Laserfiche WebLink
Page 5 — February 27, 2007 New Brighton Council Minutes <br />from tax increment financing districts that are expected to have a surplus, and use <br />I oaese funds towards expenses related to the Northwest Quadrant project. Director of <br />ommunity Development, Grant Fernelius reported that TIF district number 26 is <br />t to expire in the year 2023; current projection shows a surplus of 1.5 to 2.5 million <br />llars is expected. The city can tap into those resources with special approval by the <br />Legislature. The pooling feature would allow the City to use those resources outside <br />the TIF district for infrastructure improvements. Mr. Fernelius described this as an <br />opportunity to absorb some of the redevelopment costs. <br />Councilmember Doffing stated that she remains committed to the residents of New <br />Brighton, to keep the taxes manageable, as is Representative Knuth. <br />Councilmember Doffing questioned the need for pooling with other TIF districts, and <br />why that is a necessary practice. Mr. Lotter replied that once the deficit related to the <br />NWQ project was known, staff looked at options, and this was chosen as a favorable <br />option. Mr. Fernelius stated that another noteworthy point was that the State <br />approved special legislation in 1998 for New Brighton which allowed pooling for the <br />Northwest Quadrant. <br />Councilmember Bauman questioned weather Tax Increment district 26 was part of <br />the Northwest Quadrant. Mr. Fernelius explained that the districts are separate, only <br />the resources would be pooled. <br />Motion by Council Member Doffing, seconded by Council Member Burg to adopt the <br />r tached resolution which requests approval of the Special Legislation by the <br />innesota Legislature to help support redevelopment of the Northwest Quadrant. <br />4 Ayes - 0 Nays, Motion Carried <br />5. Consideration of Authorization of Interfund Loans Associated with Tax <br />Increment Districts. Report No. 07 -038. <br />City Manager Dean Lotter explained that the Finance Director was unable to attend <br />tonight's meeting due to illness. It was recommended that this item be tabled until the <br />Finance Director would be available. <br />Motion by Council Member Doffing, seconded by Council Member Bauman to table <br />the item for a future date. <br />Ayes - 0 Nays, Motion Carried <br />Commission Liaison Reports, Announcements and Updates <br />Municipal Advisory Commission Reports: <br />5. Consideration of <br />Authorization of Interfund <br />Loans Associated with Tax <br />Increment Districts.. <br />Report No. 07 -038. <br />*Moved from Consent Agenda <br />