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;14 city of <br /> 4,4)NEW <br /> GPON <br /> the city that works for you <br /> Council Worksession <br /> December 13, 2011 <br /> Present: Mayor Dave Jacobsen <br /> Councilmember Char Samuelson <br /> Councilmember David Phillips <br /> Councilmember Gina Bauman <br /> Councilmember Mary Burg <br /> Absent: None <br /> Staff in Attendance: <br /> City Manager Dean Lotter <br /> Director of Community Development Grant Fernelius <br /> City Planner Janice Gundlach <br /> Others in Attendance: <br /> Mark Ruff, Ehlers <br /> The meeting was called to order at 5:30 PM. <br /> TIF Modification: <br /> Each year the City is required to submit a report to the Office of the State Auditor(OSA) on the <br /> previous year's Tax Increment Financing program activities. Prompted by a request from the <br /> State Legislative earlier this summer,staff discovered that the OSA changed the reporting format <br /> to clarify the accounting of TIF and non-TIF funded activities. <br /> One of the impacts of this change is the treatment of transfers from TIF districts, which are <br /> typically done to pay debt service. Under the new reporting format, transfers are to be reported <br /> elsewhere in the annual report. An unintended consequence of the new reporting format is that it <br /> creates the appearance of excess tax increments for the City of New Brighton. Mr. Mark Ruff <br /> and City staff members informed the City Council that the City is not receiving excess tax <br /> increment funding. <br /> The solution suggested by our consultants and affirmed by bond counsel, is to modify the TIF <br /> plan budgets for specific districts that are impacted by this change. The action does not increase <br /> net project costs, but instead relocates the "transfer" dollars into the various expense categories. <br /> It is necessary to make the TIF plan budget modifications by December 31, 2011. One of the <br /> affected districts (TIF#5) terminates at the end of 2011 and adjustments cannot be made at a later <br /> date. Mark Ruff from Ehlers was present to address any questions or concerns. <br /> After much discussion, Mayor Jacobsen and Council members agreed to approve the <br /> modification of the TIF plan budget for specific districts that are impacted by the OSA's <br /> reporting format changes. <br /> The worksession adjourned at 6:30 PM. <br /> 1 <br />