Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br />Council Worksession <br />September 27, 2022 <br />5:00 pm <br /> <br /> <br />Present: Mayor Kari Niedfeldt-Thomas <br /> Councilmember Abdullahi Abdulle <br />Councilmember Graeme Allen <br /> Councilmember Pam Axberg <br />Councilmember Emily Dunsworth <br />Absent: <br /> <br />Staff in Attendance: Devin Massopust, Craig Schlichting (attending remotely), Gina Foschi (attending <br />remotely) <br /> <br />Guests in Attendance: Mikaela Huot, Baker Tilly <br /> <br />Annual Tax Increment Financing (TIF) District Update and Summary <br /> <br />Massopust stated Mikaela Huot from Baker Tilly was in attendance to provide the Council with a presentation <br />on the City’s TIF Districts. <br /> <br />Mikaela Huot, Baker Tilly, reviewed the fundamentals of tax increment financing and provided a summary of <br />the existing active TIF districts within the City, which included the New Brighton Elementary and US Bank <br />redevelopment sites. She explained the City has redevelopment and housing TIF districts. She described how <br />TIF was a method of capturing tax base growth resulting from new development and noted TIF districts had a <br />fixed term for capture. The costs that are eligible for TIF financing were discussed. She commented on the <br />financial review and needs analysis that was conducted for new projects requesting TIF. She provided further <br />information on the “but for” test and how financial gaps are determined for TIF projects. The development <br />plans for the Block B parcel were discussed. <br /> <br />Councilmember Axberg inquired if TIF financing was available to other agencies. Ms. Huot reported cities <br />were the primary users for TIF financing. She explained counties could use TIF if they established an HRA. <br /> <br />Mayor Niedfeldt-Thomas stated Ramsey County would be creating their own HRA. <br /> <br />Councilmember Axberg asked what the pros and cons were of decertifying a TIF district early. Ms. Huot <br />commented if obligations have been paid in full, the captured tax base would be added to the City’s tax base, <br />which would help the City’s long term financing. <br /> <br />Councilmember Dunsworth indicated there would be a 20+ year gap before the City’s current TIF districts <br />would become decertified. Ms. Huot stated this was the case. <br /> <br />Further discussion ensued regarding how the market has impacted or driven redevelopment opportunities in the <br />community over the past 20 years. <br />