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