Laserfiche WebLink
Finds that the project component(s) for which Livable Communities Demonstration <br />Account funding is sought: <br />(a) will not occur solely through private or other public investment within the <br />reasonably foreseeable future; and <br />(b) will not occur within two years after a grant award unless Livable Communities <br />Demonstration Account funding is made available for this project at this time. <br />Represents that the City has undertaken reasonable and good faith efforts to procure <br />funding for the project component for which Livable Communities Demonstration <br />Account funding is sought but was not able to find or secure from other sources <br />funding that is necessary for project component completion within two years and <br />states that this representation is based on the following reasons and supporting facts: <br />(a) The City committed in the late 1990s to purchase and clean up all of the <br />approximately 100 acres of land in the Northwest Quadrant, and has spent over $40 <br />million to date on property acquisitions alone. <br />(b) The City has made full use of all available local revenues for repayment of its <br />costs, as follows: <br />(i)The City obtained special legislation (Laws of Minnesota 1998, Chapter 389, <br />Article 11, Section 24) which waives and extends some of the requirements and <br />limitations on the use of tax increment financing, designed to provide the City <br />with additional flexibility for the redevelopment of the area; and <br />(ii) The City established Tax Increment Financing districts ("TIF #31" and "TIF <br />#32) covering the entire Northwest Quadrant redevelopment area; and <br />(iii) The City Council has established policies for the use of revenues from TIF <br />431 and TIF #32 that provide for all such revenues to be reimbursed to the City <br />for expenses incurred; and <br />(iv) The City Council has supported only development proposals that provide for <br />the sale of land at fair market values, and has indicated that such practices will be <br />continued; and <br />(v) The City Council authorized internal borrowing from the revenues, present <br />and future, generated by earlier tax increment financing districts in the City, and <br />from the City's unrestricted development funds; and <br />(vi) The City Council authorized bond issues in 2006 and 2007 based upon all <br />identified future revenues from the Northwest Quadrant and from other tax <br />increment financing districts; and