESOLUTION NO.
RESOLUTION APPROVING THE
ESTABLISHMENT OF THE
CARONDELET VILLAGE REDEVELOPMENT PROJECT AREA
AND THE CARONDELT VILLAGE TAX INCREMENT FINANCING DISTRICT AND
APPROVING A REDEVELOPMENT PLAN AND
TAX INCREMENT FINANCING PLAN THEREFOR
WHEREAS, the City Council of the City of Saint Paul (the "Council") has the statutory
responsibility under Minnesota Statutes, Sec[ion 469A28, to approve redevelopment plans and projects of
the Housing and Redevelopment Authority of the City of Saint Paul, Minnesota (the "HRA"), after public
hearing thereon; and
WHEREAS, Minnesota Statutes, Section 469175 requires that before a county auditor may certify
a tax increment financing district created under Minnesota Statutes, 5ection 469.174 to 469.1799 (the "Tax
Increment AcY') the governing body of the municipality must approve the tax increment financing plan
after a public hearing thereon; and
9 WHEREAS, the HRA proposes to undertake the Carondelet Village Redevelopment Project (the
10 "ProjecP'), and has submitted to the Council a redevelopment plan (the "Redevelopment Plan") therefor;
11 and
12 WHEREAS, said Redevelopment Plan contains an identification of need and statement of
13 objectives and program of the HRA for carrying out of a redevelopment project, including property to be
14 acquired, public improvements to be provided, development and redevelopment to occur, and sources of
15 revenue to pay redevelopment costs of the Project; and
16 WHEREAS, the Saint Paul Planning Commission has reviewed the said Redevelopment Plan, and
17 approved the same as being in conformity with the Saint Paui Comprehensive Plan and the general plan for
18 the development and redevelopment of the City as a whole; and
19 WHEREAS, the HRA has asked the Council to approve the creation, within the Project Area, of a
20 TaY Increment Financing District as a redevelopment taac increment financing district under Minnesota
2] Statutes, Section 469.174, Subdivision 10 (the "Tas Increment Financing DistricY'), and the adoption of a
22 Tas Increment Financing Plan (the "Tax Increment Financing Plan") therefor, all pursuant to and in
23 accordance with the Tax Increment Act; and
24 WHEREAS, the HRA has performed all actions required by 1aw to be performed prior to the
25 creation of the Ta�c Increment Financing District and adoption of the Tas Increment Financing Plan
26 therefor, including, but not limited to, notification of the Ramsey County Commissioner representing the
27 area of the County in which the Tax Increment Financing District is located, and delivering a copy of the
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28 TaY Increment Financing Plan to Ramsey County and Independent School I3istrict Number 625, which
29 have taxing jurisdiction over the properry to be included in the Tax Increment Financing District; and
30 WHEREAS, on this date, the Ciry Council conducted a public hearing on the Redevelopment Plan
31 and Tas Increment Financing PIan, after published notice thereof; and
32 WHEREAS, at said public hearing the City Council heazd tesfimony from all interested parties on
33 the Redevelopment Plan and Tax Increment Financing Plan; and
34 WHEREAS, the City Council has considered the findings and determinations of the Saint Paul
35 Planning Commission and the HRA respecting the Project, Redevelopment Plan, Tas Increment Financing
36 District and Tax Increment Financing Plan, together with the documentation submitted in support of the
37 same and has taken into account the informatlon and knowledge gained in hearings upon and during
38 consideration of other matters relating to the developments proposed for the Project.
39 Section l. Approval of Redevelopment Pian.
40 1.01 It is hereby found and determined that the undertakings and site of the Project, as described
41 in the Redevelopment Plan constitutes a"redevelopment project" within the meaning of Minnesota
42 Statutes, Section 469.002, Subdivision 14. It is hereby found and determined that the land in the Project
43 Area would not be made available for, nor would redevelopment be financially feasible without the public
44 improvements and the financial assistance proposed for the Project. It is hereby found and determined that
45 the Redevelopment Plan will afford maximum opportunity, consistent with the sound needs of ihe locality
46 as a whole, for the redevelopment of such area by private enterprise. It is hereby found and determined
47 that the Redevelopment Plan conforms to the Saint Paul Comprehensive Plan and the generai plan for the
48 development of the locality as a whole.
49 1.02 The Redevelopment Plan is hereby approved as in the public interest and as necessary in
SQ order to carry out the development and redevelopment of the Project Area In accordance with the
51 objectives and purposes in said Redevelopment Plan provided thereby to eliminate the conditions identified
52 in said Redevelopment Plan and accomplish the provision of pubiic improvements and private
53 developments contemplated by said Redevelopment Plan in the furtherance of the general welfare of the
54 citizens of Saint Paul.
55 Section 2. Findings for the Creation of the Carondelet Villa¢e T� Increment Financing
56 District and Ado�tion of a Taa� Increment Financina Plan therefor.
57 2.01 The City Council hereby finds that the creation of the Carondelet Village Taac Increment
58 Financing District and adoption of the Tax Increment Plan therefor, are intended and, in the judgment of
59 the City Council, its effect will be, to carry out the objectives of the Redevelopment Plan and to create an
60 impetus for the redevelopment of blighted structures and the construction of senior housing and healthcare
61 facilities, and will otherwise promote certain public purposes and accomplish certain objectives as
62 specified in the Redevelopment Plan and Tax Increment Financing Plan.
63 2.02 The City Council hereby finds that TaY Increment Financing District qualifies as a
64 "redevelopment districP' within the meaning of the Tax Increment Act for the following reasons
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65 The Tax Increment Financing District is, pursuant to Minnesota Statutes, Section
66 469.174, Subdivision 10(a)(1), a"redevelopment districY' because it consists of a project or
67 portions of a project within which the following conditions, reasonably distributed
68 thronghout the District, exist: (1) parcels consisting of at least 70% of the area of the
69 District are occupied by buildings, streets, utilities, paved or gravel pazking lots, or other
70 sunilaz structures; and (2) more than 50% of the buildings located within the T� Increment
71 Financing District aze "structurally substandazd" (within the meaning of Minnesota Statutes,
?2 Section 469.174, Subdivision 10(b)) to a degree requiring substantial renovation or
73 clearance.
74 The District consists of one parcei, and the parcel is "occupied" as defined in
75 Minnesota Statutes, Section 469.174, Subd. 10(a)(1), in that at least 15% of the area of the
76 parcei, is occupied by buildings, streets, utilities, paved or gravel parking lots, or other
77 similar shuctures. There is one building in the T� Increment District, which building is
78 structurally substandard to a degree requiring renovation or clearance. In addition, the costs
79 of bringing the structurally substandard building into compliance with building codes
80 applicable to new buildings would exceed I S% of the cost of constructing new stnzctures of
81 the same size and type on the site.
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The supporting facts for these determinations are on file with the staff of the Authority and include
but are not limited to the report of Alden Associates Architectural Services dated October 19, 2009.
2.03 The City Councii hereby makes the following additional findings:
(a) The City Council further finds that the proposed development, in the opinion of the
City Council, would not occur solely through private investment within the reasonably foreseeable
future and, therefore, the use of tax increment financing is deemed necessary. The specific basis
for such finding being:
The property on which housing development will occur would not be developed in
the reasonably foreseeable fizture because it currently contains a blighted huilding
that has been underutilized far many years. CV Senior Housing, LLC has
represented that the development is not feasible without tax increment assistance.
(b) The City Council further finds that the Tas Increment Financing Plan conforms to
the general plan for the development ar redevelopment of the City as a whole. The specific basis
for such finding being:
The Tas Increment Financing Plan wi11 generally compliment and serve to
implement policies adopted in the City's comprehensive plan. The housing and
healthcare development contemplated is in accordance with the existing zoning for
the property.
(c) The City Council further finds that the TaY Increment Financing Plan will afford
maximum opportunity consistent with the sound needs of the Cily as a whole for the development
of the Ta:c Increment Financing District by private enterprise. The specific basis for such finding
being:
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The proposed development to occur within the Taa� Increment Financing District is
housing and healthcare. The development will increase the taxable mazket valuation
of the City. The available housing in the city will be expanded by approximately
149 independent housing units, 46 assisted rental housing units and 19 memory care
units with the completion of the development contemplated by the Tax Increment
Financing Plan.
(d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision
3(2), the City Council hereby finds that the increased market value of the property to be developed
within the Ta�c Increment District that could reasonably be expected to occur without the use of tax
increment financing is $0, which is less than the mazket value estimated to result from the proposed
development (i.e., $33,165,280 after subtracting the present value of the projected t� increments
for the m�imum duration of the TaY Increment Financing District (i.e, $4,440,814). In making
these findings, the City Council has noted that the property has not been redeveloped for many
years and wouid likely remain so if tax increment financing is not available. Thus, the use of tax
increment financing will be a positive net gain to the City, the School District, and the County, and
the tax inorement assistance does not exceed the benefit which will be derived therefrom.
(e) The provisions of this Section 2 are hereby incorporated by reference into and made
a part of the Tax Increment Financing Plan.
122 Section 3. Creation of the Carondelet Villa�e Tax Increment Financing District and Ap�roval
123 of the Taac Increment Financing Plan therefor.
124 3.01 The creation of the Carondelet Village Tax Increment Financing District and the Tax
125 Increment Financing P1an therefor are hereby approved.
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3.02 The staff of the HRA and the HRA's advisors and legai counsel are authorized and directed
to proceed with the implementation of the Tas Increment Financing District and the Tax Increment
Financing Plan and for this purpose to negotiate, draft, prepare and present to the Board of Commissioners
of the HRA for its consideration all fixrther plans, resolutions, documents and contracts necessary far this
purpose.
Bostrom
Carter
Hanis
Stazk
Thune
Yeas
�
� Approved by .Affc f Financial Se ices �,`
✓ By: �
Adopted by Council: Date ��/�/ jaD/!�
Adoption Certified by Counc' Secretary
By: �
Approv y Date � Z� ��
By:
Form Appr ve . Ci ey
By:
Form Ap rove M r for u ssion t Council
By:
10-515
� Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet Green Sheet �
oe,���„���,�ou��,4. oate�n,ti�. Green Sheet NO• 3109798
PE —Planning & Economic O6 MAY 2010 .
Devetopment
Contact Person 8 Phone: Deoartment � Sert Tu Person InitiallDate
JoanTNisen 0 ' &EcoaomicDevelo m [�
6-6694 1 lannm & Economic Develo m Allen Carkon '�
Assign 2 - &EconomicDevelo m De artmentDirector _�? —
Must Be on Council Agenda by (Date): Number =�
19-MAY-10 For 3 a¢cial Services Dirtttor
Roufing 4 a or's Office Ma or/Assistant
Doc. Type: PUBLIC HEARWG Order 5 omc� —
(RESOLUTION)
E-Dowment Required: F Y
Oocument Gontact: �
CoMact Phone: I ��� T , S
Total # of Signature Pages _(Cfip All Locations for Signature)
Action Requested:
Signatures on Resolution for the establishment of a TIF District for the Cazondelet Village Project.
District IS
Recommendations: Approve (A) or Reject {R): Personal Service CoMracts Must Answer the Following Questions:
Planning Commission 1. Has this personlfirm ever vmrked under a contrad for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this persoNfirm ever been a city employee?
Yes No
3. Does this person/firtn possess a skill not normally possessed by any
. currentcityemployee?
Yes No
� Explain all yes answers on separate sheet and attach to green sheet.
Initiating Problem, lssues, Opportunity (Who, Whay When, Where, Why):
The St Joseph Sis[eis of Cazondelet and Presbyterian Homes in par[nerslrip will conshvct a senior campus including 259 units and an
Integrated Service Centet that will be semi public. They have a funding gap and have requested the City to establish a TIF district to
help fill the gap. A Public Hearing notice was published in the Pioneer Press.
AdvanWges IfApproved:
TIF Funds (pay go note) will be avai]able for the development of the project.
Dlsadvanteges If Approved:
None
�isadvanWges If Not Approved: •
Funds will not be available.
Total Amount of CosNRevenue Bud eted:
Tre�adion: 9
Funding Source: Activity Num6er: �
Financiailnformation:
- (Explain)
May 6, 2010 7:43 AM Page 1
10-515
TAX INCREMENT FINANCING PLAN
for the establishment of the
CARONDELET VILLAGE TAX 1NCREMENT FINANCING DISTRICT
(a redevelopment district)
HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF SAINT PAUL
RAMSEY COUNTY
STATE OF MINNESOTA
Approved by City Council: May 19, 2010
Adopted by Authority: May 26, 2010
This document was drafted by:
KfiNNEDY & GRAVEN, CHARTERED (MMD)
470 U.S. Bank P1aza
200 South 6�' Street
Minneapolis, MN 55402
612)337-9221
366951v3 MMD SA130-121
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TABLE OF CONTENTS
(for reference purposes only)
� TAX INCREMENT FINANCING PLAN
FOR THE CARONDELET VILLAGE TAX INCREMENT FINANCING DISTRICT
Paee
.... 1
.... l
.... 1
.... 2
.... 2
.... 2
..... 3
Area ........................................................................................................................ 3
Section 9. Estimated Cost of Project; Taat Increment Financing Plan Budget ....................... 3
Section 10. Estimated Amount of Bonded Indebtedness .......................................................... 3
Section 11. Sources of Revenue ................................................................................................ 3
Section 12. Estimated Captuted TaY Capacity and Estimate of Tax Increment ....................... 4
Section 13. Type of Tax Increment Financing District ............................................................. 4
Section 14. Duration of Ta�c Increment Financing District ....................................................... 4
Section 15. Altemate Estimates of the Impact of the Tax Increment Financing on the
Net Taa� Capacities of All Taa�ing Jurisdictions ..................................................... 4
Section 16. Modification of Tax Increment Financing District andJor Tax Increment
FinancingPlan ....................................................................................................... 5
Section 17. ' Modifications to Taac Increment Financing District ............................................... 5
Section 18. Administrative Expenses ....................................................................................... 6
Section 19. Use of Taac Increment ............................................................................................. 7
5ection 20. Notification of Prior Planned Improvements ......................................................... 8
Section 21 Excess Tax Increments .......................................................................................... 8
Section 22. Requirements for Agreements with Developers .................................................... 8
Section 23. Other Limitations on the Use of Tax Increment .................................................... 9
Section 24. County Road Costs .............................................................................................. 10
Section 25. Assessment Agreements ...................................................................................... 10
Section 26. Administration of the Tax Increment Financing District ..................................... 10
Section 27. Financial Reporting Requirements ...................................................................... i l
Section1. Foreword ...........................................................................................................
Section 2. Statutory Authority ...........................................................................................
Section 3. Statement of Objectives ....................................................................................
Section 4. Redevelopment Plan Overview .........................................................................
Section 5. Parcel to be Inciuded in TaY Increment Financing District ..............................
Section 6. Parcels to be Acquired ......................................................................................
Section 7. Development Activity in Tax Increment Financing District for which
Contracts have been Signed ..............................................................................
Section 8. Other Specific Development Expected to Occur within Redevelopment
EXHIBIT A TaY Increment Financing Plan Budget .............................................................. A-1
EXHIBIT B Projected Taac Increments .................................................................................. B-i
EXHIBIT C Fiscal and Economic Impact on Other Taxing Jurisdictions ............................. C-1
EXHIBIT D Map of T� Increment Financing District ......................................................... D-1
366951v3 MMD 5A130-121
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TAX INCREMENT FINANCING PLAN FOR
THE CARONDELET VILLAGE TAX INCREMENT FINANCING DISTRTCT
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 establishment of a redevelopment taai increment financing district (the "Tax
Increment Financing DistricY'). The Tax Increment Financing District is located within the
Cazondelet Village Redevelopment ProjecY Area established by the HRA contemporaneously
with the establishment of this Tax Increment Financing District (the "Redevelopment Project
Area").
Section 2. Statutory Authority. There eYist areas within the City of Saint Paul,
Minnesota (the "City") whete public involvement is necessary to cause development to occur.
To this end, the HRA has certain statutory powers pursuant to Minnesota Statutes, 5ection
469.001 to 469.047 (the "HRA Law") and Minnesota Statutes, Section 469.174 through
4691799 (the "Tax Increment Financing AaY' or "TIF Act"), to assist in financing public costs
related to a redevelopment project.
Section 3. Statement of Obiectives. The Tax Increment Financing District consists of
approximately 6 acres and adjacent and internal rights-of-way. The Tax Increment Financing
District is being created to facilitate the demolition of a substandard building and consriuction of
senior housing and healthcaze facilities, including relating structured parking (collectively, the
"Project"). The tax increment financing plan is expected to achieve the objectives outlined in the
Redevelopment Plan for the Redevelopment Project Area by the construction of high density
housing. The following are some of the objectives being facilitated by the Tax Increment
Financing Plan.
A. Provide Housing and Healihcare Facilities for Saint Paul Residents.
The available housing for residents in the Project Area will be expanded when
approximately 149 independent housing units, 46 assisted living rental housing units and 19
memory cate units are constructed. The development will also include approximately 45 skilled
care nursing home beds.
B. To Redevelop Underused Proopertv.
The Tas Increment Financing District contains one building that is structurally
substandard. In order to encourage new development in the area, and remove and prevent the
emergence of blight and blighting influences, tax increment financing must be used to encourage
the redevelopment of the site.
C. Ex�and the Tas Base of the Cit�of Saint Paul.
It is expected that the taxable market value of pazcels in the Tax Increment Financing
District will increase by approximately $27,801,310 as a result of the new development.
The activities contemplated in the Redevelopment Plan and this Tax Increment Financing
Plan do not preclude the undertaking of other qualified development or redevelopment activities.
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These activities are anticipated to occur over the life of the Tas Increment District and the
Redevelopment Project.
5ection 4. Redevelo�ment P1an Overview.
Properiy to be Acquired — The HRA does not intend to acquire any properry in the
TaY Increment Financing District.
2. Relocation - if necessary, complete relocation services are available pursuant to
Minnesota Statutes, Chapter 117 and other relevant state and federal laws.
3. The HRA may seli or assist a private developer with the cost of acquisition of
properties within Taz Increment Financing District, or may lease land or facilities
to a developer.
Section 5. Parcel to be Included in Tax Increment Financin� District. A portion of the
following pazcel located in the City of Saint Paui, Ramsey County, Minnesota, is to be included
in the Tax Increment Financing District. The parcei will be subdivided into two or more parcels,
oniy one of which will be in the TaY Increment Financing District.
PID Number
09-28-23-31-0009
Including all interior and adjacent public streets and rights of way. A map showing the property
to be included in the Tax Increment District is attached hereto as E�ibit D.
FURTHER INFORMATION REGARDING THE IDENTIPICATION OF THE PARCEL TO
BE INCLUDED IN THE TAX INCREMENT FINANCING DISTRICT CAN BE OBTAINED
FROM THE EXECUTIVE DIRECTOR OF THE HRA.
Section 6. Parcels to be Acc� red. The HRA may finance all ar a part of the costs of
acquisition of all or a portion of the parcels identified in Section 5 of ttris Tax Increment
Financing Plan. The HRA may also acquire pazcels in the City which are outside the Tax
Increment District in arder to encourage the development of affordable rental housing facilities
as anticipated by Section 23, paragraph 4 hereof. Prior to acquiring any pazcels with t�
increments in excess of the percentages permitted by Minnesota Statutes, Section 469176, Subd.
5, the HRA will enter into an agreement with a private developer far the development of the
parcels which will provide recourse to the HRA if the development is not completed. The HRA
may use its powers of eminent domain to acquire parcels which it cannot obtain through private
negotiation.
The HRA may acquire propefty by gift, dedication or direct purchase from willing sellers
in order to achieve the objectives of the tax increment financing pian.
366951v3 MMD SA130-121
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Such acquisitions will be undertaken only when there is assurance of funding to finance
the acquisition and related costs.
Section 7. Development Activit�n Tax Increment Financin� District far which
Contracts have been Si ng_ed. The following contracts have been or will be entered into by the
IIRA and the persons named below:
A Development Agreement by and between the HRA and Carondelet Village
LLC, a Minnesota limited liability company, has or will be entered into in
connection with the development of the senior housing and heaithcare facilities
described in Section 3 hereof (the "Development"). The total development costs
aze estimated to be approximately $60,000,000 and the development is expected
to be substantially completed by December 31, 2011.
Section 8. Other Specific Development Expected to Occur within Redevelopment Area.
The HRA does not anticipate that other future development in the Taac Increment Financing
District will occut.
Section 9. Estimated Cost of Project; Tax Increment Financing Plan Budget. 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 Tas Increment Financing District, this
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 �inancing District is outlined on Exhibit A.
The HRA may spend tax increments or other revenues identified in Section ll hereof in other
areas of the City. Any expenditure of tax increments Qutside the Tazt Inctement District will
comply with the pooling limitations described under Section 23, paragraph 2, as modified by
paragraph 4 thereof.
Estimated costs associated with Tax Increment Financing District are subject to change and may
be reallocated between line items by a resolution of the I�RA. The cost of all activities to be
financed by the t� increment will not exceed, without formal modification, the budget for the
t� increments set forth on E�aibit A.
Section 10. Estimated Amount of Bonded Indebtedness. The expenditures authorized by
this Tax Increment Financing Plan may be paid either on a pay-as-you-go basis or paid from the
proceeds of tax inctement revenue bonds or notes. If bonded indebtedness payable from tas
increments is issued by the HRA or the City, the principal amount is estimated not to exceed
$4,000,000. The HI2A has or will issue conduit revenue bonds or the Development pursuant to
Minnesota Statutes, Chapter 462C. The estimated principal amount of those revenue bonds is
$55,000,000.
Section 11. Sources of Revenue The costs outlined in Section 9 above will be financed
on a pay as you go basis through the annual coilecUon of tax increments. Other sources of
revenues to pay the costs include private financing obtained by the private developer. The
market value upon completion of the Project in 2012 is estimated to be approximately
$29,280,000.
366951v3 MbID SA130-121
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Section 12. Estimated Captured Ta�c Ca�acit_y and Estimate of Tax Increment. The
property in the Tas Increment District is currently taac exempt. If the property were taYable, the
HRA estimates the current taY capacity of the portion of the parcel to be included in the Taac
Increment Financing District would be approximately $41,000. The captured tas capacity of Taac
Increment Financing District, at the completion of the construction of the Development which is
estimated to occur by January 2, 2012, is estimated to be $325,000.
The IIRA elects to retain all of the captured tas capacity to finance the costs of Tas
Increment Financing District. The HRA elects the method of tax increment computation set
forth in Minnesota Statutes, Section 469.177, Subd. 3(a).
Section 13. TvDe of Tax Increment Financin�District. TaY Increment Financing District
is a redevelopment district estabiished pursuant to Minnesota Statutes, Section 469174, Subd.
10, clauses (a)(1) and (a)(3).
The TaY Increment Financing District will contain 1 pazcel. The parcel is "occupied", as
defined in Minnesota Statutes, Section 469.17�4, Subd. 10(a)(1), in that at least 70% of the area of
the pazcel is oacupied by buildings, streets, utilities, paved or grauel parking lots or similar
structures. In addition, there is only one building located in the TaY Increment Financing
District. The building is "structurally substandard" to a degree requiring substantial renovation
or clearance. The "structurally substandard" building is not in compliance with the building code
applicable to new buildings, and the costs of modifying such building to satisfy the building code
is more than 15 peroent of the cost of constructing a new structure of the same square footage
and type on the site. The reasons and support facts for these determinations are set forth in a
report dated October 19, 2009, prepazed by Alden Associates Architectural Services in Cedar,
Minnesota, a copy of which is 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 subttacting the present value of the projected tax incxements for the maximum duration of
the Tax Increment Financing District permitted by the Tax Increment Financing Plan.
Section 14. Duration of Taac Increment Financin� District. The duration of Tax
Increment Financing District will be 25 years from the receipt of the first tax increment. The
Authority elects to first receive increment in 2013. Attached as Exhibit B is the projected receipt
of tax increments from the Tas Increment Financing District.
Section 15. Alternate Estimates of the Impact of the Tax Incxement Financing on the Net
Tax Capacities of Ail Taxina Jurisdictions. The impact of the Tax Increment Financing District
on the Taxing Jwisdiction is set forth on Exhibit C.
On the alternate assumption, that none of the estimated captured taY capaciry would be
availabie to these taxing 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 Tas
366951v3 Yt[vID SA13a-121
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Increment District, each taxing jurisdiction's ta�c capacity would be increased by the captured taY
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 appro�nately $10,652,985 assuming inflation of 1% in years 2019 through
2024. The esUmated amount of ta�c increment attributable to the School District and County
levies is estimated to be approximately $2,513,531 and $4,097,724 respectively. It is not
expected that the Tas Increment District will have any impact on the need for new or improved
public infrastructure, other than the infrastructure paid for by tax increments or from other public
and private funds currently appropriated. The impact on City provided services such as police
and fire protection are anticipated to increase only slightiy as a result of the Tax Increment
District since the Development is for seniors. The Authority will provide any additional
infrasriucture requested by the County or Schaol District.
Section 16. Modification of Tax Increment Financing District and/or Taz Increment
Financin�Plan. No modifications to T� Increment Financing Disrtict ox the Tax Increment
Financing Plan have been made as of the date hereof.
Section 17. Modifications to Tax Increment Financinp District.
In accordance with Minnesota Statutes, Section 469.175, Subd. 4, any:
1. reduction or enlargement of the geographic azea of the Tax Increment Financing
District;
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 tax capacity to be retained by ihe HRA;
increase in total estimated tax increment expenditures; or
designation of additional property to be acquired by the HRA,
shall be approved upon notice and after the discussion, public hearing and findings required for
approval of the original Tax Increment Financing Plan.
The geographic azea of the Tas Increment Financing District may be reduced, but shail not be
enlarged after five years following the date of certification of the originai 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 the T� Increment Financing District, and (2)(A) the current net tas
capacity of the parcel(s) eliminated from the Tas Increment Financing District equals or exceeds
the net taai capacity of those parcel(s) in the Tax Increment Financing DistricYs ariginal net ta�c
capacity, or (B) the HRA agrees that, notwithstanding Minnesota Statutes, Section 469.177,
Subd. 1, the original net tax capacity will be reduced by no more than the current net taY capaciry
of the parcel(s) eliminated from the Tax Increment Financing District.
366951v3 MMD SA130-121
10-515
The I-IRA must notify the County Auditor of any modification that reduces or enlazges the
geographic azea of the Tax Increment Financing District or the Redevelopment Project Area.
Modifications to Taz 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 18. Administrative Expenses.
In accordance with Minnesota Statutes, Section �69.174, Subd. 14, and Minnesota
Statutes, Section 469.176, 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
providing materials and services, including architectural and engineering services,
directly connected with the physical development of the real property in the
disrtict;
2. relocation benefits paid to or services provided far persons residing or businesses
located in the district; or
3. amounts used to pay interest on, fund a reserve for, or seli at a discount bonds
issued pursuant to Minnesota Statutes, 5ection 469.178.
Administrative expenses also include amounts paid for services provided by bond
counsel, fiscal consultants, and planning or economic development consultants. Tas increment
may be used to pay any authorized and documented administrative expenses for the Tax
Increment Financing District up to but not to exceed 10 percent of the total taat 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, tax increments may be used
to pay for the county's actual administrative expenses incurred in connection with the Taac
Increment Financing District. The county may require payment of those expenses by February
IS of the year following the year the expenses were incurred.
Pursuanf to Minnesota Statutes, Section 469.177, Subd, i I, the county treasurer shall
deduct an amount equal to approximately thiriy-six hundredths of one percent (.36%) 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 informa6on and the cost of examining and
auditing authorities' use of tas increment financing.
Pwsuant to Minnesota Statutes, Section 469.176, Subd. 6:
if after four years from the date of certification of the original net tax capacity of
the taac increment financing district pursuant to Minnesota Statutes, Section
464.177, no demolition, rehabilitation or renovation of property or other site
preparation, including qualified improvement of a street adjacent to a parcel but
not installation of utility service including sewer or water systems, has been
366951�3 MIvSD SA730-121
10-515
commenced on a pazcel located within a taat increment financing district by the
authority or by the owner of the pazcel in accordance with the tax increment
fmancing plan, no additional tax increment may be taken from that parcel and the
original net tax capacity of that parcei shall be excluded from the original net tax
capacity of the tas increment financing district. If the authority or the owner of
the parcel subsequently commences demolition, rehabilitation or renovation or
other site preparation on that parcel including qualified improvement of a street
adjacent to that parcel, in accordance with the tas increment financing plan, the
authority shail certify to the county auditor that the activity has commenced and
the county auditor shall certify the net taY capacity thereof as most recently
certified by the commissionex of revenue and add it to the original net t� 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 stceet.
Section 19. Use of Taai Increment
The HRA hereby determines that it will use 100 percent of the captured net tax capacity
of taxable property located in the Tax Increment Financing District for the following purposes:
to pay the principal of and interest on bonds used to finance a project;
2. to finance, or otherwise pay the capital and administration costs of the
Redevelopment Project Area pursuant to the Minnesota Statutes, Sections
469.001 to 469.047;
3. to pay for project costs as identified in the budget;
4. to finance, or otherwise pay far other purposes as provided in Minnesota Statutes,
Section 469.176, Subd. 4;
5. to pay principal and interest on any loans, advances or other payments made to
the HRA or for the benefit of Redevelopment Project Area by the developer;
6. to finance or otherwise pay premiums and other costs for insurance, credit
enhancement, or other security guaranteeing the payment when due of principal
and interest on taac increment bonds ar bonds issued pursuant to the TaY
Incxement Financing Plan or pursuant to Minnesota Statutes, Chapter 462C and
Minnesota Statutes, Sections 469.152 to 469.1651, or both; and
to accumulate or maintain a reserve securing the payment when due of the
principal and interest on the taY increment bonds or bonds issued pursuant to
Minnesota Statutes, Chapter 462C and Minnesota Statutes, Sections 469.152 to
469.1651, or both.
366951v3 MI4ID SA130-121
10-515
These revenues shall not be used to circumvent any levy limitations appiicabie to the
HRA nor for other purposes prohibated by Minnesota Statutes, Section 469.176, Subd. 4.
Section 20. Notification of Prior Planned Improvements.
The IIRA shall, after due and diligent search, accompany its request for certification to
the County Auditor or its notice of tt�e Taac Increment Financing District enlazgement with a
listing of all properties within the Tas Increment Financing District or azea of enlargement for
which building pernuts have been issued during the eighteen (18) months immediately preceding
approval of the Tax Increment Financing Plan by the municipality pursuant to Minnesota
Statutes, Section 469. ] 75, Subd. 3. The County Auditor shall increase the original value of the
Tax Increment Financing District by the value of improvements for which a building permit was
issued.
Section 21. Excess Taa� Increments
Pursuant to Minnesota Statutes, Section 469.176, Subd 2, in any yeaz in which the taat
increment exceeds the amount necessary to pay the costs authorized by the Plan, including the
amount necessary to cancel any taz 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;
2. discharge the pledge of tax increment therefor;
3. pay into an escrow 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 tax rates.
In addition, the HRA may, subject to the limitations set fotth herein, choose to modify the
Plan in order to finance additional public costs in the Tax Increment Financing District or
Redevelopment Project Area.
Section 22. Requirements for Agreements with Developers.
The HRA will review any proposal far private development to determine its conformance
with the Redevelopment Plan and with applicabie municipal ordinances and codes. To facilitate
this effort, the foltowing documents may be requested for review and approval: site plan,
construction, mechanical, and electrical system drawings, landscaping plan, grading and storm
drainage plan, signage system plan, and any other drawings or narrative deemed necessary by the
City to demonstrate the conformance of the development with city plans and ordinances. The
HRA may also use the agreements to address other issues related to the development.
Pursuant to Minnesota Statutes, Section 464.176, Subd. 5, no more than twenty-five
percent (25%), by acreage, of the property to be acquired in the Tax Increment Financing District
as set forth in the Tax Increment Financing Plan shall at any time be owned by the HRA as a
result of acquisition with the proceeds of bonds issued pursuant to Minnesota Statutes, Section
366951v3 MNID SA130-121
10-515
469.178, without the HRA having, prior to acquisition in excess of twenty-five percent (25%) 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 23. Other Limitations on the Use of TaY Increment
General Limitations All revenue derived from t� increment shall be used in
accordance with the Tax Increment Financing Plan. The revenues shall be used to
finance, or otherwise pay the capital and administration costs of the
Redevelopment Project Area pursuant to the HRA Law;
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 municipaiity, county,
school district, or any other local unit of government or the state or federal
government, or for a commons area used as a public park, or a facility used for
social, recreation or conference purposes. This provision shall not prohibit the
use of revenues derived from taa� increments for the constnxction or renovation of
a pazking structure.
2. Pooline Limitations. Except as otherwise provided in paragraph 4 below, at least
seventy-five percent (75%) of tax increments from the Tas Tncrement Financing
Distcict must be expended on acCivities in the T� 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
TaY 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 T� Increment Financing District.
3. Five Year Limitation on Commitment of Tax Increments Tax increments derived
from the Tax Increment Financing District shail be deemed to have satisfied the
75 percent test set forth in paragraph (2) above only if the five yeaz rule set forth
in Minnesota Statutes, Section 469.1763, Subd. 3, has been satisfied; and
beginning with the sixth year foilowing certification of the Tax Increment
Financing Distr 75 percent of said taY increments that remain after
expenditures permitted under said five year rule must be used only to pay
previously commitment e;cpenditures or credit enhanced bonds as more fully set
forth in Minnesota Statutes, Section 469.1763, Subd. 5.
4. Expenditures Outside District. The Authority hereby elects to spend an additional
ten percent of the tax increments on activities located outside the Tax Increment
366951v3 MbID SA130-121
io-sis
District as permitted by Minnesota Statutes, Section 469.17b3, Subd. 2(d)
provided that the expenditures meet the following requirements:
(1) they are used exclusively to assist housing that meets the
requirements for a qualified low-income building as defined in Section 42 of the
Internal 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 allowed 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 pubiic improvements
directly related to the housing.
5ection 24. Countv Road Costs.
Pursuant to Minnesota Statutes, Section 469.175, Subd. 1 a, the county board may require
the HRA to pay for all or part of the cost of county road improvements if, the proposed
development to be assisted by tax increment wiil, in the judgment of the county, substantially
increase the use of county roads requiring conshuction of road improvements or other road costs
and if the road improvements are not scheduled within the next five years under a capital
improvement plan or other county plan.
In the opinion of the HRA and consultants, the proposed development outlined in this
Pian will hava 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 25. Assessment A�reements.
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 TaY Increment Financing
District which estabiishes a minimum market value of the 1and and compieted 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, xeview the market value pxeviously assigned to the land upon which the
improvements are to be constructed and, so long as the minimum market value contained in the
assessment agreement appeaz, in the judgment of the assessor, to be a reasonable estimate, the
assessor may certify the minimum market value agreement.
Section 26. Administration of the Tax Increment Financing District.
Administration of the Tax Increment Financing District will be handled by the Executive
Director of the HRA.
366951v3 MMD SA130-121
1�
io-sis
Section 27. Financial Re�ortin� Requirements.
The HRA will comply with ail reporting requirements of Minnesota Statutes, Section
469175, Subd. 5, 6 and 6a.
366951v3 MMD SA130-121
11
EXHIBIT A
T� Increment Financing Plan Budget
Name of Dish Carondelet
Type of District: Redevelopment District
Dwation of District: 25 years following I st collection
TaY Increment Revenue 1) 1�,61
Interest on Invested Funds
LoanlSond Proceeds
Real Estate Sales
S ecial Assessments
RentlLease Revenue
Grants (S ecify)
Other Sources (Specify)
Transfers In (S ecify)
Tota1 Sources of Funds 10,61
USES OF FUNAS TIF Financin:
LandlBuilding Ac uisition
Site Im rovements/Pre aration Costs 3,16
Installation of Public Utiliries
Parkin Facilities and Foundation
Street and Sidewalks
Public Park Facilities
Bond Princip;
Bond Interest
LoanlBond P�
Loan/Bond/lVote Interest
Administrative Costs
Bond Issuance Costs
Pollution Abatement
Canitalized Interest
Other Uses S ecify) Affordable Housin 2,65
Transfers Out S ecify)
Tota1 Uses of Funds 10,61
(1) Net of State Auditor Deduction
i
1
10-515
366951v3 MMD SA130-121
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EXHIBIT C
Fiscal and Economic Impact on Other Taxing Jurisdictions
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