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<br /> <br />VI. Update: Tax Increment Financing Management Plan & NBE Financial Dashboard <br /> <br />Gundlach reported that the City’s public finance consultant Ehler’s recently completed an update <br />to the City’s Tax Increment Financing (TIF) Management Plan. This document is a <br />comprehensive review of all the City’s TIF districts and their overall financial health. As has <br />become customary over the last few years, staff has arranged for Ehler’s to attend the June <br />meeting to walk Commissioners through the Executive Summary of the plan and answer any <br />questions the Commission may have. <br /> <br />Jason Aarsvold, Ehlers & Associates, provided the EDC with an overview on the Executive <br />Summary of the City’s TIF Plan. He commented on the New Brighton Exchange dashboard and <br />described the different TIF districts that were available to the City. The obligations and streams <br />of revenue the City was receiving from the existing TIF districts was discussed. He explained <br />that several of the TIF District budgets may have to be modified to ensure the City was best <br />utilizing the increment. <br /> <br />Jeanne Vogt, Ehlers & Associates, discussed an interfund loan spreadsheet with the EDC. <br /> <br />Discussion included: <br />• The manner in which pay-as-you go notes are repaid to the City. <br />• Staff provided a further definition on the “but for” test. <br />• The City’s tax rate and tax capacity were discussed. <br />• It was noted the Korean Church property has been tax exempt and would not be taxable <br />after being redeveloped. <br />• The increasing rate of property values was reviewed with the EDC and staff noted how <br />this impacts TIF. <br />• Staff discussed the future plans for Block B, Block F and Block G. It was noted Block B <br />would have challenges to develop and the site would have to be developed on the <br />bedrock 30 feet below the dump. <br />• The Commission thanked staff and Ehlers for the thorough report. <br /> <br />VII. Adjourn <br /> <br />Motion by Commissioner Benke, seconded by Commissioner Carter to adjourn the meeting. <br /> <br />5 Ayes, 0 Nays, Motion carried <br /> <br />Meeting adjourned at 8:54 am <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Janice Gundlach <br />Assistant Director of Community Assets and Development/Director of Planning