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November 13,2012 Page 3 of 5 <br /> 13. Consideration of Final Payment for City Project 12-15,New Brighton Exchange Tract 2 Import <br /> 13Final ent for City <br /> Soil Project. ReportNo. 12-267. Project 12-15.ReportNo. <br /> 12-267. <br /> 14. Consideration of Application for a Personal Service License for Su Qin Zhang. Report No. 12- <br /> 268. 14.App.for a Personal <br /> Service License for Su Qin <br /> Councilmember Bauman requested further information on the Third Quarter Financials. Director of Finance Mang.Report No.12 268. <br /> Maiers reviewed the financials with the Council in further detail. He commented building permits varied <br /> each year depending on the building projects taking place in the City. All other positive variances within the <br /> budget were discussed. He anticipated the year end budget would be approximately$132,000 ahead of <br /> expenses. He commented this was only an estimate and approximately$35,000 of this would be needed for <br /> security at the City garage. <br /> Councilmember Bauman thanked staff for reviewing the numbers in detail with the Council. <br /> Councilmember Jacobsen thanked staff for the fine management of the City's budget. <br /> Councilmember Burg agreed. <br /> Motion by Councilmember Bauman,seconded by Councilmember Jacobsen to approve the Consent <br /> Agenda as presented. <br /> 5 Ayes,0 Nays-Motion Carried <br /> Public Hearing Public Hearing <br /> 1.Consider <br /> Modifications to the <br /> 1. Public Hearing to Consider Modifications to the Tax Increment Redevelopment Tax Increment <br /> Plans for Tax Increment Financing District No. 8 within City Development Redevelopment Plans <br /> District No. 1. Report No. 12-269. Resolution No. 12-085. for Tax Increment <br /> Financing District No. <br /> 8 within City <br /> Community Development Director Fernelius stated as part of the annual Tax Increment Development District <br /> Financing program analysis, the City's public finance advisor(Ehlers) alerted the City of an Report No. 12-269. <br /> opportunity to adjust the budgets for certain TIF districts in order to maximize the amount of Resolution 12-085. <br /> increment that can be pooled for New Brighton Exchange (NBE). This pooled increment is <br /> used to support the debt service payment on the NBE bonds. Community Development <br /> Director Fernelius explained that Ehlers determined that TIF District No. 8 (Rush Lake <br /> Business Park)would generate more tax increment than the current TIF Budget reflects which <br /> was last modified in 2005. It is estimated the district will generate $363,000 in excess TIF. <br /> All of this increment could be made available for pooling in NBE. If the City chose not to <br /> amend the budget, the excess increment would be returned to the County and the City would <br /> receive about 1/3 of it back. The City's past practice has been to maximize pooled increment <br /> for debt service. For this reason, Staff recommends that the City Council conduct a public <br /> hearing and approve a Resolution adopting the TIF budget modifications. <br /> Councilmember Bauman questioned if the City had any other pre-1990 TIF districts. Jean <br /> Vogt, Ehlers & Associates, noted the City has used pre-1990 districts in the past to pay down <br /> debt for NBE. She commented several of these districts will expire and this was taken into <br /> account when the 2004 bonds were issued. She then reviewed in detail the expiration dates of <br /> pre-1990 districts with the Council. <br /> Councilmember Bauman asked when how many additional districts could be used for debt <br /> service for NBE. Ms. Vogt explained that TIF Districts 8 and 9 would be decertifying at the <br />