CCP 05-25-2010 - Laserfiche WebLink

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Mr. CalliAcr stated there are tutee methods in finance a TIF paject pay as you go, General Obligation TU, bonds- usually a lower interest ate, TU, Revenue bonds-usually a slightly higher into" rete. Mr. Ruff summarwed the important factors; How the NWQ Performa over a long period of time, A cats of development is Important, we are enable to Predict 20 years ahead. Director Finaelius stated ideally the development would pay for itself. Management Resiew d Analye&: 27F0lsnJcs Director Formulas explaival to the cummeston that m executive summary of the analysis was disuibutMm them. Mr. Ruffexplawed da City requested a transparent document on the City's TIF districts. A chart was reviewed depicting the City's current TIF districts with decertification dates notal. Comparable cities bond ratings were stated as a gauge for comparison. Commissioner Flihave asked if most TIF are General Obligation Bolls, MI. Ruff replied inter, fund loans are used, along wins General Obligation bonds. Director Femelius stated the City has a development fund (also called fiend 460) m be used when needed. Mr. Ruff reported the state put sigwficast restrictiom Go TIF usage after 19%, recently the legislature passed abill opened up the City s muse TIF with less restrictive guidelines. Mr. Ruff encouraged the EDC m ask questions rewtM in development, and fcel free to oppose pmJects they are not in favor of. Bxkgroandon NWQ FfnancidMo✓d WQ Banlopment Sceneries Director Families ported two pmjrcts have been completed w the Northwest Quadrant; AN and Dam Schisms Intonational (frrmeAy, Tawaver) These nostrums re presented for review, using the Collies Market Sandy conducted previously all a fit plan analysis Scemrto 1 was the must dense flag and scenario 3 being less dense. The difference between scenarios one and dues is primarily housing options, with 650 units or scaal was, and less than 500 wits in suservarto three. Mr. Ruff grated the City has high control over the developm®t because they are the Nndowmm. The sce varim do not assume any ImM ale paceeds or inflation in value. Mr. Ruff talked through varrous susesel sating the City bas some flexibility in timwg and doesn't have to feel obligated to take the first proposel if not in !door of. Director Ferments repotted the reality Is that value of the development may be lass then originally anticipated. Mr. Ruff led the commission through the report for scemrio IA, retarding the N WQ will likely not be self supporting in the show now, all in projecting mdey's assumption, long arm ou ionk is positive. Contrast sabout Course shstM it is his assumption that the market value will continm in dworeem, and suggested creating a business warrant; only, leaving residential properties out. Mr. Ruff plied it is difficult m predict the fume. Commiswtrer Flabove stated be feels the era is mo dense for residential, and we may be w competition with the TCAAF site. IMctor bearable reminded the commisewo that the Colliws study indtmted a desbe for residential uwa. Commissioner Realm stead he has seen some studies indication people desire to move clever to the cities. Re quirt from Cause f11.lunion Councilmember Houston reported sloe and few of the Couvcilm®hers attended a TCAPP meeting, with a fabulous presentation in Arden Hills on April 10, the following was shared; 100 acres would he dedicated m perks and trails, 400 new; will go up forbids in Jose 2010, The City of Arden Hills would film to reasons the property. Admr man The meeting w1joumed at 9:07 am.