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Of <br />Report Number 14 -273 <br />KXHUN Agenda Section VI -7 <br />the city that works for you Council Meeting Date November 12, 2014 <br />REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Consideration of a proposal by Ehlers Associates to update the TIF Management Plan <br />and New Bri ghton Exchange financial dashboard. <br />DEPARTMENT HEAD'S APPROVAL: Grant Fernelius, Community Development Director, Cmr— <br />Brenda Davitt, Finance Director <br />CITY MANAGER'S APPROVAL: <br />No comments to supplement this report Comments attached <br />Recommendation: Approve the attache proposal by Ehlers Associates to update the TIF Management Plan <br />and New Brighton Exchange financial dashboard. <br />Legislative History: None <br />Financial Impact: See explanation below. <br />Explanation: Since 2009, the City has worked with Roseville -based Ehlers Associates on most public <br />finance matters, including bond issues, preparation of the Tax Increment Financing (TIF) Management <br />Plan and financial analyses related to New Brighton Exchange. Both of these documents (samples <br />attached) are helpful to staff and policymakers in understanding the financial condition of the TIF <br />program and New Brighton Exchange. Some revisions were made to these documents last fall (2013), <br />however the last time a comprehensive review was done occurred in early 2012. Staff requested a <br />proposal from Ehlers to update all of the underlying property tax data, which takes a significant amount <br />of time. <br />Costs and Funding: Based on past efforts, Ehlers is estimating the cost to $25,000 for the TIF <br />Management Report and $11,000 for the NBE financial dashboard. These expenses can be charged to <br />the underlying TIF districts as an administrative expense. <br />Grant Ferne ius <br />Community Development Director <br />Attachments <br />Brenda Davitt <br />Finance Director <br />