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Home My WebLink About2019-12-11 Planning Commission PacketAgenda Plan n ing Com m ission City Of Edina, Minnesota City Hall, Council Chambers Wednesday, December 11, 2019 7:00 PM I.Call To Order II.Roll Call III.Approval Of Meeting Agenda IV.Approval Of Meeting Minutes A.Minutes: Planning Commission November 13, 2019 V.Community Comment During "Community Comment," the Board/Commission will invite residents to share relevant issues or concerns. Individuals must limit their comments to three minutes. The Chair may limit the number of speakers on the same issue in the interest of time and topic. Generally speaking, items that are elsewhere on tonight's agenda may not be addressed during Community Comment. Individuals should not expect the Chair or Board/Commission Members to respond to their comments tonight. Instead, the Board/Commission might refer the matter to sta% for consideration at a future meeting. VI.Public Hearings A.PUBLIC HEARING: Preliminary Plat with Variances for 4625 Lexington Ave. VII.Reports/Recommendations A.Finding that the Acquisition of 4040 W. 70th Street is Consistent with the Comprehensive Plan – Tax Increment Financing District VIII.Correspondence And Petitions IX.Chair And Member Comments X.Sta< Comments XI.Adjournment The City of Edina wants all res idents to be c om fortable being part of the public proc ess . If you need as sistance in the way of hearing ampli>c ation, an interpreter, large-print documents or s om ething els e, pleas e c all 952-927-8861 72 hours in advanc e of the m eeting. Date: December 11, 2019 Agenda Item #: I V.A. To:P lanning C ommission Item Type: Minutes F rom:Liz O ls on, Administrative S upport S pecialist Item Activity: Subject:Minutes : P lanning C ommis s ion November 13, 2019 Ac tion C ITY O F E D IN A 4801 West 50th Street Edina, MN 55424 www.edinamn.gov A C TI O N R EQ U ES TED: P lease approve the M inutes from the P lanning Commission meeting on November 13, 2019. I N TR O D U C TI O N: AT TAC HME N T S: Description Minutes Planning Commission November 13, 2019 Draft Minutes® Approved MinutesO Approved Date: , 2019 Minutes City Of Edina, Minnesota Planning Commission Edina City Hall Council Chambers November 13, 2019 I. Call To Order Chair Olsen called the meeting to order at 7:03 PM. II. Roll Call Answering the roll call were: Commissioners Miranda, Berube, Strauss, Melton, Nemerov, Bennett, Lee, Douglas and Chair Olsen. Staff Present: Cary Teague, Community Development Director, Kris Aaker, Assistant Planner, Emily Bodeker, Assistant Planner, Stephanie Hawkinson, Affordable Housing Development Manager, Liz Olson, Administrative Support Specialist. Absent from the roll call: Commissioner Thorsen, Velavuli. III. Approval Of Meeting Agenda Commissioner Lee moved to approve the November 13, 2019, agenda. Commissioner Berube seconded the motion. The motion carried unanimously. IV. Approval Of Meeting Minutes A. Minutes: Planning Commission, October 23, 2019 Commissioner Lee requested the following amendments: I. Page 3 Change sentence to read "Commissioners summarized what they thought were driving factors for approval of the variance, including many issues encumber the property, the setback was adequate, and many inconsistencies already exist in the area. There was also neighborhood approval and the applicant were sincere." 2. Page 5 Remove bullet points of who spoke at the public hearing. 3. Page 6 Last bullet written to be clearer Commissioner Nemerov moved to approve the October 23, 2019, meeting minutes as amended. Commissioner Bennett seconded the motion. Motion carried. Page 1 of 4 Draft Minutes® Approved Minutes q Approved Date: _, 2019 V. Community Comment None. VI. Public Hearings A. Variance Request — 4617 Cascade Lane Assistant City Planner Bodeker presented the request of a Variance for a 3.1-foot side yard setback. Staff recommended approval of the 3.1-foot side yard setback variance, as requested, subject to the findings and conditions listed in the staff report. Mr. Jared Reiner, applicant, addressed the Commission. Public Hearing None Commissioner Bennett moved to close the public hearing. Commissioner Lee seconded the motion. Motion carried. Motion Commissioner Nemerov moved that the Planning Commission recommend approval of the variance request as outlined in the staff memo subject to the conditions and findings therin. Commissioner Bennett seconded the motion. Motion carried. B. 2018 Comprehensive Plan Update Mr. Bill Smith, Biko Associates, Inc., Ms. Haila Maze, Bolton & Menk, Inc., and Mr. Dan Cornejo, Cornejo Consultants presented the 2018 Comprehensive Plan update for Commission review. Staff recommended approval of the 2018 Comprehensive Plan Update, as requested, subject to the findings and conditions listed in the staff report. Ms. Maze shared information on the population figures that were updated. • The minimum standard to address the population figures was every ten years and was associated with the Comprehensive Plan cycle. The 2020 census will give them the opportunity for recalibration on the numbers. Public Hearing Mr. Steve Brown, 5528 Halifax Lane, addressed the Commission and indicated he favored approval of the Comprehensive Plan. Ms. Carolyn Jackson, 5716 Continental Drive, addressed the Commission and indicated she favored approval of the Comprehensive Plan. Page 2 of 4 Draft Minutes® Approved Minutes0 Approved Date: , 2019 Ms. Hope Melton, 4825 Valley View Drive, addressed the Commission and indicated she favored approval of the Comprehensive Plan. Ms. Roberta Castellano, 4854 France Avenue S., addressed the Commission and indicated she did not support approval of the Comprehensive Plan. Commissioner Bennett moved to close the public hearing. Commissioner Miranda seconded the motion. Motion carried. The Commission discussed with staff issues brought up during the public hearing regarding an accusation that the City concealed information about density changes. The Commission indicated three different approaches came forward while working on the small area plan. First was excitement of a new plan; second was to stop all plans; and, the third was to look at the trends and determine how things change over time. The Commission acknowledged that change was hard but if plans are not made for change, there can be issues. The Commission expressed concern with criticism of the Edina Schools and agreed the City did an outstanding job with the 2018 Comprehensive Plan update. The Commission indicated it was excited to implement the Comprehensive Plan with other City Commissions and while there were concerns with parts of the Comprehensive Plan, it needed to stay general, based on population trends, and the resulting changes it will bring. It was noted the Comprehensive Plan was a living document and open to amendments. Motion Commissioner Nemerov moved that the Planning Commission recommend approval to the City Council of the 2018 Comprehensive Plan Update as outlined in the staff memo. Commissioner Bennett seconded the motion. Motion carried. VII. Reports/Recommendations A. 7075-79 Amundson — Tax Increment Financing District Affordable Housing Development Manager Hawkinson presented the request for Tax Increment Financing (TIF) District for 7075-79 Amundson. Ms. Hawkinson stated the Planning Commission was asked to confirm the proposed project was generally in compliance with Edina's Comprehensive Plan. It was noted a public hearing was scheduled for December 3, 2019. Staff recommended approval of the TIF District, as requested, subject to the findings and conditions listed in the staff report. Motion Commissioner Lee moved that the Planning Commission recommend approval to the City Council Resolution 2019-21, finding that the Amundson Avenue Tax Increment Financial Plan conforms to the General Plans for the development and redevelopment of the City. Commissioner Miranda seconded the motion. Motion carried. Page 3 of 4 Draft Minutes® Approved MinutesD Approved Date: , 2019 VIII. Correspondence and Petitions None. IX. Chair and Member Comments Commissioner Strauss shared information regarding the Planning Commission learning session he and Commissioner Lee attended. Commissioner Lee also shared input on the learning session. Commissioner Miranda noted that Metro Transit staff had recommended the France Avenue alignment for the E-Line BRT. He indicated he joined the Hennepin County Bicycle Advisory Committee for District 6. Commissioner Lee updated the Commission on the TDM Workgroup meeting. X. Staff Comments None. XI. Adjournment Commissioner Berube moved to adjourn the November 13, 2019, Meeting of the Edina Planning Commission at 9:00 PM. Commissioner Bennett seconded the motion. The motion carried unanimously. Page 4 of 4 Date: December 11, 2019 Agenda Item #: VI.A. To:P lanning C ommission Item Type: R eport and R ecommendation F rom:C ary Teague, C ommunity Development Director Item Activity: Subject:P UBLI C HEAR I NG : P reliminary P lat with Variances for 4625 Lexington Ave. Ac tion C ITY O F E D IN A 4801 West 50th Street Edina, MN 55424 www.edinamn.gov A C TI O N R EQ U ES TED: R ecommend the C ity C ouncil approve the request. I N TR O D U C TI O N: David and Jessica L indberg are proposing to subdivide their property at 4625 L exington into two lots. T he existing home on the lot would be torn down, and two new homes built on the new parcels. B oth lots would gain access off L exington Avenue. T his lot was originally platted as two lots. T he applicants are proposing to restore the original plat. AT TAC HME N T S: Description Staff Report Engineering Memo Site Location Maps Applicant Narrative Original Littel Park Plat History of Recent Similar Reques ts Proposed Plat Grading & Drainage Plan Median Calculations - Lot Area, Width, Depth Street View - Lexington Ave (Looking West) December 11, 2019 Planning Commission Cary Teague, Community Development Director PUBLIC HEARING: Preliminary Plat with Variances for 4625 Lexington Avenue Information / Background: David and Jessica Lindberg are proposing to subdivide their property at 4625 Lexington into two lots. The existing home on the lot would be torn down, and two new homes built on the new parcels. Both lots would gain access off Lexington Avenue. This lot was originally platted as two lots. The applicants are proposing to restore the original plat. (See applicant narrative and plans attached.) To accommodate the request the following is required: 1. A subdivision; 2. Lot width variances from 75 feet to 60 feet for both lots; and 3. Lot area variances from 9,306 square feet to 8,106 and 8,128 square feet; and Within this neighborhood, the median lot area is 9,306 square feet, median lot depth is 135 feet, and the median lot width is 68 feet. (See attached median calculations.) Note on the attached site location maps that the lots to the east, west and south are the same size as the proposed lots. They were part of the Subdivision of Littel Park. Surrounding Land Uses The lots on all sides of the subject properties are zoned and guided low-density residential. Existing Site Features The existing site contains a single-family home. STAFF REPORT Page 2 Planning Guide Plan designation: Single-dwelling residential Zoning: R-1, Single-dwelling district Lot Dimensions Area Lot Width Depth REQUIRED 9,300 s.f. 75 feet 135 feet Lot 6 8,106 s.f.* 60 feet* 135 feet Lot 7 8,128 s.f.* 60 feet* 135 feet * Variance Required Grading/Drainage and Utilities The city engineer has reviewed the proposed plans and found them acceptable, subject to conditions. (See the attached memo from the city engineer.) Drainage would flows to the street in the front yard and to the rear toward rainwater garden/infiltration basins that would be constructed in the rear yard of each lot. (See attached grading and drainage plan.) There shall be no increase in peak rate or volume to neighboring properties. Any disturbance to the roadway caused by the construction of the new homes must be repaired. The detailed grading plans would be reviewed by the city engineer at the time of a building permit application. A construction management plan will be required for the construction of the new home. Specific hook-up locations would be reviewed at the time of a building permit for each lot. A Minnehaha Creek Watershed District permit would also be required. History of Subdivision Requests with Variances The City of Edina has considered several subdivision requests with variances in this general area. (See attached area map.) The following is the history in the past 14 years: History of Recent Subdivisions with Variances 1. In 2006, the property at 5901 France Avenue received variances to build four (4) 66-foot wide lots consistent with the area. (Median = 9,269 s.f. & 73 feet wide.) 2. In 2008, 6120 Brookview Avenue was proposed to be divided into two (2) 50-foot lots; however, the applicant withdrew the request before action was taken. (Median = 6,700 s.f. & 50 feet wide.) 3. In 2009, a 100-foot lot at 5920 Oaklawn was granted variances to divide into two (2) 50-foot lots. (Median = 6,699 s.f. & 50 feet wide.) STAFF REPORT Page 3 4. In 2011, the property at 5829 Brookview was granted variances to divide into two (2) 50-foot lots. (Median = 6,769 s.f. & 50 feet wide.) 5. In 2012, the property at 6109 Oaklawn was denied the request to subdivide the property into two (2) 50-foot lots. (Median = 6,701 s.f. & 50 feet wide.) 6. In 2012, 6120 Brookview was again proposed for subdivision. That request was denied. (Median = 6,700 s.f. & 50 feet wide.) 7. In 2012, 5945 Concord was denied the request to subdivide the property into two (2) 50-foot lots. (Median = 10,028 s.f. & 77 feet wide.) 8. In 2015, a 100-foot lot at 5825 Ashcroft Avenue was granted variances to divide into two (2) 50-foot lots. (Median = 6,790 s.f. & 50 feet wide.) 9 In 2015, 5945 Concord was approved for a request to subdivide the property into two (2) 50-foot lots. (Median = 10,028 s.f. & 77 feet wide.) 10. In 2016, 5845 Kellogg Avenue was denied a request to subdivide the property into two (2) 50-foot lots. (Median = 6,715 s.f. & 50 feet wide.) 11. In 2017, 6124 Ewing Avenue was approved for a request to subdivide into two (2) lots with lot width and area variances. (Median = 11,500 s.f. & 80 feet wide.) 12. In 2017, 5404 Park Place was approved for a request to subdivide into two (2) lots with lot width variances from 75 feet to 65 feet for each lot; and lot area variances from 9,000 square feet to 8,705 and 8,840 square feet. (Median = 8,107 s.f. & width was 60 feet wide.) 13. In 2019, 5841 Oaklawn was approved for a request to subdivide into two (2) lots with lot width variances from 75 feet to 50 feet for one lot; and lot area variances from 9,000 square feet to 8,793 and 6,694 square feet. The City has approved and denied similar subdivisions in this neighborhood. However, in the instances when subdivisions have been denied, the area immediately surrounding the site contained a wide variety of lot sizes. In instances when subdivisions have been approved, the requesting lot was oversized (twice as large) compared to lots in the immediate area. This lot is similar in size to other lots on this portion of Lexington Avenue. The majority of lots are oversized. (See attached location maps.) Park Dedication Because this lot was originally platted as two lots; the proposal is to restore the original plat, no park dedication is required. STAFF REPORT Page 4 Primary Issue Are the findings for a variance met? • Are the findings for a variance met? Yes. Staff believes that the findings for a Variance are met for this subdivision. Per state law and the Zoning Ordinance, a variance should not be granted unless it is found that the enforcement of the ordinance would cause practical difficulties in complying with the zoning ordinance and that the use is reasonable. As demonstrated below, staff believes the proposal meets the variance standards, when applying the three conditions: a) Will the proposal relieve practical difficulties that prevent a reasonable use from complying with the ordinance requirements? Yes. Reasonable use does not mean that the applicant must show the land cannot be put to any reasonable use without the variance. Rather, the applicant must show that there are practical difficulties in complying with the code and that the proposed use is reasonable. “Practical difficulties” may include functional and aesthetic concerns. The practical difficulty is due to the fact that previous property owners did not develop on the lot that is proposed to be divided. The original owner purchased two lots and combined them into one lot, and built a home over the two lots. (See the attached original plat.) The requested variances to split this lot are reasonable in the context of the immediate neighborhood. The lots to the west and south are the same size as proposed, and the lot to the east appears narrower, due to the large wetland on the site. The homes to the north, front on Oak Drive, and have their rear yard face the subject property. The proposed subdivision would result in two lots more characteristic of the neighborhood. If the variances were denied, the applicant would be denied a subdivision of property which the lots would be the same or similar to existing lots in the area. As demonstrated, the median width in this neighborhood is 68 feet wide, which is more consistent with the proposed lots and not the existing 120-foot wide lot. The applicant is proposing to restore the lots into the form of the original plat. b) There are circumstances that are unique to the property, not common to every similarly zoned property, and that are not self-created? The circumstances regarding the size of the lot, and that a previous property owner built on and developed the site from two lots into one. That condition was not created by the applicant. c) Will the variance alter the essential character of the neighborhood? No. The proposed improvements requested by the variance would not alter the essential character of the neighborhood. Two new single family homes would be constructed on lots similar in size to the lots to the west and south. STAFF REPORT Page 5 Options for Consideration As demonstrated on pages 2-3 of this report, there are options for consideration when considering a subdivision like this one. The following outlines options for the Planning Commission and City Council to consider. Denial Recommend that the City Council deny the proposed two lot subdivision of 4625 Lexington Avenue with lot width variances from 75 feet to 60 feet and lot area variances from 9,300 square feet to 8,106 and 8,128 square feet. Denial is based on the following findings: 1. The Subject Property is a conforming single-family residential lot with a new single-family house and has a taxable market value of $721,400. Reasonable use of the property exists today. 2. There are no practical difficulties in complying with the zoning ordinance standards. The requested variances to split this lot are not reasonable in the context of the immediate neighborhood. The existing lot is similar in size to the adjacent properties on this end of Lexington Avenue. The Subject Property is 16,181 square feet in size and 120 feet wide, more like the lot across the street at 13,216 square feet and 100 feet wide, and the two end lots which are 13,216, 13,523, and 20,000 square feet in size. 3. The practical difficulty alleged by the applicant’s proposal to subdivide the property is self- created. 4. The need for the variance is created only by Applicant’s desire to maximize the return on its investment. Such economic considerations alone do not constitute practical difficulties. Approval Recommend that the City Council approve the proposed two lot subdivision of 4625 Lexington Avenue with lot width variances from 75 feet to 60 feet and lot area variances from 9,300 square feet to 8,106 and 8,128 square feet. Approval is based on the following findings: 1. Except for the variances, the proposal meets the required standards and ordinance for a subdivision. 2. The proposal re-establishes the original plat of two lots. 3. The practical difficulty is due to the fact that previous property owners did not develop on the lot that is proposed to be divided. The original owner purchased two lots and combined them into one lot, and built a home over the two lots. 4. The requested variances to split this lot are reasonable in the context of the immediate neighborhood. The lots to the west and south are the same size as proposed, and the lot to STAFF REPORT Page 6 the east appears narrower, due to the large wetland on the site. The homes to the north face Oak Drive, and have their rear yard face the subject property. 5. The proposed subdivision would result in two lots more characteristic of the lots to the west and south. 6. The median width in this neighborhood is 68 feet wide, which is more consistent with the proposed lots and not the existing 120 foot wide lot. Approval is subject to the following conditions: 1. The City must approve the final plat within one year of preliminary approval or receive a written application for a time extension or the preliminary approval will be void. 2. Prior to issuance of a building permit, the following items must be submitted: a. Submit evidence of Minnehaha Creek Watershed District approval. The City may require revisions to the preliminary plat to meet the district’s requirements. b. A curb-cut permit must be obtained from the Edina engineering department. c. A grading, drainage and erosion control plan subject to review and approval of the city engineer. The proposed plans shall meet all conditions outlined in the engineering memo dated October 29, 2019. d. There shall be no increase in peak rate or volume to neighboring private property. e. Any disturbance to the roadway caused by the construction of the new homes must be repaired by replacing the asphalt pavement from curb-to-curb and from saw-cut to saw-cut. f. A construction management plan will be required for the construction of the new homes. g. Utility hook-ups are subject to review of the city engineer. Staff Recommendation Recommend that the City Council approve the proposed two lot subdivision of 4625 Lexington Avenue with lot width variances from 75 feet to 60 feet and lot area variances from 9,300 square feet to 8,106 and 8,128 square feet. Deadline for a City Decision: February 1, 2020 DATE: November 27, 2019 TO: Cary Teague – Planning Director FROM: Zuleyka Marquez, Graduate Engineer RE: 4625 Lexington Avenue – Preliminary Development Review The Engineering Department has reviewed the subject property for street and utility concerns, grading, storm water, erosion and sediment control and for general adherence to the relevant ordinance sections. This review was performed at the request of the Planning Department. Plans reviewed include a stormwater plan revised 11/15/19. Erosion and Sediment Control • An erosion and sediment control plan will need to be submitted and reviewed to ensure it is consistent with City of Edina Building Policy SP-002. Grading and Stormwater Mitigation • The proposed plan includes full redevelopment of the property. The majority of the existing site drains to the east and south towards private property. A portion of the site drains to the street, which drains to a structural flooding issue (MHS_26). Proposed drainage is similar to the existing lot. Swales along the property lines are proposed to direct drainage away from adjacent private structures. Additionally, a rain garden is proposed on each lot. • Impervious surface calculations along with hydrocad will be required at permit review. Applicant to demonstrate no increase in peak rate to private properties for 10% annual probability event (NOAA Atlas 14, 10-year). • Final grade as-built surveys and inspections will be required to verify compliance with the approved stormwater management plans. Floodplain Development • No comment. Street and Curb Cut • Applicant proposes two new curb cuts (one is a relocation). • Separate residential curb cut permits will be required. The work shall be completed per Edina Standard Plates 400, 405, and 500. Public Utilities • Water and sanitary is currently served from Lexington Avenue. • A one-inch water service line from the curb stop to each dwelling is required per the City of Edina Building Policy SP-024. Applicant proposes to reuse existing 1” water service for Lot 6. • If existing sanitary services are vitrified clay pipe, upgrade to current standards. • Roadway was reconstructed in 2016. Thus, the bituminous roadway patching shall be completed per Edina Standard Plates 540 and 541. The road is anticipated to be seal coated in 2022. • Sewer and water connection charges shall be paid prior to building permit issuance. • SAC fees shall be paid prior to building permit issuance. O ther Items • A Minnehaha Creek Watershed District permit may be required for the subdivision and each individual site, along with other agency permits such as MNDH, MPCA, and MCES. • The original home was built in1948 and the water main was installed in 1946. Thus, a well is likely not located onsite. • Retaining walls are proposed. If greater than 4-feet, the applicant will be required to submit drawings, cross-section, and calculations prepared and signed by a Minnesota licensed professional engineer. www.EdinaMN.gov 1 The CITY of EDINA History of Similar Requests EdinaMN.gov 1 2&6 3 4 7&9 8 5 1 History of Recent Similar Subdivisions 1.In 2006, the property at 5901 France Avenue received variances to build four (4) 66-foot wide lots consistent with the area. (Median = 9,269 s.f. & 73 feet wide.) 2.In 2008, 6120 Brookview Avenue was proposed to be divided into two (2) 50- foot lots; however, the applicant withdrew the request before action was taken. (Median = 6,700 s.f. & 50 feet wide.) 3.In 2009, a 100-foot lot at 5920 Oaklawn was granted variances to divide into two (2) 50-foot lots. (Median = 6,699 s.f. & 50 feet wide.) 4.In 2011, the property at 5829 Brookview was granted variances to divide into two (2) 50-foot lots. (Median = 6,769 s.f. & 50 feet wide.) 5.In 2012, the property at 6109 Oaklawn was denied the request to subdivide the property into two (2) 50-foot lots. (Median = 6,701 s.f. & 50 feet wide.) 6. In 2012, 6120 Brookview was again proposed for subdivision. That request was denied. (Median = 6,700 s.f. & 50 feet wide.) 7.In 2012, 5945 Concord was denied the request to subdivide the property into two (2) 50-foot lots. (Median = 10,028 s.f. & 77 feet wide.) 8.In 2015, a 100-foot lot at 5825 Ashcroft Avenue was granted variances to divide into two (2) 50-foot lots. (Median = 6,790 s.f. & 50 feet wide.) 9 In 2015, 5945 Concord was approved for a request to subdivide the property into two (2) 50-foot lots. (Median = 10,028 s.f. & 77 feet wide.) 10. In 2016, 5845 Kellogg Avenue was denied a request to subdivide the property into two (2) 50-foot lots. (Median = 6,715 s.f. & 50 feet wide.) 11. In 2017, 6124 Ewing Avenue was approved for a request to subdivide into two (2)lots with lot width and area variances. (Median = 11,500 s.f. & 80 feet wide.) 12. In 2017, 5404 Park Place was approved for a request to subdivide into two (2) lots with lot width variances from 75 feet to 65 feet for each lot; and lot area variances from 9,000 square feet to 8,705 and 8,840 square feet. (Median = 8,107 s.. & width was 60 feet wide.) 13. In 2019, 5841 Oaklawn was approved for a request to subdivide into two (2) lots with lot width variances from 75 feet to 50 feet for one lot; and lot area variances from 9,000 square feet to 8,793 and 6,694 square feet. Approved 10 11 12 EXISTING HOUSEFFE = 905.24'EXIST ING HOUSEFFE = 904 .65 'EXIST ING HOUSEFFE = 902 .55 '6" CEDAR10" CEDAR36" OAK12" SPRUCE48" OAK36" HEDGE36" HEDGECONCRETEDRIVEWAY CONC. WALKCONC. PAT IO LEXINGTON AVENUEMULCHPLAY AREASTORAGE SHEDASPHALTDRIVEWAY BENCHMARKHYDRANT BURY BOLTELEV.= 902.94'(TO BEREMOVED)DRAINAGE AND UTILITYEASEMENTDRAINAGE AND UTILITYEASEMENTLEGAL DESCRIPTION:Lots 6 and 7, Block 2, SUBDIVISION OF LITTEL PARK,Hennepin County, Minnesota.ADDRESS:4625 Lexington Avenue South, Edina, MNPID #: 19-028-24-21-0093LOT 6 AREA:8,106 Sq. Ft. / 0.19 Ac.LOT 7 AREA:8,128 Sq. Ft. / 0.19 Ac.SURVEY IS SUBJECT TO CHANGE PER TITLE OR EASEMENT INFORMATION. = FOUND IRON MONUMENT = FOUND 5/8" REBAR WITH CAP MARKED LICENSE NO. 26909 = SET IRON MONUMENT = EXISTING FENCE = EXISTING CURB LINE = EXISTING OVERHEAD ELECTRIC LINE = EXISTING CONTOUR = EXISTING DECIDUOUS TREE = EXISTING CONIFEROUS TREELEGENDFeet22" x 34" SHEET SCALE: 1" = 10'201005New PID No. _____________ .Lot 6, Block 2, SUBDIVISION OF LITTEL PARK,Hennepin County, Minnesota.Subject to a Drainage and Utility Easement described as follows:10.0 feet ajacent to the northerly lot line of said lot (Lexington Ave.),and 5.0 feet adjacent to the east, west, and south lot lines.New PID No. _____________ .Lot 7, Block 2, SUBDIVISION OF LITTEL PARK,Hennepin County, Minnesota.Subject to a Drainage and Utility Easement described as follows:10.0 feet ajacent to the northerly lot line of said lot (Lexington Ave.),and 5.0 feet adjacent to the east, west, and south lot lines. EXISTING HOUSEFFE = 905.24'EXIST ING HOUSEFFE = 902 .55 '6" CEDAR10" CEDAR36" OAK12" SPRUCE(TO BE REMOVED)48" OAK36" HEDGE36" HEDGELEXINGTON AVENUEMULCHPLAY AREASTORAGE SHEDASPHALTDRIVEWAY BENCHMARKHYDRANT BURY BOLTELEV.= 902.94'(TO BE REMOVED)EXISTING HOUSEFFE = 904.65'CONC. PATIO(TO BE REMOVED)SILT FENCE (TYP.)CONCRETEDRIVEWAY(TO BE REMOVED)902903903902 RAINWATERGARDENEMERGENCYOVERFLOW900EMERGENCYOVERFLOW901 8 9 9 8 9 9 . 5 9 0 0 . 5RAINWATERGARDEN899899.5900.5 SANITARY SEWERLATERAL LOCATIONSUBJECT TO FIELDVERIFICATIONSANITARY SEWERLATERAL LOCATIONSUBJECT TO FIELDVERIFICATIONWATER LATERAL ANDCURB STOP LOCATIONSUBJECT TO FIELDVERIFICATIONBUILDING PAD AREA2250 SQ. FT. MAX. LOT COVERAGENO HIGHER THAN 905.65' FFECONC. WALK(TO BE REMOVED)PROPOSEDDRIVEWAYPROPOSEDDRIVEWAYPROPOSED CONCRETEDRIVEWAY APRON INACCORDANCE WITH EDINACITY CODE SEC. 24-130BUILDING PAD AREA2250 SQ. FT. MAX. LOT COVERAGENO HIGHER THAN 905.65' FFE900 = FOUND IRON MONUMENT = FOUND 5/8" REBAR WITH CAP MARKED LICENSE NO. 26909 = SET IRON MONUMENT = EXISTING FENCE = EXISTING CURB LINE = EXISTING OVERHEAD ELECTRIC LINE = EXISTING CONTOUR = EXISTING DECIDUOUS TREE = EXISTING CONIFEROUS TREELEGENDFeet22" x 34" SHEET SCALE: 1" = 10'2010055616 DALRYMPLE RDEDINA, MN 55424BUS: (612) 220-0152email: info@elliottdesignbuild.comLINDBERG4625 LEXINGTON AVEEDINA, MN 55410LOT SUBDIVISIONANDHOUSE DEMOLITIONPROJECT NO.DATEREVISIONE34710/4/19NO.DATECIVIL SHEET INDEXSHEETTITLEDRAWING TITLE:DRAWING NUMBER:PRELIMINARYNOT FORCONSTRUCTIONGRADINGSTORMWATERDRAINAGEPLANC1S1MEDIAN CALCULATION SURVEYC1C2PRELIMINARY SURVEY (LOT DIVISION)GRADING, STORMWATER DRAINAGE11/15/19ADD BUILDING PAD & PROP. DRIVE Feet22" x 34" SHEET SCALE: 1" = 100'200100050 Date: December 11, 2019 Agenda Item #: VI I.A. To:P lanning C ommission Item Type: R eport and R ecommendation F rom:S tephanie Hawkinson, Affordable Housing Development Manager Item Activity: Subject:F inding that the Acquis ition of 4040 W. 70th S treet is C onsistent with the C omprehens ive P lan – Tax Increment F inancing Dis tric t Ac tion C ITY O F E D IN A 4801 West 50th Street Edina, MN 55424 www.edinamn.gov A C TI O N R EQ U ES TED: Approve R esolution 2019-17. I N TR O D U C TI O N: T he E dina Housing Foundation has entered into a P urchase Agreement for the acquisition of 4040 W. 70th S treet. T hrough a competitive process they will select a developer for the development of age restricted affordable housing that is consistent with the Comprehensive P lan. T he F oundation is working with the H R A to borrow Southdale 2 T I F pooled funds for the acquisition of this site. I n order to use the Southdale T I F 2 pooled funds, the S outhdale 2 T I F P lan must be modified. T he P lanning Commission is required to make a finding that the acquisition of 4040 W. 70th S t. for an affordable multifamily development is consistent with the C omprehensive P lan. AT TAC HME N T S: Description Staff Report Resolution 2019-17 Map Southdale 2 TIF Plan Modification Ehler's Memo December 11, 2019 Chair and Members of the Edina Planning Commission Stephanie Hawkinson, Affordable Housing Development Manager Finding that the Acquisition of 4040 W. 70th Street is Consistent with the Comprehensive Plan – Tax Increment Financing District Information / Background: The City Council has scheduled a Public Hearing on December 17, 2019 to consider a proposal modifying the Southdale 2 Tax Increment Financing (TIF) District to designate additional property to be acquired, namely a 1.58 acre site located in the Greater Southdale area. Input from the Planning Commission (regarding compatibility with the Comprehensive Plan) is being solicited in advance of the City Council’s Public Hearing. Specifically, the Planning Commission is asked to confirm that residential use of 4040 W. 70th Street is generally in compliance with Edina’s Comprehensive Plan. Note that Planning Commission’s scope of opinion is established in the MN TIF Statutes 469. Specific details regarding the use, terms and conditions of tax increment financing are evaluated by the Edina City Council and Edina Housing and Redevelopment Authority (not the Planning Commission). The proposed creation of a new Tax Increment Financing District is done in accordance with Section 469 of the Minnesota Statutes and is based on the following activities and findings: • Parcels are located within the boundaries of the Southeast Edina Redevelopment Project Area, • The site is guided for 25 to 75 units per acre, which could allow up to 118 housing units. • The Zoning Ordinance allows for 4 stories and 48 feet. • The Southdale Design Experience guidelines suggest 3 stories and 36 feet adjacent to the Cornelia neighborhood. STAFF REPORT Page 2 Southdale 2 TIF District Requirements The HRA may use funds under the Southdale 2 TIF pooling authorities as direct expenditures or grants/loans for acquisition, site preparation, construction, rehabilitation or public improvements directly related to qualifying affordable housing projects. If property acquisition is chosen, the TIF Statutes require that HRA designate the additional property for acquisition within its TIF Plan. This requires that either the property in question is designated within the original TIF Plan at the time a TIF District is established, or a modification be made to the TIF Plan governing the source of funds. Establishing a new TIF District or modifying an existing TIF Plan in this manner is subject to the approval of the City Council after a public hearing. The process also requires the HRA submit a draft TIF Plan or Modification to the County and School District 30 days prior to the public hearing. While the 4040 W. 70th Street site is ready for acquisition, a plan of development has not yet been determined. The formation of a new TIF District requires consideration of the project’s cost, conformity with land use regulations, impact to the tax base, infrastructure needs and other fiscal implications. Therefore rather than forming a new TIF District at this time, we are seeking to modify the Southdale 2 TIF Plan to designate the property and the HRA’s intent to use TIF to purchase the site. This will allow the HRA to authorize the use of Southdale 2 TIF funds to acquire the site and explore development opportunities. Proposed Development Plan The proposed TIF District includes one parcel for which the Edina Housing Foundation (“Foundation”) is entering into a purchase agreement. In moving forward with this parcel, the Foundation will follow the same process they used when securing a developer for 7075-7079 Amundson. They will seek a developer who will comply with the Comprehensive Plan. The Foundation will seek the following development attributes: • Age restricted housing • 110 to 118 units with a mix of one and two bedrooms • Adherence to proposed Comprehensive Plan • High levels of energy efficiency • Long term ownership • Long term affordability The Foundation shared with the HRA that they pursued this strategic property acquisition for the following reasons: • Residential development results in less traffic than a commercial use, which is important this close to a residential neighborhood. • This 1.58 acre site is ideally located across France Avenue from the Galleria Shopping center, and is guided for Residential use in the Greater Southdale Small Area Plan. STAFF REPORT Page 3 • The location is ideally suited for senior housing due to its proximity to transit, entertainment, medical facilities, and recreation. • An opportunity to make an impact our affordable housing goals by being 100% affordable. Even with the Affordable Housing Policy, a Market Rate development could have 90% fewer affordable units. • This would be the first age restricted, 100% affordable housing project that has been developed since 2005. • There is a demand for affordable age restricted housing: For example Avidor’s 18 affordable units leased up immediately with 12 people on their interest list. Property Management does not anticipate any openings within the year. • A preliminary Market Analysis of affordable age restricted developments in the metropolitan area shows an occupancy rate of 98.3%, which demonstrates there is a demand for this type of housing. • The development provides opportunities for income restricted or fixed income seniors to “age in place.” The project generally consists of: 1) Acquisition a parcel for the development of affordable housing 2) Demolition of existing buildings 3) Construction of new four-level apartment building with up to 118-units On October 21, 2019, in accordance with Minnesota Statutes, other taxing agencies, such as Hennepin County and Edina School District #280, were notified of the potential modification of the Southdale 2 TIF District. To date, no comments have been received from the County or the Schools regarding this proposal. Compliance with Greater Southdale District Plan Acquisition of 4040 W. 70th Street for the development of age restricted affordable housing is supported by the Greater Southdale District Plan: Page 32: “Additionally, Edina’s continued aging of its own population will bring increased development pressures to the district as these residents choose to leave their home but not their community. The development community is responding with new apartments for young singles and couples and with new senior and assisted living facilities near medical and other community services.” Page 85: “The Greater Southdale District has an important role to play in accommodating expected housing growth. Already an area characterized by high density residential and mixed-use development, it is guided for additional infill development of a similar or higher intensity. The presence of jobs, retail and services, transit, and public amenities means this area contains the elements for a complete community, which can leverage these advantages for a convenient and accessible lifestyle for a range of household types. STAFF REPORT Page 4 Affordable housing is a necessary component of the housing mix. This is especially true given the demographic future of Greater Southdale. The expected growth in the senior population and the desire to attract young workers and families both point to the need to have more affordable housing, including options for those that might choose to move here from other parts of the community.” Page 100: “Land Use Goal #4: Provide for housing choices (housing and unit types, rental and ownership, and costs) to accommodate a wide range of individuals, including youth, singles, couples, families with children, seniors, and people with special needs.” Page 101: “5-A. Promote new housing adjacent to or near existing residential development to facilitate neighborhood clusters. 5-B.Seek to optimize housing densities to increase housing that is proximate to transit and within walking distance of services and amenities.” The attached Planning Commission Resolution 2019-17 expresses such confirmation and is recommended to be approved. PLANNING COMMISSION CITY OF EDINA HENNEPIN COUNTY STATE OF MINNESOTA RESOLUTION NO. 2019-17 FINDING THAT A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE SOUTHDALE 2 TAX INCREMENT FINANCING DISTRICT CONFORMS TO THE GENERAL PLANS FOR THE DEVELOPMENT AND REDEVELOPMENT OF THE CITY. WHEREAS, sites at 4040 70th Street West and 7075-9 Amundson Avenue (the “Property”) are proposed to be acquired for redevelopment into affordable housing projects; and WHEREAS, the Edina Housing and Redevelopment Authority (the “HRA”) has recommended terms by which tax increment financing from its existing Southdale 2 Tax Increment Financing District (the “TIF District”) could be used to assist in the acquisition of the Property; and WHEREAS, the City Council will hold a public hearing to consider a Modification to the Tax Increment Financing Plan of the TIF District (the “Modification”) to designate the Property intended for acquisition with the use of TIF District funds; and WHEREAS, Minnesota Statutes require notification and input from several entities as part of the process of establishing or modifying a Tax Increment Financing District; and WHEREAS, the HRA and the City of Edina (the "City") have proposed to adopt the Modification to designate the Property for acquisition using Tax Increment funds and have submitted the Modification to the Edina Planning Commission (the “Commission”) all pursuant to and in accordance with Minnesota Statutes, Section 469.175, Subd. 3 and 4; and WHEREAS, the Commission has reviewed the Modification to determine its conformity with the general plans and guided land use as described in the comprehensive plan for the City. NOW, THEREFORE, BE IT RESOLVED by the Commission that the Modification conforms to the general plans for the development and redevelopment of the City as a whole. Dated: December 11, 2019 _______________________________________ Planning Commission Chair ATTEST: ___________________________________ Planning Commission Secretary æ ¹» æ æ æ¹»æ æ ¹º¹º ¹º ñ ñ ¹»æ æ æ ¹º ¹º æ ¹º æ æ ¹º ¹º æ æ ¹º ñ ¹» æ æ ñ æ æ æ ñ ñ ñTRACY AVEVERNON AVEWOODDALE AVEHANSEN RD70TH ST W FRANCE AVE SAmundson Ave VALLEYVIEWRDM INN ESOT A D RGLEASONRDEdinaCommunityCenter CalvinChristianSchool GoldenYearsMontessoriEdinaMorningsideChurch CityHall EdinaCovenant CalvaryChurch St Stephen'sEpiscopal ColonyParkBaptist St Peter's LutheranChurch & School EdinaCommunityLutheran Church SouthviewJr High NormandaleElementary ConcordSchool CorneliaSchool SouthdaleLibrary FireStation ChristPresbyerianChurch Public Works &Park Maintenance St Patrick'sCatholic CalvaryLutheran Creek ValleySchool FireStation St. Alban'sEpiscopal Valley ViewJr High EdinaHighSchool CrossviewLutheran CreekValleyBaptist ColonialChurch Chapel HillsCongregational CountrysideSchool GoodSamaritanMethodist HighlandSchool Shephard ofthe HillsLutheran PublicLibrary Our Lady ofGrace Church& School NormandaleLutheran M in n e h ahaCree k NineMileCree k N i n e M ile Cr e e k Canadian Pacific RailroadCanadian Pacific RailroadBLAKE RDSCHAEFER RDVERNON AVECAHILL RD66TH ST W YORK AVE SINTERLACHEN BLVD MALONEY AVE 44TH ST W 50TH ST W 54TH ST W 58TH ST W 70TH ST W 76TH ST W DEWEY HILL RD VALLEY VIE W R D VALLEY VIEW RD 78TH ST W I-494 HWY 100HWY 169HWY 169HWY 100HWY 62 HWY 62 October 2019 ±LegendProposed Amundson TIF Boundary Southdale 2 TIF Boundary Southeast Edina Redevelopment Project Area 0 2,000Feet Amundson TIF District and Southdale 2 TIF District located within the Southeast Edina Redevelopment Project Area City of Edina, MN Southdale 2 TIF MODIFICATION TO THE REDEVELOPMENT PLAN Southeast Edina Redevelopment Project Area - AND - MODIFICATION TO THE TAX INCREMENT FINANCING PLAN Southdale 2 Tax Increment Financing District (an economic development district) Edina Housing and Redevelopment Authority City of Edina, Hennepin County, Minnesota Adopted: April 17, 2012 Modification #1: April 5, 2016 Modification #2: November 20, 2018 Modification #3 Public Hearing: December 17, 2019 Table of Contents (for reference purposes only) Section 1 - Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area............................1-1 Foreword..............................................................1-1 Section 1 - Municipal Action Taken.............................................1-1 Section 2 - Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District............................2-1 Subsection 2-1.Foreword...............................................2-1 Subsection 2-2.Statutory Authority........................................2-1 Subsection 2-3.Statement of Objectives....................................2-1 Subsection 2-4.Redevelopment Plan Overview...............................2-2 Subsection 2-5.Description of Property in the District and Property to be Acquired...2-3 Subsection 2-6.Classification of the District.................................2-3 Subsection 2-7.Duration and First Year of Tax Increment of the District............2-4 Subsection 2-8.Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements................2-4 Subsection 2-9.Sources of Revenue/Bonds to be Issued.......................2-6 Subsection 2-10.Uses of Funds...........................................2-7 Subsection 2-11.Fiscal Disparities Election...................................2-9 Subsection 2-12.Business Subsidies.......................................2-9 Subsection 2-13.County Road Costs......................................2-10 Subsection 2-14.Estimated Impact on Other Taxing Jurisdictions.................2-10 Subsection 2-15.Supporting Documentation.................................2-14 Subsection 2-16.Definition of Tax Increment Revenues........................2-14 Subsection 2-17.Modifications to the District.................................2-14 Subsection 2-18.Administrative Expenses..................................2-15 Subsection 2-19.Limitation of Increment....................................2-16 Subsection 2-20.Use of Tax Increment.....................................2-16 Subsection 2-21.Excess Increments.......................................2-17 Subsection 2-22.Requirements for Agreements with the Developer...............2-17 Subsection 2-23.Assessment Agreements..................................2-18 Subsection 2-24.Administration of the District................................2-18 Subsection 2-25.Annual Disclosure Requirements............................2-18 Subsection 2-26.Reasonable Expectations..................................2-18 Subsection 2-27.Other Limitations on the Use of Tax Increment.................2-18 Subsection 2-28.Summary..............................................2-19 Appendix A Project Description......................................................A-1 Appendix B Maps of the Southeast Edina Redevelopment Project Area and the District...........B-1 Appendix C Description of Property to be Included in the District.............................C-1 Appendix D Estimated Cash Flow for the District.........................................D-1 Appendix E Minnesota Business Assistance Form........................................E-1 Appendix F Findings Including But/For Qualifications.....................................F-1 Appendix G Prior Improvements......................................................G-1 Appendix H Special Legislation......................................................H-1 Appendix I Housing Qualifications....................................................I-1 Section 1 - Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area Forew ord The following text represents a Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area. This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan for the Southeast Edina Redevelopment Project Area. Because the Southdale 2 Tax Increment Financing District (the “District”) is located within the Southeast Edina Redevelopment Project Area, the modification to the District must be listed in the Redevelopment Plan. Therefore, the following bold-faced text represents a Modification to Section 1 of the Redevelopment Plan. Section 1 - Municipal Action Taken Based upon the statutory authority described in the Redevelopment Plan attached hereto, the public purpose findings by the City Council and for the purpose of fulfilling the City’s development objects as set forth in the Redevelopment Plan, the City Council has created, established and designated the Southeast Edina Redevelopment Plan pursuant to and in accordance with the requirements of Minnesota Statutes, Section 469.001 to 469.047. The original and amended Southeast Edina Redevelopment Plan documents and amendments have designated the Southeast Edina Redevelopment Plan as a redevelopment project and also a tax increment financing plan for tax increment districts created prior to 1988. The Centennial Lakes Tax Increment Financing District was created in 1988 pursuant to Tax Increment Financing Plan 88-1, which was subsequent ly renamed the Centennial Lakes Tax Increment District and referred to by Hennepin County as District #1203 and #1249. For purposes of clarification, this modification will refer to the Southeast Edina Redevelopment Plan as the Southeast Edina Redevelopment Project Area Plan pursuant to Minnesota Statutes 469.002. The following municipal action has been taken with regard to the Southeast Edina Redevelopment Project Area Plan: September 29, 1977: The Housing and Redevelopment Authority of Edina (the “HRA”) approved the Southeast Edina Redevelopment Plan. October 5, 1981: The Southeast Edina Redevelopment Plan was amended to identify project costs and bonded indebtedness incurred to finance those costs. May 6, 1985: The HRA and the City approved an amendment to the Southeast Edina Redevelopment Plan which includes the establishment of an interest reduction program and enlarges the project area to include the “1985 Project Area.” August 19, 1985: The HRA and the City approve d the First Amendment to the 1985 Amendment to the Southeast Edina Redevelopment Plan to enlarge the 1985 Project Area and to authorize the issuance of additional bonds to acquire land within the enlarged 1985 Project Area. 1987: The HRA and City approved the 1987 Amendments to the Southeast Edina Redevelopment Plan to enlarge the project area to include the 1987 Project Area. Edina Housing and Redevelopment Authority Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-1 1988: The HRA and City approved the 1988 Amendments to the Southeast Edina Redevelopment Plan that provide an Interest Reduction Program in the amount of $2,500,000 to assist in the financing and construction of housing units, and authorizes the HRA and City to incur bonded indebtedness. February 21, 2012 : The HRA and City expand the Southeast Edina Project Area as can be seen in Appendix A. April 17, 2012: The HRA and City establish the Southdale 2 Tax Increment Financing District. February 18, 2014: The HRA and City establish the Pentagon Park Tax Increment Financing District. March 2, 2016: The HRA and City establish the Grandview 2 Tax Increment Financing District. April 5, 2016: The HRA and City modify the Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District and establishing the 66 West Tax Increment Financing District. June 20, 2017: The HRA and City establish the 50th and France 2 Tax Increment Financing District. October 16, 2018: The HRA and City establish the 44th and France 2 Tax Increment Financing District. November 20, 2018: The HRA and City modify the Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District to increase the TIF Budget and enable special legislation pooling authority for affordable housing. November 20, 2018: The HRA and City establish the West 76th Street Tax Increment Financing District. March 19, 2019: The HRA and City establish the 72nd and France Tax Increment Financing District. (AS MODIFIED DECEMBER 17, 2019) December 17, 2019: The HRA and City modify the Tax Increm ent Financing Plan for the Southdale 2 Tax Increment Financing District to designate additional propert y to be acquired and est ablish the Amundson Avenue Tax Increm ent Financing District For further information, a review of the Redevelopment Plan for the Southeast Edina Redevelopment Project Area is recommended. It is available from the HRA Executive Director at the City of Edina. Other relevant information is contained in the Tax Increment Financing Plans for the Tax Increment Financing Districts located within the Southeast Edina Redevelopment Project Area. Edina Housing and Redevelopment Authority Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area 1-2 Section 2 - Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District Subsection 2-1.Forew ord The Edina Housing and Redevelopment Authority (the "HRA"), the City of Edina (the "City"), staff and consultants have prepared the following information to expedite the establishment of the Southdale 2 Tax Increment Financing District (the "District"), an economic development tax increment financing district, located in the Southeast Edina Redevelopment Project Area (the "Project Area"). Subsection 2-2.Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the HRA and City have certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections 469.001 to 469.047, inclusive, as amended, and M.S., Sections 469.174 to 469.1799, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This District is being created pursuant to M.S., Section 469.176, Subd. 4c(d). (AS MODIFIED NOVEMBER 20, 2018) This District is being modified to reflect Minnesota Session Laws 2017, Chapter 1, HF No. 1, Article 6, Sec. 11 and Sec. 16. (AS MODIFIED DECEMBER 17, 2019) This District is being modified to reflect Minnesota Session Laws 2019, First Special Session Chapter 6, Article 7, Sec. 3 (the “Special TIF Housing Legislation”). This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area. Subsection 2-3.Statement of Objectives The District currently consists of 300 parcels of land and adjacent and internal rights-of-way. The District is being created to facilitate renovations to the common areas of Southdale Mall in the City. Please see Appendix A for further District information. The HRA and City are considering entering into a redevelopment agreement that would designate Southdale Limited Partnership as the developer. This TIF Plan is expected to achieve many of the objectives outlined in the Redevelopment Plan for the Southeast Edina Redevelopment Project Area. The activities contemplated in the Modification to the Redevelopment Plan and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of the Southeast Edina Redevelopment Project Area and the District. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-1 (AS MODIFIED APRIL 5, 2016) The District is being modified in order to remove one parcel and to authorize pooling dollars for affordable housing purposes pursuant to M.S., Section 469.1763, Subd. 2(d). Because the current net tax capacity of the parcel is lower than the frozen net tax capaci ty, the modification to the District must go through the entire public hearing process pursuant to M.S., Section 469.175, Subd. 4. (AS MODIFIED NOVEMBER 20, 2018) The District is being modified to increase the estimated affordable housing project costs to be financed by tax increment from the District as enabled by Minnesota Session Laws 2017, Chapter 1, HF No. 1, Art icle 6, Sec. 11 and Sec. 16. The Modification will allow the HRA and City to “treat expenditures from the District for a housing project of a district established under this section as expenditures qualifying under Minnesota Statues, Section 469.1763, Subdivision 2, paragraph (d): (1) without regard to whether the housing meets the requirement of a qualified building under Section 42 of the Internal Revenue Code; and (2) may increase by an additional 25 percentage points the permitted amount of expenditures for activities located outside the geographi c area of the district permitted under that section.” (AS MODIFIED DECEMBER 17, 2019) The District is being modified to designate additional property to be acquired by the HRA or City for affordable housing purposes under provi sions of the TIF Act and Special TIF Housing Legislation as further descri bed in the TIF Plan. Subsection 2-4.Redevelopment Plan Overview 1.Property to be Acquired - Selected property located within the District may be acquired by the HRA or City and is further described in this TIF Plan. 2.Relocation - Relocation services, to the extent required by law, are available pursuant to M.S., Chapter 117 and other relevant state and federal laws. 3.Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the HRA or City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4.The HRA or City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. 5.The City proposes both public and private infrastructure within the District. The proposed improvements to private property within the District will be for a renovation to a retail mall, and there will be continued operation of the Southeast Edina Redevelopment Project Area after the capital improvements within the Southeast Edina Redevelopment Project Area have been completed. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-2 Subsection 2-5.Description of Property in the District and Property to be Acquired The District encompasses all property and adjacent rights-of-way and abut ting roadways identified by the parcels listed in Appendix C of this TIF Plan. Please also see the map in Appendix B for further information on the location of the District. The City currently owns parcels to be included in the District and intends to acquire land easements and/or additional property within the District. The HRA and City are authorized to use tax increments to acquire any parcel listed in Appendix C of this TIF Plan. (AS MODIFIED NOVEMBER 20, 2018) The HRA or City authorizes the use of tax increments to acquire additional property currently identified as 4100 76th Street West. PID# 31-028-24-41-0010. (AS MODIFIED DECEMBER 17, 2019) The HRA or City authorizes the use of tax increments to acquire additional property including supporting interior and adjacent street, trail or utility rights of way current ly identified as: 4040 70th Street West. PID# 30-028-24-44-0004 7075 Amundson Avenue. PID# 08-116-21-11-0009 7079 Amundson Avenue. PID# 08-116-21-11-0021 Subsection 2-6.Classification of the District The District is an economic development district as defined in M.S. 469.174, Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d). In order to create an economic development district under general law (M.S., Section 469.174 Subd. 12), the HRA or City must find that the District is in the public interest because: (1)it will discourage commerce, industry, or manufacturing from moving their operations to another state or municipality; or (2)it will result in increased employment in the state; or (3)it will result in preservation and enhancement of the tax base of the state. In addition, M.S., Section 469.176, Subd. 4c provides that assistance from an economic development district may not be used to provide assistance to development if more than 15 percent of the buildings and ancillary facilities (determined on a square footage basis), are used for other than certain specified purposes (largely manufacturing, warehousing and distribution facilities). However, M.S., Section 469.176, Subd. 4c(d) provides a limited-time exception to these general law rules. Under this provision (originally enacted in 2010 legislature and extended in 2011 legislature), a City may establish an economic development of any kind, notwithstanding the normal findings required under M.S., Section 469.174, Subd. 12, and notwithstanding the limitation on types of assisted development under M.S., Section 469.176, Subd. 4c. To satisfy the requirement of M.S., Section 469.176, Subd. 4c(d), the City finds that: Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-3 (1)the project will create or retain jobs in this state, including construction jobs and that construction of the project would not have commenced before July 1, 2012, without the City and HRA providing assistance under t he provisions of this paragraph; (2) construction of the project will begin no later than July 1, 2012; and (3) the request for certification of the district is made no later than June 30, 2012; and In meeting the statutory criteria the HRA and City rely on the following facts and findings: The City’s findings in creating the District is pursuant to M.S. Sections 469.176, Subd. 4c(d) in order to assist in the renovations to the common areas of Southdale Mall. If construction does not commence on or before July 1, 2012, the proposed facility will need to meet the criteria in M.S., Section 469.176, Subd. 4c(a), and must satisfy the findings required under M.S., Section 469.174, Subd. 12 . Pursuant to M.S., Section 469.176, Subd. 7 , the District does not contain any parcel or part of a parcel that qualified under the provisions of M.S., Sections 273.111 or 273.112 or Chapter 473H for taxes payable in any of the five calendar years before the filing of the request for certification of the District. Subsection 2-7.Duration and First Year of Tax Increment of the District Pursuant to M.S., Section 469.175, Subd. 1, and M.S., Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b., the duration of the District will be 8 years after receipt of the first increment by the HRA or City. The date of receipt by the City of the first tax increment is expected to be 2014. T hus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2022, or when the TIF Plan is satisfied. If increment is received in 2013, the term of the District will be 2021. The HRA or City reserves the right to decertify the District prior to the legally required date. (AS MODIFIED APRIL 5, 2016) Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the Tax Increment Financing Plan. Pursuant to M.S., Section 469.176, Subd. 1b, the duration of the District will be 8 years after receipt of the first increment by the HRA or City. The date of receipt by the City of the first tax increment was August 2013. Thus, it is estimated that the District, including any modification to the Tax Increment Financing Plan for subsequent phases or other changes, would terminate after December 31, 2021, or when the Tax Increment Financing Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. Subsection 2-8.Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value/Increment and Notification of Prior Planned Improvements Pursuant to M.S., Section 469.174, Subd. 7 and M.S., Section 469.177, Subd. 1, the Original Net Tax Capacity (ONTC) as certified for the District will be based on the market values placed on the property by the assessor in 2011 for taxes payable 2012. Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in the payment year 2014) the amount by which the original value has increased or decreased as a result of: 1.Change in tax exempt status of property; 2.Reduction or enlargement of the geographic boundaries of the district; Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-4 3.Change due to adjustments, negotiated or court-ordered abatements; 4.Change in the use of the property and classification; 5.Change in state law governing class rates; or 6.Change in previously issued building permits. In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no value will be captured and no tax increment will be payable to the HRA or City. The original local tax rate for the District will be the local tax rate for taxes payable 2012, assuming the request for certification is made on or before June 30, 2012. The ONTC and the Original Local Tax Rate for the District appear in the table below. Pursuant to M.S., Section 469.174 Subd. 4 and M.S., Section 469.177, Subd. 1, 2, and 4, the estimated Captured Net Tax Capacity (CTC) of the District, within the Southeast Edina Redevelopment Project Area, upon completion of the projects within the District, will annually approximate tax increment revenues as shown in the table below. The HRA and City request 100 percent of the available increase in tax capacity for repayment of its obligations and current expenditures, beginning in the tax year payable 2014. The Project Tax Capacity (PTC) listed is an estimate of values when the projects within the District are completed. Southdale 2 Tax Increm ent District Parcels in School District No. 273 Project Estimated Tax Capacity upon Completion (PTC)$4,714,500 Original Estimated Net Tax Capacity (ONTC)$4,457,873 Fiscal Disparities Reduction $65,592 Estimated Captured Tax Capacity (CTC)$191,035 Original Local Tax Rate 1.08160 Estimated Pay 2012 Estimated Annual Tax Increment (CTC x Local Tax Rate)$206,623 Percent Retained by the HRA and City 100% The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacity of the parcels located in School District 273 in year one is estimated to be $4,458,033.The fiscal disparities reduction will vary from year to year. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-5 Southdale 2 Tax Increment District Parcels in School District No. 280 Project Estimated Tax Capacity upon Completion (PTC)$5,858,175 Original Estimated Net Tax Capacity (ONTC)$4,121,297 Fiscal Disparities Reduction $504,487 Estimated Captured Tax Capacity (CTC)$1,232,391 Original Local Tax Rate 1.14351 Estimated Pay 2012 Estimated Annual Tax Increment (CTC x Local Tax Rate)$1,409,251 Percent Retained by the HRA and City 100% The tax capacity included in this chart is the estimated tax capacity of the District in year 9. The tax capacity of the parcels in the District located in School District 280 in year one is estimated to be $4,887,371. The fiscal disparities reduction will vary from year to year. Pursuant to M.S., Section 469.177, Subd. 4, the HRA shall, after a due and diligent search, accompany its request for certification to the County Auditor or its notice of the District enlargement pursuant to M.S., Section 469.175, Subd. 4, with a listing of all properties within the District or area of enlargement for which building permits have been issued dur ing the eighteen (18) months immediately preceding approval of the TIF Plan by the municipality pursuant to M.S., Section 469.175, Subd. 3. The County Auditor shall increase the original net tax capacity of the District by the net tax capacity of improvements for which a building permit was issued. The City has reviewed the area to be included in the District and has found building permits that were issued in the past 18 months prior to the public hearing. Please see Appendix G for the building permits that were issued. Subsection 2-9.Sources of Revenue/Bonds to be Issued The costs outlined in the Uses of Funds will be financed primarily through the annual collection of tax increments. The HRA or City reserves the right to incur bonds or other indebtedness as a result of the TIF Plan. As presently proposed, the projects within the District will be finance d by an interfund loan. Any refunding amounts will be deemed a budgeted cost without a formal TIF Plan Modification. This provision does not obligate the HRA or City to incur debt. The HRA or City will issue bonds or incur other debt only upon the determination that such action is in the best interest of the City. The total estimated tax increment revenues for the District are shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $11,702,217 Interest $250,000 Land Sale Proceeds/Lease Revenue $0 TOTAL $11,952,217 Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-6 The HRA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $8,374,296. Such bonds may be in the form of pay-as- you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. (AS MODIFIED NOVEMBER 20, 2018) The District is being modified to increase the total estimated tax increment revenues for the District as shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $30,620,000 Interest $500,000 Land Sale Proceeds/Lease Revenue $0 TOTAL $31,120,000 The HRA or City may issue bonds (as defined in the TIF Act) secured in whole or in part with tax increments from the District in a maximum principal amount of $27,542,079. Such bonds may be in the form of pay-as- you-go notes, revenue bonds or notes, general obligation bonds, or interfund loans. This estimate of total bonded indebtedness is a cumulative statement of authority under this TIF Plan as of the date of approval. Subsection 2-10.Uses of Funds Currently under consideration for the District is a proposal to facilitate renovations to the common areas of Southdale Mall. The HRA and City have determined that it will be necessar y to provide assistance to the project(s) for certain District costs, as described. The HRA has st udied the feasibility of the development or redevelopment of property in and around the District. To facilitate the establishment and development or redevelopment of the District, this TIF Plan authorizes the use of tax increment financing to pay for the cost of certain eligible expenses. The estimate of public costs and uses of funds associated with the District is outlined in the following table. USES OF TAX INCREMENT FUNDS TOTAL Land/Building Acquisition $0 Site Improvements/Preparation $2,274,296 Other Qualifying Improvements $5,000,000 Administrative Costs (up to 10%)$1,100,000 PROJECT COST TOTAL $8,374,296 Interest $3,577,921 PROJECT AND INTEREST COSTS TOTAL $11,952,217 Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-7 The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown i n Appendix D. (AS MODIFIED NOVEMBER 20, 2018) The District is being modified in order to increase the estimate of public costs and uses of funds associated with the District as outlined in the following table. USES OF TAX INCREMENT FUNDS TOTAL Land/Building Acquisition $4,000,000 Site Improvements/Preparation $2,274,296 Utilities $0 Other Qualifying Improvements $5,000,000 Construction of Affordable Housing $15,167,783 Administrative Costs (up to 10%)$1,100,000 PROJECT COST TOTAL $27,542,079 Interest $3,577,921 PROJECT AND INTEREST COSTS TOTAL $31,120,000 Estimated capital and administrative costs listed above are subject to change among categories by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so long as the total capital and administrative costs combined do not exceed the total listed above. Further, the HRA or City may spend up to 20 percent of the tax increments from the District for activities (described in the table above) located outside the boundaries of the District but within the boundaries of the Project Area (including administrative costs, which are considered to be spend outside the District), subject to all other terms and condi tions of this TIF Plan. (AS MODIFIED APRIL 5, 2016) Pursuant to M.S., Section 469.1763, Subd. 2(d), the HRA and City may elect to increase by up to ten percentage points the permitted amount of expenditures for activities located outside the geographic area of the District. The HRA and City intend to pool $550,000 from the project costs of the District to be used to assist housing that meets the requirements contained in M.S., Sect ion 469.1763, Subd. 2(d). (AS MODIFIED NOVEMBER 20, 2018) Pursuant to Minnesota Session Laws 2017, Chapter 1, HF No. 1, Article 6, section 11 and Sec. 16, the HRA and City may elect to increase by an additional 25 percentage points (a total of 55 percent) the permitted amount of expenditures for activities located outside the geographic area of the District. The HRA and City intend to pool funds from the project costs of the District to be used to assist housing that meets the requirements contained in M.S., Section 469.1763, Subd. 2(d). Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-8 Subsection 2-11.Fiscal Disparities Election Pursuant to M.S., Section 469.177, Subd. 3, clause b, the HRA or City must calculate fiscal disparities using the following method of computation: (1)The original net tax capacity shall be determined before the application of the fiscal disparity provisions of Chapter 276A or 473F. The current net tax capacity shall exclude any fiscal disparity commercial-industrial net tax capacity increase between the original year and the current year multiplied by the fiscal disparity ratio determined pursuant to M.S., Section 276A.06, subdivision 7 or M.S., Section 473F.08, subdivision 6. Where the original net tax capacity is equal to or greater than the current net tax capacity, there is no captured tax capacity and no tax increment determination. Where the original tax capacity is less than the current tax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereof which the authority has designated, in its tax increment financing plan, to share with the local taxing districts is the retained captured net tax capacity of the authority. (2)The county auditor shall exclude the retained captured net tax capacity of the authority from the net tax capacity of the local taxing districts in determining local taxing district tax rates. The local tax rates so determined are to be extended against the retained captured net tax capacity of the authority as well as the net tax capacity of the local taxing districts. The tax generat ed by the extension of the less of (A) the local taxing district tax rates or (B) the original local tax rate to the retained captured net tax capacity of the authority is the tax increment of the authority. Subsection 2-12.Business Subsidies Pursuant to M.S., Section 116J.993, Subd. 3, the following forms of financial assistance are not considered a business subsidy: (1) A business subsidy of less than $150,000; (2)Assistance that is generally available to all businesses or to a general class of similar businesses, such as a l ine of business, size, location, or similar general criteria; (3) Public improvements to buildings or lands owned by the state or local government that serve a public purpose and do not principally benefit a single business or defined group of businesses at the time the improvements are made; (4) Redevelopment property polluted by contaminants as defined in M.S., Section 116J.552, Subd. 3; (5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50% of the total cost; (6) Assistance to provide job readiness and training services if the sole purpose of the assistance is to provide those services; (7) Assistance for housing; (8) Assistance for pollution control or abatement, including assistance for a tax increment financing hazardous subst ance subdi strict as defined under M.S., Section 469.174, Subd. 23 ; (9) Assistance for energy conservation; (10) Tax reductions resulting from conformity with federal tax law; (11) Workers' compensation and unemployment compensation; (12) Benefits derived from regulation; (13) Indirect benefits derived from assistance to educational institutions; Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-9 (14) Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and bonds issued for the benefit of an organization described in section 501 (c) (3) of the Internal Revenue Code of 1986, as amended through December 31, 1999; (15) Assistance for a collaboration between a Minnesota higher education institution and a business; (16) Assistance for a tax increment financing soils condition district as defined under M.S., Section 469.174, Subd. 19; (17) Redevelopment when the recipient's investment in the purchase of the site and in site preparation is 70 percent or more of the assessor 's current year's estimated market value; (18) General changes in tax increment financing law and other general tax law changes of a principally technical nature; (19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or local government agency; (20) Funds from dock and wharf bonds issued by a seaway port authority; (21) Business loans and loan guarantees of $150,000 or less; (22) Federal loan funds provided through the United States Department of Commerce, Economic Development Administration; and (23) Property tax abatements granted under M.S., Section 469.1813 to property that is subject to valuation under Minnesota Rules, chapt er 8100. The HRA will comply with M.S., Sections 116J.993 to 116J.995 to the extent the tax increment assistance under this TIF Plan does not fall under any of the above exemptions. Subsection 2-13.County Road Costs Pursuant to M.S., Section 469.175, Subd. 1a, the county board may require the HRA or City to pay for all or part of the cost of county road improvements if the proposed development to be assisted by tax 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 scheduled within the next five years under a capital improvement plan or within five years under another county plan. If the county elects to use increments to improve county roads, it must notify the HRA or City within forty- five days of receipt of this TIF Plan. In the opinion of the HRA and City and consultants, the proposed development outlined in this TIF Plan will have little or no impact upon county roads, therefore the TIF Plan was not forwarded to the county 45 days prior to the public hearing. The HRA and City are aware that the county could claim that tax increment should be used f or county roads, even after the public hearing. Subsection 2-14.Estimated Impact on Other Taxing Jurisdictions The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIF Plan would occur without the creation of the District. However, the HRA or City has determined that such development or redevelopment would not occur "but for" tax increment financing and that, therefore, the fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as follows if the "but for" test was not met: Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-10 IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL DISTRICT NO. 273 Estimated 2011/Pay 2012 Total Net Tax Capacity Estimated Captured Tax Capacity (CTC) Upon Completion Percent of CTC to Entity Total Hennepin County 1,253,423,199 191,035 0.0152% City of Edina 96,048,515 191,035 0.1989% Edina ISD No. 273 81,542,007 191,035 0.2343% IMPACT ON TAX RATES Estimated Pay 2012 Extension Rates Percent of Total CTC Potential Taxes Hennepin County 0.487770 45.10%191,035 93,181 City of Edina 0.259080 23.95%191,035 49,493 Edina ISD No. 273 0.224280 20.74%191,035 42,845 Other 0.110470 10.21%191,035 21,104 Total 1.081600 100.00%206,623 IMPACT ON TAX BASE FOR PARCELS LOCATED IN SCHOOL DISTRICT NO. 280 Estimated 2011/Pay 2012 Total Net Tax Capacity Estimated Captured Tax Capacity (CTC) Upon Completion Percent of CTC to Entity Total Hennepin County 1,253,423,199 1,232,391 0.0983% City of Edina 96,048,515 1,232,391 1.2831% Richfield ISD No. 280 29,902,478 1,232,391 4.1214% Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-11 IMPACT ON TAX RATES Estimated Pay 2012 Extension Rates Percent of Total CTC Potential Taxes Hennepin County 0.487770 42.66%1,232,391 601,123 City of Edina 0.259080 22.66%1,232,391 319,288 Richfield ISD No. 280 0.282900 24.74%1,232,391 348,643 Other 0.113760 9.95%1,232,391 140,197 Total 1.143510 100.00%1,409,251 The estimates listed above display the captured tax capacity when all construction is completed. The tax rate used for calculations is the estimated Pay 2012 rate. The total net capacity for the entities listed above are based on estimated Pay 2012 figures. The District will be certified under the actual Pay 2012 rates, which were unavailable at the time this TIF Plan was prepared. Pursuant to M.S. Section 469.175 Subd. 2(b): (1) Estimate of total tax increment. It is estimated that the total amount of tax increment that will be generated over the life of the District is $11,702,217; (2) Probable impact of the District on city provided services and ability to issue debt. An impact of the District on police protection is expected. The Edina Police Department does track all calls for service including property-type calls and crimes. With increased traffic at Southdale Center mall, police calls for service will be increased. However, the proposed mall renovations include changes to common areas designed, in part, to reduce security concerns and police calls, such as the relocation of the transit facility to mall property outside of the mall itself. In addition, proposed housing developments will generate increased police calls. The City does not expect that the proposed development, in and of itself, will necessitate new capi tal investment in vehicles. The probable impact of the District on fire protection is not expected to be significant. Typically new buildings generate few calls, if any, and are of superior construction. Several of the existing buildings, proposed to be replaced or renovated , have public safety concerns that include several unprotected old buildings with issues such as access, hy drant locations, and lack of sprinkling. The impact of the District on public infrastructure is expected to be minimal. The development is not expected to significantly impact any traffic movements in the area, and is expected to enhance the flow of public transit vehicles in and around the Southdale area. The current infrastructure for sanitary sewer, storm sewer and water will be able to handle the additional volume generated from the proposed development. Potential housing development will generate in excess of $180,000 in sewer and water access charges. Based on the development plans, there are no additional costs associated with street maintenance, sweeping, plowing, lighting and sidewalks. The developer will negotiate maintenance of the proposed transit hub with the Metropolitan Council. The probable impact of any District general obligation tax increment bonds on the ability to issue debt for general fund purposes is expected to be minimal. It is not anticipated that there will be any Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-12 general obligation debt issued in relation to this project, therefore there will be no impact on the City's ability to issue future debt or on the City's debt limit. (3) Estimated amount of tax increment attributable to Edina ISD No. 273 levies. It is estimated that the amount of tax increments over the life of the District that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is $293,548; (4) Estimated amount of tax increment attributable to Richfield ISD No. 280 levies. It is estimated that the amount of tax increments over the life of the District that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same, is $2,544,966; (5) Estimated amount of tax increment attributable to county levies. It is estimated that the amount of tax increments over the life of the District that would be attributable to county levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained the same, is $5,026,701; (6) Additional information requested by the county or school district. The City is not aware of any standard questions in a county or school district written policy regarding tax increment districts and impact on county or school district services. The county or school district must request additional information pursuant to M.S. Section 469.175 Subd. 2(b) within 15 days after receipt of the tax increment financing plan. No requests for additional information from the county or school district regarding the proposed development for the District have been received. (AS MODIFIED APRIL 5, 2016) There are no additional fiscal impacts associated with the Modification of this TIF Plan. A copy of the proposed TIF Plan Modification was furnished to the county and school district for comment. Edina Public Schools has requested additional information regarding the proposed development for the 66 West TIF District. The City Manager has responded and pr ovided additional information. (AS MODIFIED NOVEMBER 20, 2018) There are no additional fiscal impacts associated with the Modification of this TIF Plan. Separate fiscal impact estimates will be provided within the TIF Plan under consideration for any district created under the authority of Minnesota Session Laws 2017, Chapt er 1, HF No. 1, Art icle 6, Sec. 11 and 16. A copy of the proposed TIF Plan Modification was furnished to the county and school district for comment. (AS MODIFIED DECEMBER 17, 2019) There are no additional fiscal impacts associated with the Modification of this TIF Plan. Separate fiscal impact estimates will be provided within the TIF Plan under consideration for any district created under the authority of the Special TIF Housing Legislation. A copy of the proposed TIF Plan Modification was furnished to the county and school districts for comment. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-13 Subsection 2-15.Supporting Documentation Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must contain identification and description of studies and analyses used t o make the determination set forth in M.S. Section 469.175, Subd. 3, clause (b)(2) and the findings are required in the resolution approving the District. Following is a list of reports and studies on file at the City that support the HRA and City's findings: •Greater Southdale Area Land Use and T ransportation Study, December 2005 •Edina Comprehensive Plan Update 2008 •Developer correspondence and Sum mary of Renovation Costs, February 2011 Subsection 2-16.Definition of Tax Increment Revenues Pursuant to M.S., Section 469.174, Subd. 25 , tax increment revenues derived from a tax increment financing district include all of the following potential revenue sources: 1.Taxes paid by the captured net tax capaci ty, but excluding any excess taxes, as computed under M.S., Section 469.177; 2.The proceeds from the sale or lease of property, tangible or intangible, to the extent the property was purchased by the Authority with tax increments; 3.Principal and interest received on loans or other advances made by the Authority with tax increments; 4.Interest or other investment earnings on or from tax increments; 5.Repayments or return of tax increments made to the Authority under agreements for districts for which the request for certification was made after August 1, 1993; and 6.The market value homestead credit paid to the Authority under M.S., Section 273.1384. Subsection 2-17.Modifications to the District In accordance with M.S., Section 469.175, Subd. 4 , any: 1.Reduction or enlargement of the geographic area of the District, if the reduction does not meet the requirements of M.S., Section 469.175, Subd. 4(e); 2.Increase in amount of bonded indebtedness to be incurred; 3.A determination to capitalize interest on debt if that determination was not a part of the original TIF Plan; 4.Increase in the portion of the captured net tax capacity to be retained by the HRA or City; 5.Increase in the estimate of the cost of the District, including administrative expenses, t hat will be paid or financed with tax increment from the District; or 6.Designation of additional property to be acqui red by the HRA or City, shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original TIF Plan. If the District qualifies for certification only under M.S. Section 469.176, Subd. 4c(d), than the District boundaries may not be enlarged after July 1, 2012. Pursuant to M.S., Section 469.175 Subd. 4(f), the geographic area of the District may be reduced following the date of certification of the original net tax capacity by the county auditor, 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 the District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-14 District equals or exceeds t he net tax capaci ty of those parcel(s) in the District's original net tax capaci ty or (B) the HRA agrees that, notwithstanding M.S., Section 469.177, Subd. 1 , the original net tax capaci ty will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the District. The HRA or City must notify the County Auditor of any modification to the District. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF Plan. Subsection 2-18.Administrative Expenses In accordance with M.S., Section 469.174, Subd. 14, administrative expenses means all expenditures of the HRA or City, other than: 1.Amounts paid for the purchase of land; 2.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; 3.Relocation benefits paid to or services provided for persons residing or businesses located in the District; or 4.Amounts used to pay principal or interest on, fund a reserve for, or sell at a discount bonds issued pursuant to M.S., Section 469.178; or 5.Amounts used to pay other financial obligations to the extent those obligations were used to finance costs described in clauses (1) to (3). For districts for which the request for certification were made before August 1, 1979, or after June 30, 1982, and before August 1, 2001, administrative expenses al so include amounts paid for services provided by bond counsel , fiscal consultants, and planning or economic development consultants. Pursuant to M.S., Section 469.176, Subd. 3 , tax increment may be used to pay any authorized and documented administrative expenses for the District up to but not to exceed 10 per cent of the total estimated tax increment expenditures authorized by the TIF Plan or the total tax increments, as defined by M.S., Sect ion 469.174, Subd. 25, cl ause (1), from the District, whichever is less. For districts for which certification was requested after July 31, 2001, no tax increment may be used to pay any administrative expenses for District costs which exceed ten percent of total estimated tax increment expenditures authorized by the TIF Plan or the total tax increments, as defined in M.S., Section 469.174, Subd. 25, cl ause (1), from the District, whichever is less. Pursuant to M.S., Section 469.176, Subd. 4h , tax increments may be used t o pay for the County's actual administrative expenses incurred in connection with the District and are not subject to the percentage limits of M.S., Section 469.176, Subd. 3 . The county may require payment of those expenses by February 15 of the year following the year the expenses wer e incurred. Pursuant to M.S., Section 469. 177, Subd. 11 , the County Treasurer shall deduct an amount (currently .36 percent) of any increment distributed to the HRA or City and the County Treasurer shall pay the amount deducted to the State Commissioner of Management and Budget 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. This amount may be adj usted annually by the Commissioner of Revenue. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-15 Subsection 2-19.Limitation of Increment The tax increment pledged to the payment of bonds and i nterest thereon may be discharged and the District may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. Pursuant to M.S., Section 469.176, Subd. 6 : if, after four years f rom the date of certification of the original net tax capaci ty of the tax increment financing district pursuant to M.S., Section 469.177, no demol ition, rehabilitation or renovat ion 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 wat er syst ems, has been commenced on a parcel located within a tax increment financing district by the authority or by the owner of the parcel in accordance with the tax increment financing plan, no addi tional tax increment may be taken from that parcel and the original net tax capacity of that parcel shall be excluded from the original net tax capaci ty of the tax increment financing district. If the authority or the owner of the parcel subsequent ly commences demol ition, rehabilitation or renovat ion or other site preparat ion on that parcel including qualified improvement of a street adjacent to that parcel, in accordance wi th the tax increment financing plan, the authority shall certify to the county auditor that the activity has commenced and t he county auditor shall certify the net tax capacity thereof as most recently certified by the commissioner of revenue and add i t to the original net tax capacity of the tax increment financing district. The county auditor must enforce the provi sions of this subdivision. The authority must submit to the county auditor evidence that the requi red activity has taken place for each parcel in the district. The evidence for a parcel must be submitted by February 1 of the fifth year following the year in which the parcel was certified as included in the district. For purposes of this subdivision, qualified improvement s of a street are limited to (1) construction or openi ng of a new street, (2) relocation of a street, and (3) substantial reconstruction or rebuilding of an existing street. The HRA or City or a property owner must improve parcels within the District by approximately April 2016 and report such actions to the County Auditor. Subsection 2-20.Use of Tax Increment The HRA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable property located in the District for the following purposes: 1.To pay the principal of and interest on bonds issued to finance a pr oject; 2.to finance, or otherwise pay public redevelopment costs of the the Southeast Edina Redevelopment Project Area pursuant to M.S., Sections 469.001 to 469.047; 3.To pay for project costs as identified in the budget set forth in the TIF Plan; 4.To finance, or otherwise pay for other purposes as pr ovided in M.S., Section 469.176, Subd. 4 ; 5.To pay principal and interest on any loans, advances or other payments made to or on behalf of the HRA or City or for the benefit of the Southeast Edina Redevelopment Project Area by a developer; 6.To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing the payment when due of principal of and interest on bonds pur suant to the TIF Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-16 Plan or pursuant to M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; 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 pur suant to M.S., Chapter 462C, M .S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178. These revenues shal l not be used to circumvent any levy limitations applicable to the City nor for other purposes prohibited by M.S., Section 469.176, Subd. 4. Tax increments generated in the District will be paid by Hennepin County to the HRA for the Tax Increment Fund of said District. The HRA or City will pay to the developer(s) annually an amount not to exceed an amount as specified in a developer's agreement to reimburse the costs of land acquisition, public improvements, demolition and relocation, site preparation, and administration. If the request for certification of the District was made after June 30, 2009 and no l ater than June 30, 2012 and construction commenced in the District by July 1, 2012, tax increments from the District may also be used to provide improvements, loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of buildings and ancillary facilities. Remaining increment funds will be used for HRA or City administration (up to 10 percent) and for the costs of public improvement activities outside the District. Subsection 2-21.Excess Increments Excess increments, as defined in M.S., Section 469.176, Subd. 2 , shall be used onl y to do one or more of the following: 1.Prepay any outstanding bonds; 2.Discharge the pledge of tax increment for any outstanding bonds; 3.Pay into an escrow account dedicated to the payment of any outstanding bonds; or 4.Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local tax rates. The HRA or City must spend or return the excess i ncrements under paragraph (c) within nine months after the end of the year. In addition, the HRA or City may, subject to the limitations set forth herein, choose to modify the TIF Plan in order to finance additional public costs in the Southeast Edina Redevelopment Project Area or the District. Subsection 2-22.Requirements for Agreements with the Developer The HRA or City will review any proposal for private development to determine its conformance with the Redevelopment Plan and with applicable municipal ordinances and codes. T o facilitate this effort, the following documents may be requested for review and approval: site plan, const ruction, 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 HRA or City to demonstrate the conformance of the development with City plans and ordinances. The HRA or City may also use t he Agreements to address other issues related to the development. Pursuant to M.S., Section 469.176, Subd. 5 , no more than 10 percent, by acreage, of the property to be acquired in the District as set forth in the TIF Plan shall at any time be owned by the HRA or City as a result of acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments from property acquired is pledged, unless prior to acquisition in excess of 10 percent of the Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-17 acreage, the HRA or City concluded an agreement for the development of the property acquired and which provides recourse for the HRA or City should the development not be completed. Subsection 2-23.Assessment Agreements Pursuant to M.S., Section 469.177, Subd. 8 , the HRA or City may enter into a written assessment agreement in recordable form with the developer of property within the District which establishes a minimum market value of the land and completed improvements for the duration of the District. The assessment agreement shall be presented to the County Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously 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 appears, in the judgment of the assessor , to be a reasonable estimate, the County Assessor shall also certify the minimum market value agreement. Subsection 2-24.Administration of the District Administration of the District will be handl ed by the Execut ive Director. Subsection 2-25.Annual Disclosure Requirements Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the HRA or City must undertake financial reporting for all tax increment financing districts to the Office of the State Auditor, County Board and County Auditor on or before August 1 of each year. M.S., Section 469.175, Subd. 5 also provides that an annual statement shall be published in a newspaper of general circulation in the City on or before August 15. If the City fails to make a disclosure or submit a report containing the information required by M.S., Section 469.175 Subd. 5 and Sub d. 6, the OSA will direct the County Auditor to withhold the distribution of tax increment from the District. Subsection 2-26.Reasonable Expectations As required by the TIF Act, in establishing the District, the determination has been made that the anticipated development would not reasonably be expect ed to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expect ed 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 TIF Plan. In making said determination, reliance has been pl aced upon wr itten representation made by the developer to such ef fects and upon HRA and Ci ty staff awareness of the feasibility of developing the project site(s) within the District. A comparative analysis of estimated market values both with and without establishment of the District and the use of tax increments has been per formed as descr ibed above. Such anal ysis is included with the cashf low in Appendix D, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of the District and the use of tax increments. Subsection 2-27.Other Limitations on the Use of Tax Increment 1.General Limitations. All revenue derived from tax increment shall be used in accordance with the TIF Plan. The revenues shal l be used to finance, or otherwise pay public redevelopment costs of the Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-18 the Southeast Edina Redevelopment Project Area pursuant to M.S., Sections 469.001 t o 469.047. Tax increments may not be used to circumvent existing levy limit law. No tax increment may 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. This provision does not prohibit the use of revenues derived from tax increments for the construction or renovation of a parking structure. 2.Pooling Limitations. At least 80 percent of tax increments from the District must be expended on activities in the District or to pay bonds, to the extent that the proceeds of the bonds were used to finance act ivities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not more than 20 percent of said tax increments may be expended, t hrough a development fund or otherwise, on activities outside of the 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 District. 3.Five Year Limitation on Commitment of Tax Increments. Tax increments derived from the District shall be deemed to have satisfied the 80 percent test set forth in paragraph (2) above only if the five year rule set forth in M.S., Section 469.1763, Subd. 3 , has been sat isfied; and beginning with the sixth year following certification of the District, 80 percent of said tax increments that remain after expenditures permitted under said five year rule must be used onl y to pay previously committed expenditures or credit enhanced bonds as m ore fully set forth in M.S., Section 469.1763, Subd. 5 . (AS MODIFIED APRIL 5, 2016) Pursuant to M.S., Statute 469.1763, Subd. 2, the HRA and City may elect to increase by up to ten percentage points the permitted amount of expenditures for activities located outside the geographic area of the District for qualifying housing purposes. Therefore, the pooling limitations with respect to this District are increased to not more than 30 percent of tax increments from the District. (AS MODIFIED NOVEMBER 20, 2018) Pooling Limitations. Pursuant to Minnesota Session Laws 2017, Chapt er 1, HF No. 1, Article 6, Sec. 11 and Sec. 16, at least 45 percent of tax increments from the District must be expended on act ivities in the District or to pay bonds, to the extent that the proceeds of the bonds wer e used to finance act ivities within said district or to pay, or secure payment of, debt service on credit enhanced bonds. Not more than 55 percent of said tax increments may be expended f or qualified housing projects as def ined in Minnesota Session Laws 2014, Chapt er 308, HF No. 3167, Art icle 6, Sec. 8 and Minnesota Session Laws 2017, Chapter 1, HF No. 1, Art icle 6, Sec. 11, through a development fund or otherwise, on activities outside of the 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 District. Subsection 2-28.Summary The Edina Housing and Redevelopment Authority is establishing the District to preserve and enhance the tax base, redevelop substandard areas, and pr ovide employment opportunities in the City. The TIF Plan for the District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113, telephone (651) 697-8500. Edina Housing and Redevelopment Authority Tax Increment Financing Plan for the Southdale 2 Tax Increment Financing District 2-19 Appendix A Project Description The City and HRA will be facilitating improvements to the 1.2 million square foot Southdale Center mall which was originally constructed in the 1960's. The redeveloper plans to renovate the interior common area and make exterior improvements to the shopping center. The renovations will consist of new entrance structures, flooring, lighting, signage, restrooms, parking deck lighting, and exterior seating, columns and interior wall treatments. Improvements are planned to be subst antially completed by December 31, 2012. The City and HRA intend to finance a por tion of the total renovation costs. The HRA will be loaning $5 million to Southdale Center, $250,000 of which is forgiven if a transit station is constructed. Tax increments collected from the Southdale Center parcels will be used to write down principal of the loan and adj acent development will pay for interest on the loan and f or the transit station improvements. Appendix A-1 Appendix B Maps of the Southeast Edina Redevelopment Project Area and the District Appendix B-1 (AS MODIFIED APRIL 5, 2016) Appendix B-2 (AS ORIGINALLY ADOPTED) Appendix B-3 Appendix C Description of Property to be Included in the District The District encompasses all property and adjacent rights-of-way and abutting roadways identified by the parcel(s) listed below. (AS MODIFIED APRIL 5, 2016) Parcel number 29-028-24-24-0030 is being removed from the District to be included in the 66 West Tax Increment Financing District. Appendix C-1 Appendix D Estimated Cash Flow for the District Appendix D-1 Southdale Mall Renovation and Mixed Use DevelopmentCity of EdinaSouthdale Mall Renovation and Adjacent DevelopmentSchool District 273ASSUMPTIONS AND RATESDistrictType: Economic DevelopmentMaximum/Frozen Local Tax Rate: 108.160% SD 273District Name/Number:Current Local Tax Rate: (Use lesser of Current or Max.) 108.160% Pay 2012 Prelim.County District #:State-wide Tax Rate (Comm./Ind. only used for total taxes) 52.0000% Pay 2012 Prelim.First Year Construction or Inflation on Value2012Market Value Tax Rate (Used for total taxes) 0.18532% Pay 2012 Prelim.Existing District - Specify No. Years RemainingInflation Rate - Every Year:0.00% PROPERTY TAX CLASSES AND CLASS RATES:Interest Rate:5.50%Exempt Class Rate (Exempt) 0.00%Present Value Date:1-Feb-12Commercial Industrial Preferred Class Rate (C/I Pref.)First Period Ending 1-Aug-12 First$150,000 1.50%Tax Year District was Certified:Pay 2012Over $150,000 2.00%Cashflow Assumes First Tax Increment For Development: 2014 Commercial Industrial Class Rate (C/I) 2.00%Years of Tax Increment 9 Rental Housing Class Rate (Rental) 1.25%Assumes Last Year of Tax Increment 2022Affordable Rental Housing Class Rate (Aff. Rental) 0.75%Fiscal Disparities Election [Outside (A), Inside (B), or NA]Inside(B)Non-Homestead Residential (Non-H Res.) 1.25%Incremental or Total Fiscal DisparitiesIncrementalHomestead Residental Class Rate (Hmstd. Res.)Fiscal Disparities Contribution Ratio 34.7413% Pay 2012 Prelim. First$500,000 1.00%Fiscal Disparities Metro-Wide Tax Rate 141.9450% Pay 2012 Prelim. Over $500,000 1.25%Agricultural Non-Homestead 1.00%Percentage Tax Year Property Current ClassAfterLand BuildingTotal Of Value Used Original Original Tax OriginalAfterConversionS/D PID AddressMarket Value Market Value Market Value for DistrictMarket Value Market Value Class Tax Capacity Conversion Orig. Tax Cap.Area/Phase273 29-028-24-33-0001ADDRESS UNASSIGNED0 0 0 100% 0 Pay 2012 Exempt - Exempt - Mall273 29-028-24-33-0004 3500 69TH ST W 571800 0 571,800 100% 571,800 Pay 2012 C/I 11,436 C/I 11,436 Mall273 29-028-24-33-0014ADDRESS UNASSIGNED14,995,000 17,908,800 32,903,800 100% 32,903,800 Pay 2012 C/I 658,076 C/I 658,076 Mall27329‐028‐24‐33‐00213503 GALLERIA2,273,100 5,315,000 7,588,100 100% 7,588,100 Pay 2012 C/I 151,762 C/I 151,762 27329‐028‐24‐33‐00223460 GALLERIA14,624,600 42,085,400 56,710,000 100% 56,710,000 Pay 2012 C/I Pref. 1,133,450 C/I Pref. 1,133,450 27329‐028‐24‐33‐00233501 GALLERIA3,287,100 2,112,900 5,400,000 100% 5,400,000 Pay 2012 C/I 108,000 C/I 108,000 27329‐028‐24‐34‐00026825 YORK AVE S2,851,200 100,900 2,952,100 100% 2,952,100 Pay 2012 C/I Pref. 58,292 C/I Pref. 58,292 27329‐028‐24‐34‐00073100 70TH ST W1,382,700 943,300 2,326,000 100% 2,326,000 Pay 2012 C/I Pref. 45,770 C/I Pref. 45,770 27329‐028‐24‐34‐00106975 YORK AVE S1,586,200 1,059,400 2,645,600 100% 2,645,600 Pay 2012 C/I Pref. 52,162 C/I Pref. 52,162 273 29-028-24-34-0019ADDRESS UNASSIGNED2,852,400 0 2,852,400 100% 2,852,400 Pay 2012 C/I 57,048 Rental 35,655 Mall27329‐028‐24‐34‐00206775 YORK AVE S1,162,700 0 1,162,700 100% 1,162,700 Pay 2012 C/I 23,254 C/I 23,254 27329‐028‐24‐34‐00216803 YORK AVE S2,932,400 3,024,800 5,957,200 100% 5,957,200 Pay 2012 C/I 119,144 C/I 119,144 27329‐028‐24‐34‐00226805 YORK AVE S725,200 247,800 973,000 100% 973,000 Pay 2012 C/I 19,460 C/I 19,460 27329‐028‐24‐34‐00243210 GALLERIA2,532,200 2,117,800 4,650,000 100% 4,650,000 Pay 2012 C/I Pref. 92,250 C/I Pref. 92,250 27329‐028‐24‐34‐00256905 YORK AVE S2,084,400 0 2,084,400 100% 2,084,400 Pay 2012 C/I Pref. 40,938 C/I Pref. 40,938 27329‐028‐24‐34‐00263121 69TH ST W1,482,100 10,202,900 11,685,000 100% 11,685,000 Pay 2012 Rental 146,063 Rental 146,063 27329‐028‐24‐34‐00333209 Galleria617,400 617,400 100% 617,400 Pay 2012 Non-H Res. 7,718 Non-H Res. 7,718 27329‐028‐24‐34‐00343209 Galleria1,179,000 1,179,000 100% 1,179,000 Pay 2012 Non-H Res. 14,738 Non-H Res. 14,738 27329‐028‐24‐34‐00353209 Galleria620,000 620,000 100% 620,000 Pay 2012 Non-H Res. 7,750 Non-H Res. 7,750 27329‐028‐24‐34‐00363209 Galleria779,000 779,000 100% 779,000 Pay 2012 Non-H Res. 9,738 Non-H Res. 9,738 27329‐028‐24‐34‐00373209 Galleria591,000 591,000 100% 591,000 Pay 2012 Non-H Res. 7,388 Non-H Res. 7,388 27329‐028‐24‐34‐00383209 Galleria589,000 589,000 100% 589,000 Pay 2012 Non-H Res. 7,363 Non-H Res. 7,363 27329‐028‐24‐34‐00393209 Galleria417,000 417,000 100% 417,000 Pay 2012 Non-H Res. 5,213 Non-H Res. 5,213 27329‐028‐24‐34‐00403209 Galleria1,012,000 1,012,000 100% 1,012,000 Pay 2012 Non-H Res. 12,650 Non-H Res. 12,650 27329‐028‐24‐34‐00413209 Galleria671,100 671,100 100% 671,100 Pay 2012 Non-H Res. 8,389 Non-H Res. 8,389 27329‐028‐24‐34‐00423209 Galleria1,179,000 1,179,000 100% 1,179,000 Pay 2012 Non-H Res. 14,738 Non-H Res. 14,738 27329‐028‐24‐34‐00433209 Galleria626,000 626,000 100% 626,000 Pay 2012 Non-H Res. 7,825 Non-H Res. 7,825 27329‐028‐24‐34‐00443209 Galleria639,000 639,000 100% 639,000 Pay 2012 Hmstd. Res. 6,738 Hmstd. Res. 6,738 27329‐028‐24‐34‐00453209 Galleria567,000 567,000 100% 567,000 Pay 2012 Non-H Res. 7,088 Non-H Res. 7,088 27329‐028‐24‐34‐00463209 Galleria565,500 565,500 100% 565,500 Pay 2012 Hmstd. Res. 5,819 Hmstd. Res. 5,819 27329‐028‐24‐34‐00473209 Galleria396,100 396,100 100% 396,100 Pay 2012 Hmstd. Res. 3,961 Hmstd. Res. 3,961 27329‐028‐24‐34‐00483209 Galleria1,179,000 1,179,000 100% 1,179,000 Pay 2012 Non-H Res. 14,738 Non-H Res. 14,738 27329‐028‐24‐34‐00493209 Galleria1,005,400 0 1,005,400 100% 1,005,400 Pay 2012 Hmstd. Res. 11,318 Hmstd. Res. 11,318 27329‐028‐24‐34‐00503209 Galleria1,179,000 1,179,000 100% 1,179,000 Pay 2012 Hmstd. Res. 13,488 Hmstd. Res. 13,488 27329‐028‐24‐34‐00513209 Galleria680,100 680,100 100% 680,100 Pay 2012 Hmstd. Res. 7,251 Hmstd. Res. 7,251 27329‐028‐24‐34‐00523209 Galleria768,000 768,000 100% 768,000 Pay 2012 Non-H Res. 9,600 Non-H Res. 9,600 27329‐028‐24‐34‐00533209 Galleria591,000 591,000 100% 591,000 Pay 2012 Non-H Res. 7,388 Non-H Res. 7,388 27329‐028‐24‐34‐00543209 Galleria560,000 560,000 100% 560,000 Pay 2012 Non-H Res. 7,000 Non-H Res. 7,000 27329‐028‐24‐34‐00553209 Galleria389,400 389,400 100% 389,400 Pay 2012 Non-H Res. 4,868 Non-H Res. 4,868 27329‐028‐24‐34‐00563209 Galleria1,219,000 1,219,000 100% 1,219,000 Pay 2012 Non-H Res. 15,238 Non-H Res. 15,238 27329‐028‐24‐34‐00573209 Galleria916,200 916,200 100% 916,200 Pay 2012 Hmstd. Res. 10,203 Hmstd. Res. 10,203 27329‐028‐24‐34‐00583209 Galleria1,226,900 1,226,900 100% 1,226,900 Pay 2012 Hmstd. Res. 14,086 Hmstd. Res. 14,086 27329‐028‐24‐34‐00593209 Galleria668,000 668,000 100% 668,000 Pay 2012 Hmstd. Res. 7,100 Hmstd. Res. 7,100 27329‐028‐24‐34‐00603209 Galleria754,000 754,000 100% 754,000 Pay 2012 Hmstd. Res. 8,175 Hmstd. Res. 8,175 27329‐028‐24‐34‐00613209 Galleria591,000 591,000 100% 591,000 Pay 2012 Non-H Res. 7,388 Non-H Res. 7,388 27329‐028‐24‐34‐00623209 Galleria478,300 478,300 100% 478,300 Pay 2012 Non-H Res. 5,979 Non-H Res. 5,979 27329‐028‐24‐34‐00633209 Galleria323,000 323,000 100% 323,000 Pay 2012 Non-H Res. 4,038 Non-H Res. 4,038 27329‐028‐24‐34‐00643209 Galleria1,268,300 1,268,300 100% 1,268,300 Pay 2012 Hmstd. Res. 14,604 Hmstd. Res. 14,604 27329‐028‐24‐34‐00653209 Galleria1,047,000 1,047,000 100% 1,047,000 Pay 2012 Non-H Res. 13,088 Non-H Res. 13,088 27329‐028‐24‐34‐00663209 Galleria1,225,000 1,225,000 100% 1,225,000 Pay 2012 Non-H Res. 15,313 Non-H Res. 15,313 BASE VALUE INFORMATION (Original Tax Capacity) 27329‐028‐24‐34‐00673209 Galleria677,100 677,100 100% 677,100 Pay 2012 Hmstd. Res. 7,214 Hmstd. Res. 7,214 27329‐028‐24‐34‐00683209 Galleria746,000 746,000 100% 746,000 Pay 2012 Non-H Res. 9,325 Non-H Res. 9,325 27329‐028‐24‐34‐00693209 Galleria615,000 615,000 100% 615,000 Pay 2012 Non-H Res. 7,688 Non-H Res. 7,688 27329‐028‐24‐34‐00703209 Galleria534,500 534,500 100% 534,500 Pay 2012 Non-H Res. 6,681 Non-H Res. 6,681 27329‐028‐24‐34‐00713209 Galleria380,200 380,200 100% 380,200 Pay 2012 Non-H Res. 4,753 Non-H Res. 4,753 27329‐028‐24‐34‐00723209 Galleria1,392,100 1,392,100 100% 1,392,100 Pay 2012 Non-H Res. 17,401 Non-H Res. 17,401 27329‐028‐24‐34‐00733209 Galleria1,005,000 1,005,000 100% 1,005,000 Pay 2012 Non-H Res. 12,563 Non-H Res. 12,563 27329‐028‐24‐34‐00743209 Galleria1,179,000 1,179,000 100% 1,179,000 Pay 2012 Non-H Res. 14,738 Non-H Res. 14,738 27329‐028‐24‐34‐00753209 Galleria773,400 773,400 100% 773,400 Pay 2012 Non-H Res. 9,668 Non-H Res. 9,668 27329‐028‐24‐34‐00763209 Galleria776,000 776,000 100% 776,000 Pay 2012 Non-H Res. 9,700 Non-H Res. 9,700 27329‐028‐24‐34‐00773209 Galleria503,000 503,000 100% 503,000 Pay 2012 Non-H Res. 6,288 Non-H Res. 6,288 27329‐028‐24‐34‐00783209 Galleria565,000 565,000 100% 565,000 Pay 2012 Non-H Res. 7,063 Non-H Res. 7,063 27329‐028‐24‐34‐00793209 Galleria380,000 380,000 100% 380,000 Pay 2012 Non-H Res. 4,750 Non-H Res. 4,750 27329‐028‐24‐34‐00803209 Galleria1,270,800 1,270,800 100% 1,270,800 Pay 2012 Hmstd. Res. 14,635 Hmstd. Res. 14,635 27329‐028‐24‐34‐00813209 Galleria1,005,000 1,005,000 100% 1,005,000 Pay 2012 Non-H Res. 12,563 Non-H Res. 12,563 27329‐028‐24‐34‐00823209 Galleria1,307,700 1,307,700 100% 1,307,700 Pay 2012 Hmstd. Res. 15,096 Hmstd. Res. 15,096 27329‐028‐24‐34‐00833209 Galleria669,600 669,600 100% 669,600 Pay 2012 Non-H Res. 8,370 Non-H Res. 8,370 27329‐028‐24‐34‐00843209 Galleria791,500 791,500 100% 791,500 Pay 2012 Non-H Res. 9,894 Non-H Res. 9,894 27329‐028‐24‐34‐00853209 Galleria648,400 648,400 100% 648,400 Pay 2012 Hmstd. Res. 6,855 Hmstd. Res. 6,855 27329‐028‐24‐34‐00863209 Galleria543,500 543,500 100% 543,500 Pay 2012 Non-H Res. 6,794 Non-H Res. 6,794 27329‐028‐24‐34‐00873209 Galleria380,000 380,000 100% 380,000 Pay 2012 Non-H Res. 4,750 Non-H Res. 4,750 27329‐028‐24‐34‐00883209 Galleria1,303,900 1,303,900 100% 1,303,900 Pay 2012 Hmstd. Res. 15,049 Hmstd. Res. 15,049 27329‐028‐24‐34‐00893209 Galleria1,005,000 1,005,000 100% 1,005,000 Pay 2012 Non-H Res. 12,563 Non-H Res. 12,563 27329‐028‐24‐34‐00903209 Galleria1,260,000 1,260,000 100% 1,260,000 Pay 2012 Non-H Res. 15,750 Non-H Res. 15,750 27329‐028‐24‐34‐00913209 Galleria713,400 713,400 100% 713,400 Pay 2012 Hmstd. Res. 7,668 Hmstd. Res. 7,668 27329‐028‐24‐34‐00923209 Galleria977,300 977,300 100% 977,300 Pay 2012 Non-H Res. 12,216 Non-H Res. 12,216 27329‐028‐24‐34‐00933209 Galleria591,000 591,000 100% 591,000 Pay 2012 Non-H Res. 7,388 Non-H Res. 7,388 27329‐028‐24‐34‐00943209 Galleria522,900 522,900 100% 522,900 Pay 2012 Non-H Res. 6,536 Non-H Res. 6,536 27329‐028‐24‐34‐00953209 Galleria380,000 380,000 100% 380,000 Pay 2012 Non-H Res. 4,750 Non-H Res. 4,750 27329‐028‐24‐34‐00963209 Galleria1,337,000 1,337,000 100% 1,337,000 Pay 2012 Hmstd. Res. 15,463 Hmstd. Res. 15,463 27329‐028‐24‐34‐00973209 Galleria999,900 999,900 100% 999,900 Pay 2012 Non-H Res. 12,499 Non-H Res. 12,499 27329‐028‐24‐34‐00983209 Galleria1,989,300 1,989,300 100% 1,989,300 Pay 2012 Hmstd. Res. 23,616 Hmstd. Res. 23,616 27329‐028‐24‐34‐00993209 Galleria765,800 765,800 100% 765,800 Pay 2012 Non-H Res. 9,573 Non-H Res. 9,573 27329‐028‐24‐34‐01003209 Galleria1,192,800 1,192,800 100% 1,192,800 Pay 2012 Hmstd. Res. 13,660 Hmstd. Res. 13,660 27329‐028‐24‐34‐01013209 Galleria1,052,000 1,052,000 100% 1,052,000 Pay 2012 Non-H Res. 13,150 Non-H Res. 13,150 27329‐028‐24‐34‐01023209 Galleria1,325,400 1,325,400 100% 1,325,400 Pay 2012 Hmstd. Res. 15,318 Hmstd. Res. 15,318 27329‐028‐24‐34‐01033209 Galleria1,288,300 1,288,300 100% 1,288,300 Pay 2012 Non-H Res. 16,104 Non-H Res. 16,104 27329‐028‐24‐34‐01043209 Galleria1,900,000 1,900,000 100% 1,900,000 Pay 2012 Non-H Res. 23,750 Non-H Res. 23,750 27329‐028‐24‐34‐01053209 Galleria729,000 729,000 100% 729,000 Pay 2012 Non-H Res. 9,113 Non-H Res. 9,113 27329‐028‐24‐34‐01063209 Galleria931,000 931,000 100% 931,000 Pay 2012 Non-H Res. 11,638 Non-H Res. 11,638 27329‐028‐24‐34‐01073209 Galleria1,093,000 1,093,000 100% 1,093,000 Pay 2012 Non-H Res. 13,663 Non-H Res. 13,663 27329‐028‐24‐34‐01083209 Galleria1,660,100 1,660,100 100% 1,660,100 Pay 2012 Non-H Res. 20,751 Non-H Res. 20,751 27329‐028‐24‐34‐01093209 Galleria893,000 893,000 100% 893,000 Pay 2012 Non-H Res. 11,163 Non-H Res. 11,163 27329‐028‐24‐34‐01103209 Galleria2,322,400 2,322,400 100% 2,322,400 Pay 2012 Non-H Res. 29,030 Non-H Res. 29,030 27329‐028‐24‐34‐01113209 Galleria647,000 647,000 100% 647,000 Pay 2012 Non-H Res. 8,088 Non-H Res. 8,088 27329‐028‐24‐34‐01123209 Galleria1,100,600 1,100,600 100% 1,100,600 Pay 2012 Non-H Res. 13,758 Non-H Res. 13,758 27329‐028‐24‐34‐01133209 Galleria1,214,000 1,214,000 100% 1,214,000 Pay 2012 Non-H Res. 15,175 Non-H Res. 15,175 27329‐028‐24‐34‐01143209 Galleria1,203,200 1,203,200 100% 1,203,200 Pay 2012 Non-H Res. 15,040 Non-H Res. 15,040 273 30-028-24-41-0001 6600 France Avenue South 18,914,100 15,428,500 34,342,600 100% 34,342,600 Pay 2012 C/I Pref. 686,102 C/I Pref. 686,102 273 30-028-24-44-0001 6996 France Avenue South 360,000 40,000 400,000 100% 400,000 Pay 2012 C/I Pref. 7,250 C/I Pref. 7,250 27330‐028‐24‐44‐00033950 70TH ST W1,021,100 622,000 1,643,100 100% 1,643,100 Pay 2012 C/I Pref. 32,112 C/I Pref. 32,112 27330‐028‐24‐44‐00044040 70TH ST W1,081,000 1,376,900 2,457,900 100% 2,457,900 Pay 2012 C/I Pref. 48,408 C/I Pref. 48,408 27330‐028‐24‐44‐00056950 FRANCE AVE S789,700 1,208,300 1,998,000 100% 1,998,000 Pay 2012 C/I Pref. 39,210 C/I Pref. 39,210 273 30-028-24-44-0006 3910 70th Street West 139,900 213,100 353,000 100% 353,000 Pay 2012 C/I Pref. 6,310 C/I Pref. 6,310 27330‐028‐24‐44‐00576900 FRANCE AVE S498,100 239,600 737,700 100% 737,700 Pay 2012 C/I Pref. 14,004 C/I Pref. 14,004 27330‐028‐24‐44‐00583905 69TH ST W847,200 392,600 1,239,800 100% 1,239,800 Pay 2012 C/I Pref. 24,046 C/I Pref. 24,046 27330‐028‐24‐44‐00593939 69TH ST W912,500 912,500 100% 912,500 Pay 2012 C/I Pref. 17,500 C/I Pref. 17,500 0 100% 0 Pay 2012 - - 152,963,500 104,640,000 257,603,500257,603,500 4,479,266 4,457,873Note:1. Base values are based upon review of County website on 3/7/12 of values assessed 1/2/11 for taxes payable 2012.2. Parcels are located within School district 273 and Watershed District 1.BASE VALUE INFORMATION (Original Tax Capacity) Southdale Mall Renovation and Mixed Use DevelopmentCity of EdinaSouthdale Mall Renovation and Adjacent DevelopmentSchool District 273Estimated Taxable Total Taxable Property Percentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/Phase New UsePer Sq. Ft./UnitPer Sq. Ft./Unit Sq. Ft./UnitsValue Class Tax Capacity Capacity/Unit2012 2013 2014 2015 PayableMall Retail 35,000,000 35,000,000 1 35,000,000 C/I 700,000 97% 97% 97% 100% 2017ApartmentsApartments 34,900,000 34,900,000 1 34,900,000 Rental 436,250 70% 70% 75% 100% 2017Office Office 36,000,000 36,000,000 1 36,000,000 C/I Pref. 719,250 96% 100% 100% 100% 2015Retail Retail 102,500,000 102,500,000 1 102,500,000 C/I Pref. 2,049,250 96% 96% 100% 100% 2016Condos/Apts. Condominiums 890,000 890,000 82 72,980,000 Hmstd. Res. 809,750 100% 100% 100% 100% 2014TOTAL281,380,000 4,714,500 Subtotal Residential #VALUE! 107,880,000 1,246,000 Subtotal Commercial/Ind.3 173,500,000 3,468,500 Note:1. Renovated mall market value based upon tax estimates from mall owner.2. Other development values based on proposals received by the City of Edina and estimates from City AssessorTotal Fiscal Local Local Fiscal State-wide MarketTax DisparitiesTax Property DisparitiesPropertyValue TotalNew UseCapacityTax Capacity CapacityTaxes Taxes Taxes Taxes TaxesRetail 700,000 243,189 456,811 494,087 345,195 364,000 64,862 1,268,143Apartments436,250 0 436,250 471,848 0 0 64,677 536,525Office 719,250 249,877 469,373 507,674 354,688 374,010 66,715 1,303,087Retail 2,049,250 711,936 1,337,314 1,446,439 1,010,558 1,065,610 189,953 3,712,559Condominiums809,750 0 809,750 875,826 0 0 135,247 1,011,072TOTAL 4,714,500 1,205,002 3,509,498 3,795,873 1,710,440 1,803,620 521,453 7,831,387Note: 1. Taxes and tax increment will vary signficantly from year to year depending upon values, rates, state law, fiscal disparities and other factors which cannot be predicted.2. If tax increment is received in 2013 then the district will be one year shorter.PROJECT INFORMATION (Project Tax Capacity)TAX CALCULATIONS 6/29/2012Base Value Assumptions - Page 6City of EdinaSouthdale Mall Renovation and Adjacent DevelopmentSchool District 273Southdale Mall Renovation and Adjacent DevelopmentProject Original Fiscal Captured LocalAnnual Semi-Annual StateAdmin. Semi-Annual Semi-Annual PERIOD% ofTax Tax Disparities Tax Tax Gross Tax Gross TaxAuditorat Net Tax Present ENDING Tax PaymentOTC CapacityCapacityIncremental CapacityRate Increment Increment 0.36% 10% IncrementValueYrs.YearDate- - - - 08/01/12- - - - 02/01/13- - - - 08/01/13- - - - 02/01/14100% 4,458,033 (4,457,873) - 160 108.160% 173 86 (0) (9) 77 68 0.5 2014 08/01/14100% 4,458,033 (4,457,873) - 160 108.160% 173 86 (0) (9) 77 133 1 2014 02/01/15100% 4,480,655 (4,457,873) - 22,782 108.160% 24,641 12,320 (44) (1,228) 11,048 9,271 1.5 2015 08/01/15100% 4,480,655 (4,457,873) - 22,782 108.160% 24,641 12,320 (44) (1,228) 11,048 18,164 2 2015 02/01/16100% 4,584,438 (4,457,873) (20,346) 106,218 108.160% 114,886 57,443 (207) (5,724) 51,512 58,517 2.5 2016 08/01/16100% 4,584,438 (4,457,873) (20,346) 106,218 108.160% 114,886 57,443 (207) (5,724) 51,512 97,790 3 2016 02/01/17100% 4,714,500 (4,457,873) (27,642) 228,985 108.160% 247,670 123,835 (446) (12,339) 111,050 180,188 3.5 2017 08/01/17100% 4,714,500 (4,457,873) (27,642) 228,985 108.160% 247,670 123,835 (446) (12,339) 111,050 260,382 4 2017 02/01/18100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 325,494 4.5 2018 08/01/18100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 388,863 5 2018 02/01/19100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 450,536 5.5 2019 08/01/19100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 510,559 6 2019 02/01/20100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 568,975 6.5 2020 08/01/20100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 625,828 7 2020 02/01/21100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 681,159 7.5 2021 08/01/21100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 735,009 8 2021 02/01/22100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 787,418 8.5 2022 08/01/22100% 4,714,500 (4,457,873) (65,592) 191,034 108.160% 206,623 103,311 (372) (10,294) 92,645 838,424 9 2022 02/01/23 Total1,420,483 (5,114) (141,537) 1,273,832 Present Value From 02/01/2012 Present Value Rate 5.50% 934,948 (3,366) (93,158) 838,424 Prepared by Ehlers & Associates, Inc. - Estimates OnlyN:\Minnsota\EDINA\Housing Economic Redevelopment\TIF\TIF Districts\Southdale 2\TIF Runs\TIF Run Option B SD 273 jc Southdale Mall Renovation and Mixed Use DevelopmentCity of EdinaSouthdale Mall Renovation and Adjacent DevelopmentSchool District 280ASSUMPTIONS AND RATESDistrictType: Economic DevelopmentMaximum/Frozen Local Tax Rate: 114.351% S/D 280District Name/Number:Current Local Tax Rate: (Use lesser of Current or Max.) 114.351% Pay 2012 Prelim.County District #:State-wide Tax Rate (Comm./Ind. only used for total taxes) 52.0000% Pay 2012 Prelim.First Year Construction or Inflation on Value2012Market Value Tax Rate (Used for total taxes) 0.15860% Pay 2012 Prelim.Existing District - Specify No. Years RemainingInflation Rate - Every Year:0.00% PROPERTY TAX CLASSES AND CLASS RATES:Interest Rate:5.50%Exempt Class Rate (Exempt) 0.00%Present Value Date:1-Feb-12Commercial Industrial Preferred Class Rate (C/I Pref.)First Period Ending 1-Aug-12 First$150,000 1.50%Tax Year District was Certified:Pay 2012Over $150,000 2.00%Cashflow Assumes First Tax Increment For Development: 2014 Commercial Industrial Class Rate (C/I) 2.00%Years of Tax Increment 9 Rental Housing Class Rate (Rental) 1.25%Assumes Last Year of Tax Increment 2022Affordable Rental Housing Class Rate (Aff. Rental) 0.75%Fiscal Disparities Election [Outside (A), Inside (B), or NA]Inside(B)Non-Homestead Residential (Non-H Res.) 1.25%Incremental or Total Fiscal DisparitiesIncrementalHomestead Residental Class Rate (Hmstd. Res.)Fiscal Disparities Contribution Ratio 34.7413% Pay 2012 Prelim. First$500,000 1.00%Fiscal Disparities Metro-Wide Tax Rate 141.9450% Pay 2012 Prelim. Over $500,000 1.25%Agricultural Non-Homestead 1.00%Percentage Tax Year Property Current ClassAfterLand BuildingTotal Of Value Used Original Original Tax OriginalAfterConversionS/D PID AddressMarket Value Market Value Market Value for DistrictMarket Value Market Value Class Tax Capacity Conversion Orig. Tax Cap.28029‐028‐24‐23‐0001ADDRESS UNASSIGNED1,384,800 1,316,200 2,701,000 100% 2,701,000 Pay 2012 C/I Pref. 53,270 C/I Pref. 53,270 28029‐028‐24‐23‐00076533 Drew Avenue South531,900 502,000 1,033,900 100% 1,033,900 Pay 2012 C/I Pref. 19,928 C/I Pref. 19,928 28029‐028‐24‐23‐00086525 Drew Avenue S445,000 120,700 565,700 100% 565,700 Pay 2012 C/I Pref. 10,564 C/I Pref. 10,564 28029‐028‐24‐23‐00096517 DREW AVE S529,500 1,235,500 1,765,000 100% 1,765,000 Pay 2012 C/I Pref. 34,550 C/I Pref. 34,550 28029‐028‐24‐23‐00103625 65TH ST W525,300 2,040,700 2,566,000 100% 2,566,000 Pay 2012 C/I Pref. 50,570 C/I Pref. 50,570 28029‐028‐24‐23‐0011ADDRESS UNASSIGNED285,800 0 285,800 100% 285,800 Pay 2012 C/I 5,716 C/I 5,716 28029‐028‐24‐23‐00123400 66TH ST W2,990,400 2,363,600 5,354,000 100% 5,354,000 Pay 2012 C/I Pref. 106,330 C/I Pref. 106,330 28029‐028‐24‐23‐0167ADDRESS UNASSIGNED0 0 0 100% 0 Pay 2012 Exempt - Exempt - 28029‐028‐24‐23‐01726545 FRANCE5,118,000 24,202,500 29,320,500 100% 29,320,500 Pay 2012 C/I Pref. 585,660 C/I Pref. 585,660 28029‐028‐24‐23‐01736525 FRANCE AVE S1,107,600 11,092,400 12,200,000 100% 12,200,000 Pay 2012 C/I 244,000 C/I 244,000 280 29-028-24-24-0001 3316 66th Street West 1,494,600 2,205,400 3,700,000 100% 3,700,000 Pay 2012 C/I Pref. 73,250 Rental 46,250 28029‐028‐24‐24‐0002ADDRESS UNASSIGNED403,100 0 403,100 100% 403,100 Pay 2012 C/I 8,062 C/I 8,062 280 29-028-24-24-0004 Thrivent Financial - No Address 535,600 0 535,600 100% 535,600 Pay 2012 C/I 10,712 Rental 6,695 280 29-028-24-24-0005 3250 66th Street West 2,091,800 755,900 2,847,700 100% 2,847,700 Pay 2012 C/I Pref. 56,204 Rental 35,596 280 29-028-24-24-0007 6550 York Avenue 2,274,300 2,611,700 4,886,000 100% 4,886,000 Pay 2012 C/I Pref. 96,970 Rental 61,075 280 29-028-24-24-0025 6515 Barrie Road 675,000 979,300 1,654,300 100% 1,654,300 Pay 2012 C/I Pref. 32,336 Rental 20,679 280 29-028-24-24-0026 6525 Barrie Road 480,000 806,000 1,286,000 100% 1,286,000 Pay 2012 C/I Pref. 24,970 Rental 16,075 280 29-028-24-24-0027 6519 Barrie Road 827,400 289,500 1,116,900 100% 1,116,900 Pay 2012 C/I Pref. 21,588 Rental 13,961 280 29-028-24-24-0030 3330 66th Street West 917,900 429,500 1,347,400 100% 1,347,400 Pay 2012 C/I Pref. 26,198 Rental 16,843 28029‐028‐24‐24‐0031ADDRESS UNASSIGNED36,900 0 36,900 100% 36,900 Pay 2012 C/I 738 C/I 738 28029‐028‐24‐24‐00326500 BARRIE RD478,400 721,600 1,200,000 100% 1,200,000 Pay 2012 C/I Pref. 23,250 C/I Pref. 23,250 28029‐028‐24‐24‐01206444 Xerxes Avenue South 271,800 328,200 600,000 100% 600,000 Pay 2012 C/I Pref. 11,250 Rental 7,500 280 29-028-24-24-0121 6500 Xerxes Avenue 244,100 206,400 450,500 100% 450,500 Pay 2012 C/I Pref. 8,260 Rental 5,631 28029‐028‐24‐24‐02236525 YORK AVE S1,671,000 1,645,400 3,316,400 100% 3,316,400 Pay 2012 C/I 66,328 C/I 66,328 28029‐028‐24‐31‐00023101 66TH ST W1,241,200 1,000 1,242,200 100% 1,242,200 Pay 2012 C/I Pref. 24,094 C/I Pref. 24,094 280 29-028-24-31-0003 6725 York Avenue South 2,674,000 1,000 2,675,000 100% 2,675,000 Pay 2012 C/I Pref. 52,750 C/I Pref. 52,750 280 29-028-24-31-0005 3425 66TH ST W 369,500 663,700 1,033,200 100% 1,033,200 Pay 2012 C/I 20,664 C/I 20,664 28029‐028‐24‐31‐00063230 SOUTHDALE CIR714,700 220,600 935,300 100% 935,300 Pay 2012 C/I Pref. 17,956 C/I Pref. 17,956 28029‐028‐24‐31‐00073220 SOUTHDALE CIR1,124,800 125,400 1,250,200 100% 1,250,200 Pay 2012 C/I Pref. 24,254 C/I Pref. 24,254 28029‐028‐24‐31‐00083210 SOUTHDALE CIR467,500 58,000 525,500 100% 525,500 Pay 2012 C/I Pref. 9,760 C/I Pref. 9,760 28029‐028‐24‐31‐00093200 SOUTHDALE CIR672,500 7,700 680,200 100% 680,200 Pay 2012 C/I Pref. 12,854 C/I Pref. 12,854 28029‐028‐24‐31‐00103240 SOUTHDALE CIR563,100 1,000 564,100 100% 564,100 Pay 2012 C/I Pref. 10,532 C/I Pref. 10,532 28029‐028‐24‐31‐00116612 XERXES AVE S131,400 56,900 188,300 100% 188,300 Pay 2012 Hmstd. Res. 1,883 Hmstd. Res. 1,883 28029‐028‐24‐31‐00126616 XERXES AVE S131,400 108,100 239,500 100% 239,500 Pay 2012 Hmstd. Res. 2,395 Hmstd. Res. 2,395 28029‐028‐24‐31‐00136620 XERXES AVE S131,400 72,400 203,800 100% 203,800 Pay 2012 Hmstd. Res. 2,038 Hmstd. Res. 2,038 28029‐028‐24‐31‐00146624 XERXES AVE S131,400 68,200 199,600 100% 199,600 Pay 2012 Hmstd. Res. 1,996 Hmstd. Res. 1,996 28029‐028‐24‐31‐00156628 XERXES AVE S145,300 72,700 218,000 100% 218,000 Pay 2012 Non-H Res. 2,725 Non-H Res. 2,725 28029‐028‐24‐31‐00166700 XERXES AVE S145,300 79,600 224,900 100% 224,900 Pay 2012 Hmstd. Res. 2,249 Hmstd. Res. 2,249 28029‐028‐24‐31‐00176704 XERXES AVE S131,400 46,800 178,200 100% 178,200 Pay 2012 Hmstd. Res. 1,782 Hmstd. Res. 1,782 28029‐028‐24‐31‐00186708 XERXES AVE S131,400 74,300 205,700 100% 205,700 Pay 2012 Hmstd. Res. 2,057 Hmstd. Res. 2,057 28029‐028‐24‐31‐00196712 XERXES AVE S131,400 82,900 214,300 100% 214,300 Pay 2012 Hmstd. Res. 2,143 Hmstd. Res. 2,143 280 29-028-24-31-0024 300 SOUTHDALE CENTER 4,272,600 1,000 4,273,600 100% 4,273,600 Pay 2012 C/I Pref. 84,722 C/I Pref. 84,722 280 29-028-24-31-0025 6636 YORK AVE S 967,800 1,000 968,800 100% 968,800 Pay 2012 C/I 19,376 C/I 19,376 28029‐028‐24‐31‐00266755 YORK AVE S0 0 0 100% 0 Pay 2012 Exempt - Exempt - 28029‐028‐24‐31‐00276775 YORK AVE S3,464,000 2,487,600 5,951,600 100% 5,951,600 Pay 2012 C/I Pref. 118,282 C/I Pref. 118,282 280 29-028-24-32-0001 3501 66TH ST W 616,600 0 616,600 100% 616,600 Pay 2012 C/I 12,332 C/I 12,332 280 29-028-24-32-0003 200 SOUTHDALE CENTER 1479500 2958500 4,438,000 100% 4,438,000 Pay 2012 C/I Pref. 88,010 C/I Pref. 88,010 280 29-028-24-32-0008 100 SOUTHDALE CENTER 1,883,700 7,193,300 9,077,000 100% 9,077,000 Pay 2012 C/I Pref. 180,790 C/I Pref. 180,790 280 29-028-24-32-0009 10 SOUTHDALE CENTER 27,696,800 45,616,200 73,313,000 100% 73,313,000 Pay 2012 C/I Pref. 1,465,510 C/I Pref. 1,465,510 280 30-028-24-14-0007 4005 65th Street 926,400 558,100 1,484,500 100% 1,484,500 Pay 2012 C/I Pref. 28,940 C/I Pref. 28,940 BASE VALUE INFORMATION (Original Tax Capacity) 280 30-028-24-14-0008 6500 France Avenue South 1,129,600 1,458,600 2,588,200 100% 2,588,200 Pay 2012 C/I Pref. 51,014 C/I Pref. 51,014 28030‐028‐24‐14‐00096566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00106566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00116566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00126566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00136566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00146566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00156566 France151,800 151,800 100% 151,800 Pay 2012 Hmstd. Res. 1,518 Hmstd. Res. 1,518 28030‐028‐24‐14‐00166566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00176566 France218,500 218,500 100% 218,500 Pay 2012 Hmstd. Res. 2,185 Hmstd. Res. 2,185 28030‐028‐24‐14‐00186566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00196566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00206566 France183,800 183,800 100% 183,800 Pay 2012 Non-H Res. 2,298 Non-H Res. 2,298 28030‐028‐24‐14‐00216566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00226566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐00236566 France218,500 218,500 100% 218,500 Pay 2012 Hmstd. Res. 2,185 Hmstd. Res. 2,185 28030‐028‐24‐14‐00246566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00256566 France151,800 151,800 100% 151,800 Pay 2012 Hmstd. Res. 1,518 Hmstd. Res. 1,518 28030‐028‐24‐14‐00266566 France116,200 116,200 100% 116,200 Pay 2012 Non-H Res. 1,453 Non-H Res. 1,453 28030‐028‐24‐14‐00276566 France151,800 151,800 100% 151,800 Pay 2012 Hmstd. Res. 1,518 Hmstd. Res. 1,518 28030‐028‐24‐14‐00286566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00296566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00306566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00316566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00326566 France178,900 178,900 100% 178,900 Pay 2012 Non-H Res. 2,236 Non-H Res. 2,236 28030‐028‐24‐14‐00336566 France170,400 170,400 100% 170,400 Pay 2012 Non-H Res. 2,130 Non-H Res. 2,130 28030‐028‐24‐14‐00346566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐00356566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00366566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00376566 France156,700 156,700 100% 156,700 Pay 2012 Non-H Res. 1,959 Non-H Res. 1,959 28030‐028‐24‐14‐00386566 France116,200 116,200 100% 116,200 Pay 2012 Non-H Res. 1,453 Non-H Res. 1,453 28030‐028‐24‐14‐00416566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00426566 France224,300 224,300 100% 224,300 Pay 2012 Non-H Res. 2,804 Non-H Res. 2,804 28030‐028‐24‐14‐00436566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00446566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐00456566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00466566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00476566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00486566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00696566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00706566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐00716566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00726566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00736566 France156,700 156,700 100% 156,700 Pay 2012 Hmstd. Res. 1,567 Hmstd. Res. 1,567 28030‐028‐24‐14‐00746566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00776566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00786566 France235,000 235,000 100% 235,000 Pay 2012 Hmstd. Res. 2,350 Hmstd. Res. 2,350 28030‐028‐24‐14‐00796566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00806566 France187,400 187,400 100% 187,400 Pay 2012 Hmstd. Res. 1,874 Hmstd. Res. 1,874 28030‐028‐24‐14‐00816566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐00826566 France187,400 187,400 100% 187,400 Pay 2012 Hmstd. Res. 1,874 Hmstd. Res. 1,874 28030‐028‐24‐14‐00836566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00846566 France239,900 239,900 100% 239,900 Pay 2012 Hmstd. Res. 2,399 Hmstd. Res. 2,399 28030‐028‐24‐14‐00856566 France159,400 159,400 100% 159,400 Pay 2012 Hmstd. Res. 1,594 Hmstd. Res. 1,594 28030‐028‐24‐14‐00866566 France126,900 126,900 100% 126,900 Pay 2012 Hmstd. Res. 1,269 Hmstd. Res. 1,269 28030‐028‐24‐14‐00876566 France159,400 159,400 100% 159,400 Pay 2012 Hmstd. Res. 1,594 Hmstd. Res. 1,594 28030‐028‐24‐14‐00886566 France126,900 126,900 100% 126,900 Pay 2012 Non-H Res. 1,586 Non-H Res. 1,586 28030‐028‐24‐14‐00896566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00906566 France235,000 235,000 100% 235,000 Pay 2012 Hmstd. Res. 2,350 Hmstd. Res. 2,350 28030‐028‐24‐14‐00916566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00926566 France187,400 187,400 100% 187,400 Pay 2012 Hmstd. Res. 1,874 Hmstd. Res. 1,874 28030‐028‐24‐14‐00936566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00946566 France192,300 192,300 100% 192,300 Pay 2012 Non-H Res. 2,404 Non-H Res. 2,404 28030‐028‐24‐14‐00956566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00966566 France235,000 235,000 100% 235,000 Pay 2012 Hmstd. Res. 2,350 Hmstd. Res. 2,350 28030‐028‐24‐14‐00976566 France164,300 164,300 100% 164,300 Pay 2012 Hmstd. Res. 1,643 Hmstd. Res. 1,643 28030‐028‐24‐14‐00986566 France122,000 122,000 100% 122,000 Pay 2012 Hmstd. Res. 1,220 Hmstd. Res. 1,220 28030‐028‐24‐14‐00996566 France159,400 159,400 100% 159,400 Pay 2012 Non-H Res. 1,993 Non-H Res. 1,993 28030‐028‐24‐14‐01006566 France122,000 122,000 100% 122,000 Pay 2012 Non-H Res. 1,525 Non-H Res. 1,525 28030‐028‐24‐14‐01016566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐01026566 France239,900 239,900 100% 239,900 Pay 2012 Non-H Res. 2,999 Non-H Res. 2,999 28030‐028‐24‐14‐01036566 France165,700 165,700 100% 165,700 Pay 2012 Non-H Res. 2,071 Non-H Res. 2,071 28030‐028‐24‐14‐01046566 France192,300 192,300 100% 192,300 Pay 2012 Hmstd. Res. 1,923 Hmstd. Res. 1,923 28030‐028‐24‐14‐01056566 France165,700 165,700 100% 165,700 Pay 2012 Hmstd. Res. 1,657 Hmstd. Res. 1,657 28030‐028‐24‐14‐01066566 France192,300 192,300 100% 192,300 Pay 2012 Hmstd. Res. 1,923 Hmstd. Res. 1,923 28030‐028‐24‐14‐01076566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐01086566 France244,800 244,800 100% 244,800 Pay 2012 Hmstd. Res. 2,448 Hmstd. Res. 2,448 28030‐028‐24‐14‐01096566 France170,600 170,600 100% 170,600 Pay 2012 Non-H Res. 2,133 Non-H Res. 2,133 28030‐028‐24‐14‐01106566 France129,400 129,400 100% 129,400 Pay 2012 Non-H Res. 1,618 Non-H Res. 1,618 28030‐028‐24‐14‐01116566 France159,400 159,400 100% 159,400 Pay 2012 Non-H Res. 1,993 Non-H Res. 1,993 28030‐028‐24‐14‐01126566 France122,000 122,000 100% 122,000 Pay 2012 Hmstd. Res. 1,220 Hmstd. Res. 1,220 28030‐028‐24‐14‐01136566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐01146566 France239,900 239,900 100% 239,900 Pay 2012 Hmstd. Res. 2,399 Hmstd. Res. 2,399 28030‐028‐24‐14‐01156566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐01166566 France187,400 187,400 100% 187,400 Pay 2012 Non-H Res. 2,343 Non-H Res. 2,343 28030‐028‐24‐14‐01176566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐01186566 France187,400 187,400 100% 187,400 Pay 2012 Non-H Res. 2,343 Non-H Res. 2,343 28030‐028‐24‐14‐01196566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 BASE VALUE INFORMATION (Original Tax Capacity) 28030‐028‐24‐14‐01206566 France235,000 235,000 100% 235,000 Pay 2012 Hmstd. Res. 2,350 Hmstd. Res. 2,350 28030‐028‐24‐14‐01236566 France159,400 159,400 100% 159,400 Pay 2012 Hmstd. Res. 1,594 Hmstd. Res. 1,594 28030‐028‐24‐14‐01256566 France234,100 234,100 100% 234,100 Pay 2012 Hmstd. Res. 2,341 Hmstd. Res. 2,341 28030‐028‐24‐14‐01276566 France188,200 188,200 100% 188,200 Pay 2012 Hmstd. Res. 1,882 Hmstd. Res. 1,882 28030‐028‐24‐14‐01286566 France192,300 192,300 100% 192,300 Pay 2012 Hmstd. Res. 1,923 Hmstd. Res. 1,923 28030‐028‐24‐14‐01296566 France188,200 188,200 100% 188,200 Pay 2012 Hmstd. Res. 1,882 Hmstd. Res. 1,882 28030‐028‐24‐14‐01306566 France187,400 187,400 100% 187,400 Pay 2012 Hmstd. Res. 1,874 Hmstd. Res. 1,874 28030‐028‐24‐14‐01316566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐01336566 France164,300 164,300 100% 164,300 Pay 2012 Hmstd. Res. 1,643 Hmstd. Res. 1,643 28030‐028‐24‐14‐01356566 France159,400 159,400 100% 159,400 Pay 2012 Non-H Res. 1,993 Non-H Res. 1,993 28030‐028‐24‐14‐01376566 France229,200 229,200 100% 229,200 Pay 2012 Non-H Res. 2,865 Non-H Res. 2,865 28030‐028‐24‐14‐01396566 France178,900 178,900 100% 178,900 Pay 2012 Non-H Res. 2,236 Non-H Res. 2,236 28030‐028‐24‐14‐01406566 France187,400 187,400 100% 187,400 Pay 2012 Hmstd. Res. 1,874 Hmstd. Res. 1,874 28030‐028‐24‐14‐01416566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 28030‐028‐24‐14‐01426566 France187,400 187,400 100% 187,400 Pay 2012 Non-H Res. 2,343 Non-H Res. 2,343 28030‐028‐24‐14‐01476566 France179,400 179,400 100% 179,400 Pay 2012 Hmstd. Res. 1,794 Hmstd. Res. 1,794 28030‐028‐24‐14‐01496566 France314,200 314,200 100% 314,200 Pay 2012 Non-H Res. 3,928 Non-H Res. 3,928 28030‐028‐24‐14‐01516566 France196,000 196,000 100% 196,000 Pay 2012 Hmstd. Res. 1,960 Hmstd. Res. 1,960 28030‐028‐24‐14‐01526566 France209,400 209,400 100% 209,400 Pay 2012 Non-H Res. 2,618 Non-H Res. 2,618 28030‐028‐24‐14‐01536566 France196,000 196,000 100% 196,000 Pay 2012 Non-H Res. 2,450 Non-H Res. 2,450 28030‐028‐24‐14‐01546566 France214,300 214,300 100% 214,300 Pay 2012 Hmstd. Res. 2,143 Hmstd. Res. 2,143 28030‐028‐24‐14‐01556566 France250,500 250,500 100% 250,500 Pay 2012 Hmstd. Res. 2,505 Hmstd. Res. 2,505 28030‐028‐24‐14‐01566566 France261,200 261,200 100% 261,200 Pay 2012 Hmstd. Res. 2,612 Hmstd. Res. 2,612 28030‐028‐24‐14‐01576566 France179,400 179,400 100% 179,400 Pay 2012 Non-H Res. 2,243 Non-H Res. 2,243 28030‐028‐24‐14‐01586566 France138,500 138,500 100% 138,500 Pay 2012 Hmstd. Res. 1,385 Hmstd. Res. 1,385 28030‐028‐24‐14‐01596566 France372,500 372,500 100% 372,500 Pay 2012 Non-H Res. 4,656 Non-H Res. 4,656 28030‐028‐24‐14‐01604015 65th Street West3,032,400 8,631,300 11,663,700 100% 11,663,700 Pay 2012 Rental 145,796 Rental 145,796 28030‐028‐24‐14‐01616566 France299,600 299,600 100% 299,600 Pay 2012 Hmstd. Res. 2,996 Hmstd. Res. 2,996 28030‐028‐24‐14‐01626566 France399,900 399,900 100% 399,900 Pay 2012 Hmstd. Res. 3,999 Hmstd. Res. 3,999 28030‐028‐24‐14‐01636566 France367,600 367,600 100% 367,600 Pay 2012 Non-H Res. 4,595 Non-H Res. 4,595 28030‐028‐24‐14‐01646566 France367,600 367,600 100% 367,600 Pay 2012 Hmstd. Res. 3,676 Hmstd. Res. 3,676 28030‐028‐24‐14‐01656566 France272,800 272,800 100% 272,800 Pay 2012 Non-H Res. 3,410 Non-H Res. 3,410 28030‐028‐24‐14‐01666566 France367,600 367,600 100% 367,600 Pay 2012 Non-H Res. 4,595 Non-H Res. 4,595 28030‐028‐24‐14‐01676566 France414,300 414,300 100% 414,300 Pay 2012 Hmstd. Res. 4,143 Hmstd. Res. 4,143 28030‐028‐24‐14‐01686566 France286,200 286,200 100% 286,200 Pay 2012 Non-H Res. 3,578 Non-H Res. 3,578 28030‐028‐24‐14‐00496566 France151,800 151,800 100% 151,800 Pay 2012 Hmstd. Res. 1,518 Hmstd. Res. 1,518 28030‐028‐24‐14‐00506566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00516566 France151,800 151,800 100% 151,800 Pay 2012 Hmstd. Res. 1,518 Hmstd. Res. 1,518 28030‐028‐24‐14‐00526566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00536566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00546566 France224,300 224,300 100% 224,300 Pay 2012 Hmstd. Res. 2,243 Hmstd. Res. 2,243 28030‐028‐24‐14‐00556566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00566566 France183,800 183,800 100% 183,800 Pay 2012 Non-H Res. 2,298 Non-H Res. 2,298 28030‐028‐24‐14‐00576566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00586566 France178,900 178,900 100% 178,900 Pay 2012 Hmstd. Res. 1,789 Hmstd. Res. 1,789 28030‐028‐24‐14‐00596566 France213,600 213,600 100% 213,600 Pay 2012 Hmstd. Res. 2,136 Hmstd. Res. 2,136 28030‐028‐24‐14‐00606566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00616566 France151,800 151,800 100% 151,800 Pay 2012 Non-H Res. 1,898 Non-H Res. 1,898 28030‐028‐24‐14‐00626566 France116,200 116,200 100% 116,200 Pay 2012 Non-H Res. 1,453 Non-H Res. 1,453 28030‐028‐24‐14‐00636566 France151,800 151,800 100% 151,800 Pay 2012 Non-H Res. 1,898 Non-H Res. 1,898 28030‐028‐24‐14‐00646566 France116,200 116,200 100% 116,200 Pay 2012 Hmstd. Res. 1,162 Hmstd. Res. 1,162 28030‐028‐24‐14‐00656566 France213,600 213,600 100% 213,600 Pay 2012 Non-H Res. 2,670 Non-H Res. 2,670 28030‐028‐24‐14‐00666566 France229,200 229,200 100% 229,200 Pay 2012 Hmstd. Res. 2,292 Hmstd. Res. 2,292 28030‐028‐24‐14‐00676566 France170,400 170,400 100% 170,400 Pay 2012 Hmstd. Res. 1,704 Hmstd. Res. 1,704 28030‐028‐24‐14‐00686566 France183,800 183,800 100% 183,800 Pay 2012 Hmstd. Res. 1,838 Hmstd. Res. 1,838 0 100% 0 Pay 2012 - - 107,558,300 124,498,400 232,056,700232,056,700 4,252,730 4,121,297Note:1. Base values are based upon review of County website on 3/7/12 of values assessed 1/2/11 for taxes payable 2012.2. Parcels are located within School district 280 and Watershed District 1 and 3. The tax rate used for this projection is for Watershed 3BASE VALUE INFORMATION (Original Tax Capacity) Southdale Mall Renovation and Mixed Use DevelopmentCity of EdinaSouthdale Mall Renovation and Adjacent DevelopmentEstimated Taxable Total Taxable Property Percentage Percentage Percentage Percentage First YearMarket Value Market Value Total Market Tax Project Project Tax Completed Completed Completed Completed Full TaxesArea/Phase New UsePer Sq. Ft./UnitPer Sq. Ft./Unit Sq. Ft./UnitsValue Class Tax Capacity Capacity/Unit2012 2013 2014 2015 PayableMall Retail 125,000,000 125,000,000 1 125,000,000 C/I Pref. 2,499,250 90% 92% 96% 100% 2017Office Office 67,000,000 67,000,000 1 67,000,000 C/I Pref. 1,339,250 90% 92% 95% 100% 201766th & YorkApartments 130,000 130,000 420 54,600,000 Rental 682,500 25% 25% 45% 100% 2017Retail Retail 53,000,000 53,000,000 1 53,000,000 C/I Pref. 1,059,250 93% 96% 98% 100% 2017Condos Condominiums 215,000 197,110 141 27,792,510 Hmstd. Res. 277,925 100% 100% 100% 100% 2014TOTAL327,392,510 5,858,175 Subtotal Residential82,392,510 960,425 Subtotal Commercial/Ind.245,000,000 4,897,750 Note:1. Renovated mall market value based upon tax estimates from mall owner.2. Other developmentvalues based on proposals received by the City of Edina that will increase existing values and estimates from City AssessorTotal Fiscal Local Local Fiscal State-wide MarketTax DisparitiesTax Property DisparitiesPropertyValue TotalNew UseCapacityTax Capacity CapacityTaxes Taxes Taxes Taxes TaxesRetail 2,499,250 868,272 1,630,978 1,865,040 1,232,469 1,299,610 198,250 4,595,368Office 1,339,250 465,273 873,977 999,402 660,432 696,410 106,262 2,462,505Apartments682,500 0 682,500 780,446 0 0 86,596 867,041Retail 1,059,250 367,997 691,253 790,454 522,354 550,810 84,058 1,947,676Condominiums277,925 0 277,925 317,810 0 0 44,079 361,889TOTAL 5,858,175 1,701,542 4,156,633 4,753,151 2,415,254 2,546,830 519,245 10,234,480Note: 1. Taxes and tax increment will vary signficantly from year to year depending upon values, rates, state law, fiscal disparities and other factors which cannot be predicted.2. If tax increment is received in 2013 then the district will be one year shorter.TAX CALCULATIONSPROJECT INFORMATION (Project Tax Capacity) 6/29/2012Base Value Assumptions - Page 1City of EdinaSouthdale Mall Renovation and Adjacent DevelopmentSchool District 280Southdale Mall Renovation and Adjacent DevelopmentProject Original Fiscal Captured LocalAnnual Semi-Annual StateAdmin. Semi-Annual Semi-Annual PERIOD% ofTax Tax Disparities Tax Tax Gross Tax Gross TaxAuditorat Net Tax Present ENDING Tax PaymentOTC CapacityCapacityIncremental CapacityRate Increment Increment 0.36% 10% IncrementValueYrs.YearDate- - - - 08/01/12- - - - 02/01/13- - - - 08/01/13- - - - 02/01/14100% 4,887,371 (4,121,297) (350,521) 415,553 114.351% 475,189 237,594 (855) (23,674) 213,065 186,039 0.5 2014 08/01/14100% 4,887,371 (4,121,297) (350,521) 415,553 114.351% 475,189 237,594 (855) (23,674) 213,065 367,098 1 2014 02/01/15100% 5,007,847 (4,121,297) (392,052) 494,497 114.351% 565,463 282,731 (1,018) (28,171) 253,542 576,788 1.5 2015 08/01/15100% 5,007,847 (4,121,297) (392,052) 494,497 114.351% 565,463 282,731 (1,018) (28,171) 253,542 780,866 2 2015 02/01/16100% 5,294,683 (4,121,297) (444,281) 729,105 114.351% 833,738 416,869 (1,501) (41,537) 373,832 1,073,712 2.5 2016 08/01/16100% 5,294,683 (4,121,297) (444,281) 729,105 114.351% 833,738 416,869 (1,501) (41,537) 373,832 1,358,721 3 2016 02/01/17100% 5,858,175 (4,121,297) (509,635) 1,227,243 114.351% 1,403,364 701,682 (2,526) (69,916) 629,240 1,825,613 3.5 2017 08/01/17100% 5,858,175 (4,121,297) (509,635) 1,227,243 114.351% 1,403,364 701,682 (2,526) (69,916) 629,240 2,280,009 4 2017 02/01/18100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 2,724,099 4.5 2018 08/01/18100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 3,156,303 5 2018 02/01/19100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 3,576,940 5.5 2019 08/01/19100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 3,986,319 6 2019 02/01/20100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 4,384,742 6.5 2020 08/01/20100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 4,772,501 7 2020 02/01/21100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 5,149,882 7.5 2021 08/01/21100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 5,517,163 8 2021 02/01/22100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 5,874,614 8.5 2022 08/01/22100% 5,858,175 (4,121,297) (504,487) 1,232,391 114.351% 1,409,252 704,626 (2,537) (70,209) 631,880 6,222,498 9 2022 02/01/23 Total10,324,014 (37,166) (1,028,685) 9,258,163 Present Value From 02/01/2012 Present Value Rate 5.50% 6,938,866 (24,980) (691,389) 6,222,498 Prepared by Ehlers & Associates, Inc. - Estimates OnlyN:\Minnsota\EDINA\Housing Economic Redevelopment\TIF\TIF Districts\Southdale 2\TIF Runs\TIF Run Option B SD 280 jc Appendix E Minnesota Business Assistance Form (Minnesota Department of Employment and Economic Development) A Minnesota Business Assistance Form (MBAF) should be used to report and/or update each cal endar year's activity by April 1 of the following year. Please see the Minnesota Department of Employment and Economic Development (DEED) website at http://www.deed.state.mn.us/Community/subsidies/MBAFForm.htm for information and forms. Appendix E-1 Appendix F Findings Including But/For Qualifications But-For Analysis Current Market Value 489,660,200 New Market Value - Estimate 608,772,510 Difference 119,112,310 Present Value of Tax Increment 7,873,815 Difference 111,238,495 Value Likely to Occur Without TIF is Less Than: 111,238,495 (AS MODIFIED APRIL 5, 2016) The Council hereby reaffirms the original findings for the District, namely that the when the District was established, it was established as an "economic development district" under M.S., Section 469.174, Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d). In addition, the City makes the following findings: (a)The TIF Plan Modification conforms to the general plan for development or redevelopment of the City as a whole. The reason for supporting this finding is that the TIF Plan Modification will generally complement and serve to implement policies adopted in the City's comprehensive plan. (b)The TIF Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Southeast Edina Redevelopment Project Area by private enterprise. The TIF Plan Modification will allow for the City to establish the 66 West Tax Increment Financing District, and the development activities are necessar y so that development and redevelopment by private enterprise can occur within Southeast Edina Redevelopment Project Area. (c)The City reaffirms the original findings of the Southdale 2 Tax Increment Financing District, namely that the development and redevelopment efforts, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeabl e future and therefor the use of tax increment financing is deemed necessar y. (AS MODIFIED NOVEMBER 20, 2018) The Council hereby reaffirms the original findings for the District, namely that the when the District was established, it was established as an "economic development district" under M.S., Section 469.174, Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d). Appendix F-1 In addition, the City makes the following findings: (a)The TIF Plan Modification conforms to the general plan for development or redevelopment of the City as a whole. The reason for supporting this finding is that the TIF Plan Modification will generally complement and serve to implement policies adopted in the City's comprehensive plan. (b)The TIF Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevelopment of the Southeast Edina Redevelopment Project Area by private enterprise. The TIF Plan Modification will allow for the City to establish the 66 West Tax Increment Financing District and support additional affordable housing activities as authorized under Minnesota Session Laws 2014, Chapter 308, HF No. 3167, Article 6, Sec. 8 and Minnesota Session Laws 2017, Chapter 1, HF No. 1, Article 6, Sec. 11, and the development activities are necessar y so that development and redevelopment by private enterprise can occur within Southeast Edina Redevelopment Project Area. (c)The City reaffirms the original findings of the Southdale 2 Tax Increment Financing District, namely that the development and redevelopment efforts, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeabl e future and therefor the use of tax increment financing is deemed necessar y. (AS MODIFIED DECEMBER 17, 2019) The Council hereby reaffirms the original findings for the District, namely that the when the District was established, it was established as an "economic development district" under M.S., Section 469.174, Subd. 12, as modified by M.S., Section 469.176, Subd. 4c(d). In addition, the City makes the following findings: (a)The TIF Plan Modification conforms to the general plan for development or redevelopment of the City as a whole. The reason for supporting this finding is that the TIF Plan Modification will generally complement and serve to implement policies adopted in the City's comprehensive plan. (b)The TIF Modification will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development or redevel opment of the Southeast Edina Redevelopment Project Area by private enterprise. The TIF Plan Modification will allow for the City to support additional affordable housing activities as authorized under Minnesota Session Laws 2014, Chapter 308, HF No. 3167, Article 6, Sec. 8 as amended by Minnesota Session Laws 2017, Chapter 1, HF No. 1, Article 6, Sec. 11 and Minnesota Session Laws 2019, First Special Session, Chapter 6, Article 7, Sec. 3, and the development activities are necessary so that development and redevelopment by private enterprise can occur w ithin Southeast Edina Redevelopment Project Area. (c)The City reaffirms the original findings of the Southdale 2 Tax Increment Financing District, namely that the development and redevelopment efforts, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeabl e future and therefor the use of tax increment financing is deemed necessary. Appendix F-2 Appendix G Prior Improvements The complete list of permits issued are on file with the City Planner Appendix G-1 Appendix H Special Legislation Minnesota Session Laws – 2019, 1st Special Session Chapter 6 – HF No. 5, Article 7 Sec. 3. Laws 2014, chapter 308, article 6, section 8, subdivision 1, as amended by Laws 2017, First Special Session chapter 1, article 6, section 11, is amended to read: Subdivision 1. Authority to create districts. (a) The governing body of the city of Edina or its development authority may establish one or more tax increment financing housing districts in the Southeast Edina Redevelopment Project Area, as the boundaries exist on March 31, 2014. (b) The authority to request certification of districts under this section expires on December 31, 2019 2021. EFFECTIVE DATE. This section is effective the day after the governing body of the city of Edina and its chief clerical officer comply with Minnesota Statutes, section 645.021, subdivisions 2 and 3. Minnesota Session Laws – 2017, 1st Special Session Chapter 1 – HF No. 1, Article 6 Sec. 11. Laws 2014, chapter 308, article 6, section 8, subdivision 1, is amended to read: Subdivision 1. Authority to create districts. (a) The governing body of the city of Edina or its development authority may establish one or more tax increment financing housing districts in the Southeast Edina Redevelopment Project Area, as the boundaries exist on March 31, 2014. (b) The authority to request certification of districts under this section expires on June 30, 2017 December 31, 2019. EFFECTIVE DATE. This section is effective the day after the governing body of the city of Edina and its chief clerical officer comply with Minnesota Statutes, section 645.021, subdivisions 2 and 3. Sec. 16. CITY OF EDINA; APPROVAL OF 2014 SPECIAL LAW. Notwithstanding the provisions of Minnesota Statutes, section 645.021, subdivision 3, the chief clerical officer of the city of Edina may file with the secretary of state certificate of approval of Laws 2014, chapter 308, article 6, section 8, by December 31, 2016, and, if the certificate is so filed and the requirements of Minnesota Statutes, section 645.021, subdivision 3, are otherwise complied with, the special law is deemed approved, and all actions taken by the city before the effective date of this section in reliance on Laws 2014, chapter 308, article 6, section 8, are deemed consistent with Laws 2014, chapter 308, article 6, section 8, and this act. Appendix H-1 EFFECTIVE DATE. This section is effective the day following final enactment. Minnesota Session Laws - 2014, Regular Session Chapter 308--HF No. 3167, Article 6 Sec. 8. CITY OF EDINA; TAX INCREMENT FINANCING. Subdivision 1. Authority to create districts. (a) The governing body of the city of Edina or its development authority may establish one or more tax increment financing housing districts in the Southeast Edina Redevelopment Project Area, as the boundaries exist on March 31, 2014. (b) The authority to request certification of districts under this section expires on June 30, 2017. Subd. 2. Rules governing districts. (a) Housing districts established under this section are subject to the provisions of Minnesota Statutes, sections 469.174 to 469.1794, except as otherwise provided in this subdivision. (b) Notwithstanding the provisions of Minnesota Statutes, section 469.176, subdivision 1b, no increment must be paid to the authority after 20 years after receipt by the authority of the first increment from a district established under this section. (c) Notwithstanding the provisions of Minnesota Statutes, section 469.1761, subdivision 3, for a residential rental project, the city may elect to substitute "20 percent" for "40 percent" in the 40-60 test under section 142(d)(1)(B) of the Internal Revenue Code in determining the applicable income limits. (d) The provisions of Minnesota Statutes, section 469.1761, subdivision 3, apply for a 25- year period beginning on the date of certification of the district. Subd. 3. Pooling authority. The city may elect to treat expenditures of increment from the Southdale 2 district for a housing project of a district established under this section as expenditures qualifying under Minnesota Statutes, section 469.1763, subdivision 2, paragraph (d): (1) without regard to whether the housing meets the requirement of a qualified building under section 42 of the Internal Revenue Code; and (2) may increase by an additional 25 percentage points the permitted amount of expenditures for activities located outside the geographic area of the district permitted under that section. EFFECTIVE DATE. This section is effective upon compliance by the governing body of the city of Edina with the requirements of Minnesota Statutes, section 645.021, subdivisions 2 and 3. Appendix H-2 Appendix I Housing Qualifications for the District In meeting the criteria of Minnesota Session Laws 2017, Chapter 1, HF No. 1, Article 6, at least 20% of the units will be occupied by person with incomes less than 60% of median income. Income Restrictions- Adjusted for Family Size (Housing District) - Hennepin County Hennepin County Median Income: $94,300 No. of Persons 60% of Median Income 1-person $39,660 2-person $45,300 3-person $50,940 4-person $56,580 Source: Department of Housing and Urban Development and Minnesota Housing Finance Agency ***PLEASE NOTE: THESE NUMBERS ARE ADJUSTED ANNUALLY. ALL INCOME FIGURES REPORTED ON THIS PAGE ARE FOR 2018. Appendix I-1 Memo To: Stephanie Hawkinson, Affordable Housing Development Manager From: Nick Anhut, Ehlers Date: December 3, 2019 Subject: Southdale 2 TIF Plan Modification – Property Acquisition The Edina Housing and Redevelopment Authority (“HRA”) is considering the acquisition of property for affordable housing purposes and has inquired about the use of existing Tax Increment Funds from its Southdale 2 TIF District which have already been identified for use in assisting affordable housing in the City. This memo provides a summary of the necessary proceedings required under M.S. 469.174 to 469.1794 (the “TIF Statutes”). The TIF Statutes require that HRA designate property for acquisition within its TIF Plan. This requires that either the property in question is designated within the original TIF Plan at the time a TIF District is established, or a modification be made to the TIF Plan governing the source of funds. Establishing a new TIF District or modifying an existing TIF Plan in this manner are both subject to the approval of the City Council after a public hearing. The process also requires the HRA submit a draft TIF plan or modification to the County and School District 30 days prior to the public hearing , as well as the Planning Agency of the City to opine on its conformity with the general plan for the development or redevelopment of the city as a whole. The HRA had requested the City Council hold a public hearing December 3, 2019 to consider establishing the Amundson Avenue TIF District using its special legislation to assist MWF Properties’ proposal to build affordable housing at 7075 -9 Amundson Avenue. At its November 14th meeting, the HRA affirmed its desire to participate with the Edina Housing Foundation in acquiring another property at 4040 70th Street West for affordable housing. In doing so, it motioned to request that the City Council move its public hearing to December 17, 2019 in order to consider requests to establish the Amundson Avenue TIF District and a Modification to the TIF Plan for the Southdale 2 TIF District to designate property for acquisition. Southdale 2 Modification The purpose of Modification #3 to the TIF Plan for the Southdale 2 TIF District is solely to enable the use of incremental taxes collected from the TIF District to acquire designated property for affordable housing purposes. There are no changes proposed to the objectives, geographic area, budget, debt or tax retention already approved for the TIF District. The specific modifications to the TIF Plan are shown in bold print throughout the document and are summarized below: Section 1. Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area Identify and annotate modification #3 of the Southdale 2 TIF District in continuance of the Southeast Edina Redevelopment Project Area Redevelopment Plan. Subsection 2-2. Statutory Authority Updating the extended authority granted under Minnesota Session Laws 2019, First Special Session Chapter 6, Article 7, Sec. 3 (the “Special TIF Housing Legislation”). Subsection 2-3. Statement of Objectives The District is being modified to designate additional property to be acquired by the HRA or City for affordable housing purposes under provisions of the TIF Statutes and Special TIF Housing Legislation. Subsection 2-5. Description of Property in the District and Property to be Acquired The HRA or City authorizes the use of tax increments to acquire additional property including supporting interior and adjacent street, trail, or u tility rights of way currently identified as: 4040 70th Street West (PID# 30-028-24-44-0004), 7075 Amundson Avenue (PID# 08-116-21-11-0009) and 7079 Amundson Avenue (PID# 08-116-21-11-0021). Subsection 2-14. Estimated Impact on Other Taxing Jurisdictions There are no additional fiscal impacts associated with the Modification of this TIF Plan. Separate fiscal impact estimates will be provided within the plan under consideration for any district created under the authority of the Special TIF Housing Legislation. A copy of the proposed Modification was furnished to the county and school districts for comment. Planning Commission Consideration While the 4040 70th Street West site is ready for acquisition, a plan of development has not yet been determined. The formation of a new TIF District requires consideration of the project’s cost, conformity with land use regulations, impact to the tax base, infrastructure needs and other fiscal implications. Upon conferring with HRA staff, though it is likely that a new special legislation TIF District may be beneficial to help finance development of this site, we believe it is premature until more information is known about the project, its qualifications, and financing needs. The Planning Commission is being asked to review the proposed Modification to the TIF Plan for Southdale 2 as well as the City’s comprehensive plan, zoning ordinance and intended land use to assist the City Council in determining whether the acquisition of property for development of affordable housing at the designated sites is in conformance with the general plan for the development or redevelopment of the city as a whole. Please contact me at 651-697-8507 if you have any questions or require further information.