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EDC Meeting Minutes <br />February 5, 2020 <br />Page 3 of 4 <br />Mikayla Hewitt, Baker Tilly, introduced herself to the Commission. She discussed the <br />fundamentals of tax increment financing and summarized the TIF districts in the City. <br />She stated the purpose of this review was to have the Commission understand the <br />current financial status for each of the City’s TIF districts and to determine what <br />flexibility there may be in each district. It was noted the City has two different types <br />of TIF districts, a Redevelopment District and a Hou sing District. <br />Ms. Hewitt reported tax increment has been a benefit to the City of New Brighton <br />with significant tax capacity and market value growth within the TIF districts. She <br />discussed how captured tax capacity is added to the City’s tax base as increased tax <br />capacity upon decertification and described the “but for” test. She reviewed the <br />eligible costs that could be covered by TIF. The City’s active housing and <br />redevelopment TIF districts were discussed, along with the decertification dates. She <br />then discussed several recommendations for the City to consider. <br />Discussion included: <br /> Ms. Hewitt described how interfund loans worked. <br /> Staff described how the Community Reinvestment Fund was utilized by the City. <br /> It was noted some of the TIF districts were decertifying early because the <br />property value growth exceeded expectations. <br /> Staff commented on the TIF district that was created for Midtown Village (TIF <br />District No. 34). <br /> Ms. Hewitt discussed the health of each TIF district, noting those that had a <br />surplus and those that had a deficit. Finance Director Davitt described how <br />growth in the districts with deficits improves over time. <br /> The Commission thanked staff and Ms. Hewitt for the thorough report on the <br />City’s TIF districts. <br /> The Commission recommended further discussion regarding the City’s TIF <br />districts and tax capacity be discussed at the next EDC meeting. <br />C. Zoning Code Update Project: Annotated Outline <br />Gozola reported the Annotated Outline for the Zoning Code Update project will <br />establish the overall roadmap the City will follow over the next 12 to 18 months to <br />update its zoning ordinance. At this time, the Economic Development Commission is <br />asked to review the document, and recommend needed changes, updates, or <br />additions to the suggested approach and timeline. Once approved by the City Council, <br />staff will initiate the code update project in accordance with this document. It was <br />noted one or two Commissioners may be asked to serve on a Zoning Code Steering <br />Committee.