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Home My WebLink AboutResolution No. 2008-03 Modifying TIF Plan For Districts #1200, #1201 & #1203 w9YN�11� ok e EDINA HOUSING AND REDEVELOPMENT AUTHORITY CITY OF EDINA ' may° HENNEPIN COUNTY •<,.1,,n j STATE OF MINNESOTA Council member Linda Masica introduced the following resolution and moved its adoption: City Of Edina RESOLUTION NO.2008-3 RESOLUTION ADOPTING AN ADMINISTRATIVE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 1200 TAX INCREMENT FINANCING DISTRICT NO. 1201 AND TAX INCREMENT FINANCING DISTRICT NO. 1203. BE IT RESOLVED by the Board of Directors (the "Board") of the Housing and Redevelopment Authority of the City of Edina,Minnesota(the "HRA"),as follows: Section 1. Recitals. 1.01. The HRA has heretofore established Tax Increment Financing District No. 1200, Tax Increment Financing District No. 1201 and Tax Increment Financing District No. 1203 (collectively the "TIF Districts") and adopted Tax Increment Financing Plans (the "TIF Plans") therefor. It has been proposed that the HRA adopt an administrative modification to the TIF Plans (the "Administrative Modifications") for the TIF Districts; all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799, all inclusive, as • amended, (the "Act"),all as reflected herein, and presented for the HRA's consideration. 1.02. The HRA has investigated the facts related to the Administrative Modification and has caused the Administrative Modification to be prepared. 1.03. The HRA has performed all actions required by law to be performed prior to the adoption and approval of the proposed Administrative Modification. Because of the nature of this modification, and because this Administrative Modification does not entail an enlargement of geographic area, an increase in the amount of bonded indebtedness, an increase to the amount of interest on debt, an increase in the portion of the captured net tax capacity, or an increase in the total estimated tax increment expenditures, this Administrative Modification is not subject to a public hearing requirement nor a notice to the County and School Districts. 1.04. The City is not modifying the boundaries of the TIF District. 1.05, The City is not extending the term of the TIF District. Section 2. Findings: 2.01. The Administrative Modification includes the reallocation of currently authorized tax increments to pay additional administrative costs. The Administrative Modification does not increase the TIF Plan's total budget. 2.02. The TIF Plans currently authorize tax increment revenues to be transferred from District • No. 1200 and District No. 1201 into District No. 1203 for the payment of principal and interest on bonded indebtedness. It is necessary and desirable to allow for the ability to account for the use of tax increment revenues to pay principal and interest on bonded indebtedness as either a transfer of funds or a direct City Hall 952-927-8861 4801 WEST 50TH STREET FAX 952-826-0390 EDINA,MINNESOTA,55424-1394 www.cityofedina.com TTY 952-826-0379 ,i expenditure. To comply with the reporting requirements of the Office of the State Auditor it is necessary to modify the budget for District #1200 (50`h and France), District #1201 (Edinborough) and District #1203 (Centennial Lakes)to provide for additional transfer of tax increment revenue from District#1200 • (50`h and France) and District #1201 (Edinborough) to District #1203 (Centennial Lakes). The City hereby modifies the budgets for the TIF Districts as illustrated in Exhibit A attached hereto. Section 3. Public Purpose. 3.01. The HRA hereby finds that the Administrative Modification conforms in all respects to the requirements of the Act and will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Redevelopment Projects by private enterprise and will result in higher quality infrastructure in the City, and thereby serves a public purpose. Section 4. Approval of the Modification; Filing. 4.01. The budget for District #1200 (50`h and France) is hereby modified to increase the line item for Transfers Out by$2,000,000, the budget for District#1201 (Edinborough) is hereby modified to increase the line item for Transfers Out by $5,000,000, and the budget for District #1203 (Centennial Lakes) is hereby modified to increase the line item for Transfers In by $7,000,000 and reduce corresponding line items for bond principal and bond proceeds. 4.01. The Administrative Modification is hereby approved, and shall be placed on file in the office of the Executive Director of the HRA. Approval of the Administrative Modification does not constitute approval of any project or a development agreement with any developer. 4.02. The staff of the City is authorized to file the Administrative Modification with the Hennepin County Auditor,the Minnesota Department of Revenue,and the Office of the State Auditor. . 4.04. The staff of the City and the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Administrative Modification and for this purpose to negotiate, draft, prepare and present to the HRA for its consideration all urther plans, resolutions, documents and contracts necessary for this purpose. Adopted by 2Boaro�jof Co mi i ners of the Edina H n Redevelopment Authority this 18" day of Nove8. ATTEST: Executive l5frecYor Chair STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) SS CITY OF EDINA ) CERTIFICATE OF EXECUTIVE DIRECTOR 1,the undersigned duly appointed and acting Executive Director for the Edina Housing and Redevelopment Authority do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina Housing and Redevelopment Authority at its Regular Meeting of November 18,2008, and as recorded in the Minutes of said Regular Meeting. WITN SS han and e 1 of said City this day of 520 . E cutive Direct 2 Exhibit A • AMENDED BUDGET -TID 1200 (50th & France) Expenses/Revenues Proposed Amended Sources of Funds Current Budget thru 12-31-07 Budget Tax Increment Revenue $ 31,748,489 $ 24,571,448 $ 31,748,489 Interest on Invested Funds 2,000,000 2,747,172 2,000,000 Bond Proceeds 5,280,000 5,251,998 5,280,000 Real Estate Sales 170,782 170,782 170,782 Special Assessments 1,321,096 728,505 1,321,096 Rent/Lease Revenue - - - Grants 186,064 186,064 186,064 Other State Aid 418,871 418,871 418,871 Parking Permits 268,524 268,524 268,524 Misc. 73,881 73,881 73,881 Transfers in - - - Total Sources of Funds $ 41,467,707 $ 34,417,245 $ 41,467,707 Uses of Funds Land/Building Acquisition $ 873,061 $ 873,061 $ 873,061 Site Imp./Preparation 5,742,378 5,742,378 5,742,378 Parking Facilities 2,124,656 2,119,654 2,124,656 Bond Principal Payments 34,460,000 5,360,000 32,460,000 Bond Interest Payments 24,468,956 4,140,864 24,468,956 Loan/Note Interest 463,037 463,037 463,037 Administration 1,230,000 1,205,451 1,230,000 Other - - - Misc. 62,095 63,010 62,095 Other Improvements 27,901 27,901 27,901 Paid to other Govts. 21,000 18,982 21,000 Total Uses of Funds $ 69,473,084 $ 20,014,338 $ 67,473,084 District Balance (Deficiency) $ (28,005,377) $ 14,402,907 $ (26,005,377) Transfers Out $ 15,000,000 $ 14,325,000 $ 17,000,000 District Balance (Deficiency) $ (43,005,377) $ 77,907 $ (43,005,377) NOTES: CURRENT BUDGET LESS BOND P&1,AND NOTE INTEREST. $ 10,081,091 PROPOSED BUDGET LESS BOND P&I,AND NOTE INTEREST. $ 10,081,091 • Page 1 Exhibit A • AMENDED BUDGET -TID 1201(EDINBOROUGH) Expenses/Revenues Sources of Funds Current Budget thru 12-31-07 Amended Budget Tax Increment Revenue $ 75,000,000 $ 57,551,878 $ 75,000,000 Interest on Invested Funds 3,500,000 2,665,830 3,500,000 Bond Proceeds 21,470,000 20,219,852 21,470,000 Real Estate Sales 3,000,000 2,642,115 3,000,000 Loan Proceeds 1,321,096 1,672,612 1,321,096 Special Assessments - - - Rent/Lease Revenue - - - Grants - - - Other - - - CDBG 189,221 189,221 189,221 Misc. 50,000 1,357 50,000 Transfers in - - - Total Sources of Funds $ 104,530,317 $ 84,942,865 $ 104,530,317 Uses of Funds Land/Building Acquisition $ 12,200,000 $ 6,894,303 $ 12,200,000 Site Imp./Preparation 2,000,000 468,098 2,000,000 Public Utilities 16,000,000 14,278,823 16,000,000 Parking Facilities - - - Streets&Sidewalks - - - Park Facilities - - - • Social/Recreational - - - Interest Reduction 1,850,000 1,672,612 1,850,000 Bond Principal Payments 50,650,000 22,445,000 45,650,000 Bond Interest Payments 39,830,627 19,772,264 39,830,627 Loan Principal Payments - - - Loan/Note Interest - - - Administration 1,800,000 1,673,988 1,800,000 Other - - - Park Dedication 767,852 767,852 767,852 Paid to other Govts. 110,000 91,949 110,000 Total Uses of Funds $ 125,208,479 $ 68,064,889 $ 120,208,479 District Balance (Deficiency) $ (20,678,162) $ 16,877,976 $ (15,678,162) Transfers Out $ 17,000,000 $ 16,831,699 $ 22,000,000 District Balance (Deficiency) $ (37,678,162) $ 46,277 $ (37,678,162) NOTE: CURRENT BUDGET LESS BOND P&l,AND NOTE INTEREST: $ 34,727,852 PROPOSED BUDGET LESS BOND P&I AND TRANSFERS: $ 34,727,852 S Page 2 Exhibit A AMENDED BUDGET -TID 1203(CENTENNIAL LAKES) Expenses/Revenues Sources of Funds Current Budget thru 12-31-07 Amended Budget Tax Increment Revenue $ 90,000,000 $ 34,770,098 $ 90,000,000 Interest on Invested Funds 2,500,000 3,504,388 2,500,000 Bond Proceeds 41,400,000 33,761,677 34,400,000 Real Estate Sales 11,637,070 11,637,070 11,637,070 Special Assessments 1,321,096 - 1,321,096 Rent/Lease Revenue - - - Grants - - - Other - - - Misc. 20,000 21,799 20,000 Sale of Materials 255,710 255,710 255,710 Developer Payments 297,826 297,826 297,826 Transfers in 33,000,000 32,267,924 40,000,000 Total Sources of Funds $ 180,431,702 $ 116,516,492 $ 180,431,702 Uses of Funds Land/Building Acquisition $ 22,981,425 $ 22,981,425 $ 22,981,425 Site Imp./Preparation 10,432,747 10,183,657 10,432,747 Public Utilities - - - Parking Facilities 8,860,000 - 8,860,000 • Streets&Sidewalks - - - Park Facilities 6,578,483 6,504,773 6,578,483 Social/Recreational - - - Interest Reduction - - - Bond Principal Payments 41,400,000 22,829,724 41,400,000 Bond Interest Payments 38,000,000 33,635,357 38,000,000 Loan Principal Payments - - - Loan/Note Interest 14,684,711 4,458,855 14,684,711 Administration 1,600,000 1,326,749 1,600,000 Other - - - Parkland Dedication 2,030,345 2,030,345 2,030,345 Paid to other Govts. 42,000 33,126 42,000 Total Uses of Funds $ 146,609,711 $ 103,984,011 $ 146,609,711 District Balance (Deficiency) $ 33,821,991 $ 12,532,481 $ 33,821,991 Transfers Out $ - District Balance (Deficiency) $ 33,821,991 $ 12,532,481 $ 33,821,991 NOTES: CURRENT BUDGET LESS BOND P&l,AND NOTE INTEREST. $ 52,525,000 PROPOSED BUDGET LESS BOND P&1,AND NOTE INTEREST. $ 52,525,000 • Page 3