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Home My WebLink About2011-181• • • RESOLUTION 2011 -181 A RESOLUTION AMENDING THE BUDGET FOR TAX INCREMENT FINANCING DISTRICT NO. 1, DEVELOPMENT DISTRICT NO. 1 WHEREAS, the City Finance Director has prepared an amended budget for Tax Increment Financing District No. 1, all located within Development District No. 1, all within the City of Stillwater; and, WHEREAS, the City Attorney has reviewed the amended budget to determine whether the amendment requires the City to follow the procedure set forth in Minn. Stat. §469.175 for the adoption of a new plan and the City Attorney has reported that none of the modifications to the budget proposed in the amended budget constitute a triggering event as defined in Minn. Stat. §469.175, subd. 4, and the City may proceed to amend the budget without further notice, public hearing and findings; and, WHEREAS, the Finance Director has reported that the amendment to the budget constitute an actual and accurate reflection of conditions within the Tax Increment Financing District. NOW, THEREFORE, BE IT RESOLVED: 1. That the budget amendment attached as Exhibit A as prepared by the Finance Director and reviewed by the City Attorney, be and the same hereby is approved effective Nunc Pro Tunc for the year 2011 and future years. Enacted by the City Council of the City of Stillwater this 6th day of December, 2011. CITY OF S LWATER Ken Harycki, Mayor ATTEST: Diane F. Ward, City Clerk • • • THE CITY OF STILLWATER TAX INCREMENT FINANCING PLAN for THE DOWNTOWN AND INDUSTRIAL PARK SCATTERED SITE REDEVELOPMENT DISTRICT (TIF DISTRICT #1) Date: December 1, 2011 TIF District #1 Tax Increment Financing Plan Page 2 of 4 TIF District #1 Tax Increment Financing Plan The following amends and replaces all future Tax Increment Financing Plan Expenditures within The Downtown and Industrial Park Scattered Site Redevelopment District (TIF District #1): Tax Increment Financing Plan Expenditures Parking Ramp Land Payoff Pedestrian Walkway Project Parking Ramp Structure Payoff Stage 3A Flood Control Project (2012) Parking Lot Resurfacing Street Lights (Highway and Ped Lights) Sanitary Sewer Disconnects Loans Stage 3B Flood Control Project (Post 2012) Facade Improvement Program Loans Site Clean Up Fund • Commercial Building Fund PAYG Fund • TOTAL TIF Plan Budget TIF District #1 Tax Increment Financing Plan Narrative $ 120,000.00 $ 1,000,000.00 $ 3,000,000.00 $ 700,000.00 $ 2,000,000.00 $ 3,000,000.00 $ 3,000,000.00 $ 4,500,000.00 $ 3,000,000.00 $ 1,000,000.00 $ 2,000,000.00 $ 2,500,000.00 $ 25,820,000.00 $500,000 max out at a time $500,000 max out at a time The following describes each of the future Tax Increment Financing Plan Expenditures: Parking Ramp Land Payoff This would retire debt on the purchase of land from the Lowell Inn for the Stillwater Municipal Parking Ramp. A maximum of $120,000 can be spent on this program. Pedestrian Walkway Project The Pedestrian Walkway Project provides a safe and inviting link to Main Street and the surrounding parking lots. Additionally, due to the nature of the surrounding historic buildings many merchants do not have assessable restrooms. A new municipal restroom will be built that serves the downtown retail visitors. A maximum of $1,000,000 can be spent on this program. Revised: December 1, 2011 TIF District #1 Tax Increment Financing Plan Page 3 of 4 Parking Ramp Construction Bond Payoff This would retire debt on the construction of the Stillwater Municipal Parking Ramp. Increment would be transferred to TIF District #10 to payoff the bonds. A maximum of $3,000,000 can be spent on this program. Stagy 3A Flood Control Project (2012) In 2012, it is anticipated the USCOE will begin construction of the Stage 3 Flood Control Project. This project would consist of installing underground storm sewer, pumping manholes and regarding of North Lowell Park. The City is responsible for 25% of the project costs and 100% of any environmental cleanup. A maximum of $700,000 can be spent on this program. Parking Lot Resurfacing The parking lots along the riverfront would be reconstructed and reconfigured following the completion of the Stage 3A project while other lots in the downtown area will need to be rehabilitated. Parking lots that will need to be addressed include North Main parking lot, parking lot at Second and Olive, River Market parking lot, UBC parking Lot and the parking lot located at Second and Olive. A maximum of $2,000,000 can be spent on this program. • Street Lights (Highway and Ped Lights) The purpose of this project would be to replace the street lights in the downtown area, both the taller highways lights and the shorter pedestrian lights. The highway lights were installed in early 1990's and the pedestrian lights in 1998. A maximum of $3,000,0000 can be spent on this program. • Sanitary Sewer Disconnect Loans The purpose of this project would be encourage properties in the Commercial Business District to disconnect their clear water connections (rain leaders, foundation drains, and groundwater flows) from the sanitary sewer. Eliminating clear water connections would reduce the City's treatment cost to the Met Council. The program is a revolving loan fund with a maximum of $500,000 available to be loaned out at any one time. A maximum of $3,000,000 can be spent on this program. Stage 3B Flood Control Project (Post 2012) This project would be the second phase of the Flood control Project where a flood control wall would be installed to an elevation of 690.5 along the east side of the parking lots from Nelson Street to the Lofts building. A maximum of $4,500,000 can be spent on this program. Revised: December 1, 2011 • • TIF District #1 Tax Increment Financing Plan Page 4 of 4 Facade Improvement Program Loans The purpose of this Facade Improvement Program is to encourage property owners to make appropriate facade improvements to historic buildings in downtown Stillwater in order to highlight Stillwater's rich architectural heritage as well as maintain and enhance the vibrancy of the City's downtown area. The program is a revolving loan fund with a maximum of $500,000 available to be loaned out at any one time. A maximum of $3,000,000 can be spent on this program. Site Cleanup Fund The purpose of the site cleanup fund is to address situations where the reuse of underutilized properties is hindered by the actual or suspected presence of pollution or contamination. Cleanup and redevelopment of these sites benefit the City by eliminating pollution and contamination problems, allowing economic growth, and revitalizing the property and neighborhood. A maximum of $1,000,000 can be spent on this program. Commercial Building Fund If a substantial rehabilitation of a building is undertaken, the City is willing to consider some level of gap financing be made available for the project. This could be in the form of a low interest loan and /or outright grant. This financing would need to be in addition to private financing (i.e. personal or private financing) for the project. City funding would be limited to between 10 and 20 percent of the overall cost of the project. A maximum of $2,000,000 can be spent on this program. PAYG Fund The PAYG Fund acts like a property tax abatement where the increase in property taxes from a development project can be rebated back to the property owner over a set period of time. A maximum of $2,500,000 can be spent on this program. Revised: December 1, 2011