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S3Xa3X
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
• MEMORANDUM
TO: EDA Commissioners
FROM: William Rubin, Executive Directs y
I `rte
DATE: June 12, 1995
SUBJECT: Agenda Memo for EDA Workshop
1. Comp Plan Update-Industrial/Business Park Areas
At a recent Comp Plan Steering Committee meeting, a variety of
commercial/industrial/business park land uses were explored by the
group. The Steering Committee's recommendations on the respective
land uses will be presented to the City Council at the end of the Comp
Plan update process.
The EDA representative on the Comp Plan Steering Committee is Vice
t President Patrick Dwyer. Commissioner Dwyer has agreed to provide
an update of the Committee's land use recommendations relative to
the light industrial and the business park zoning designations. A map
has been included in the agenda packet to assist with this update at
the EDA workshop.
2. Mississippi Riverfront Pathway Project
After a lull in activity around the first of the year, the Riverfront
Corridor Committee is once again charging ahead with this exciting
project. In early April, the Riverfront Committee recommended that
the Elk River HRA engage the landscape architecture/urban planning
firm of Hoisington Koegler Group, Inc., to assist the Committee in the
planning and design of a proposed pathway along the Mississippi River
in the Elk River central business district. A work program and budget
is now in place, and the project has been given the working name of
the "Mississippi Riverfront Pathway Project." The Riverfront
Committee and Hoisington Koegler conducted an orientation meeting
with various stakeholders on May 8, 1995. In addition, this same
group conducted a tour of the riverfront on May 18, 1995. The first of
three public workshops was held on June 1, 1995. This workshop was
designed to obtain community input from various groups,
P.O.,Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425
Equal Opportunity Housing and Equal Opportunity Employment
organizations, property owners, and citizens at large. Two other public
workshops are planned June 29 and July 20. Both workshops will
• begin at 6:30 p.m. in the Training Room of the Elk River City Hall.
All in all, the progress made to date is considered satisfactory.
Hoisington's strong suit is that of consensus building and design
alternatives. While funding this project remains a major
consideration, many opportunities exist to discover this great asset
that has been neglected for so long.
3. Prioritization of TIF Expenditures from Districts No. ;1 and No.
3 and Former District No. 4
A chilling reality check for Minnesota cities occurred in early February
when legislation was introduced by various state representatives to
sharply curtail the continued use of Tax Increment Financing (TIF) as
a economic development tool throughout the state. The most extreme
element of the proposed legislation would have limited the use of tax
increments from respective districts to only pay for bond or contractual
obligations already in existence (i.e., executed before January 15,
1995). In other words, the proposed legislation would have prohibited
the use of tax increments for new projects. Given the retroactive
intent of this proposed legislation, the City of Elk River and other
communities likely could not have met the tests to ensure that
development agreements and other contractual obligations were in
place so as to conform with the legislation. Lacking these contractual
obligations would have resulted in the turning back of available funds
in TIF Districts No. 1 and No. 3 and No. 4.
Thankfully, TIF legislation adopted in St. Paul did not include the
previously introduced extreme provisions. No assurances, however,
are made for future legislative sessions. For that reason, it may be a
prudent exercise for various elected and appointed leaders to consider
prioritizing upcoming expenditures relating to TIF funds from
Districts No. 1, No. 3, and No. 4. Certainly the list of potential uses
will exceed the availability of TIF funds. That reason should not
diminish the value of attempting to prioritize the TIF funds.
Assistant City Administrator Lori Johnson has prepared a summary of
TI.F funds in Districts No. 1, No. 3 and No. 4. That information is
included in the workshop agenda packet. In the past, expenditure of
TIF funds from Districts No. 1 and No. 3 have been relatively fluid.
Expenditures for which TIF Plan amendments have been approved
include major purchases of park property and other non-revenue
producing enterprises. These purchases include the Orono Park
Aik expansion (E&O Tool property), the railroad trail park expansion,
11, Woodland Trails Park, and Woodland Trails expansion. The
redevelopment site within the 600 block of Main Street was also
acquired utilizing funds from Districts No. 1 and No. 3. Similarly,the
recent expansion to the library received an infusion of TIF funds, too.
Expenditure of funds from former District No. 4 will be less fluid. That
is, in accordance with the TIF Plan for District No. 4, future
expenditures must occur within the western area of the community.
The verbatim language from TIF Plan No. 4 outlining the limitations
of future expenditures is found in the workshop agenda packet.
EDA Commissioners and City Council members may wish to prepare
respective lists of future projects in an effort to prioritize how these
TIF funds will be expended in the future.
•
•
TAX INCREMENT FINANCING PLAN
Tax Increment Financing District No. 4
•
City of Elk River
1 November 30, 1987
l .
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TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 4
ill • A. STATEMENT OF OBJECTIVES
Tax Increment Financing District No . 4 is located
entirely within the City' s Development District No. 1 , a
municipal development district created and established pursuant
to the Development Districts Act . The Development Program for
Development District No . 1 , adopted by the City on April 1 ,
1 1985 , and amended on January 27 , 1986 and November 30 , 1987 , is
attached as Exhibit A to this TIF Plan . The objectives of the
Development District are set forth in the Development Program
and are hereby incorporated into this TIF Plan.
The City Council of the City of Elk River, Minnesota
determines that it is necessary, desirable, and in the public
411 interest to designate, establish, develop, and administer an
economic development tax increment financing district in the
City of Elk River pursuant to the provisions. of
Sections 469 . 174 to 469 . 179 inclusive, of Minnesota Statutes .
The purpose of the TIF District is to make it possible to
finance certain public improvements required before certain
areas of the City within the Development District can develop.
The Comprehensive Water Plan for the City of Elk River,
6 dated September 1982 , identified a severe deficiency in the
storage capacity of the existing City water system. The lack
of storage capacity in the water system made it impossible for
IImany areas of the City to be developed for business and
•
I
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industrial uses . In response to this impediment to
development, the City created Development District No . 1 and
} • Tax Increment Finance Districts land 3 to finance the
construction of necessary water tower and related water main
11 improvements . The result was the immediate development of the
Elk River Plaza PUD -- a successful mixed commercial and
!I residential development -- and development of other commercial
11 and industrial projects in the central portion of the City .
The City now desires to install additional water and
sanitary sewer improvements to encourage and make possible
commercial and industrial development in the western portion of
the City . The purpose of TIF District No . 4 is to provide a
means for partial financing of the necessary water and sanitary
sewer improvements , therefore making it possible for certain
• areas in the western portion of the City to be developed for
business and industrial uses.
V/11
The specific objectives of the TIF District are as
follows :
:it
1 ) To provide partial financing for certain water and
sanitary sewer system improvements , including: the acquisition
11 of land for deep well, water tower, and pumphouse; the
1
construction of a deep well , elevated water tower, pumphouse
with chemical addition and treatment equipment, and trunk water
distribution lines; the acquisition of permanent and
fl
construction easements for trunk water distribution lines ; the
11 construction of a sanitary sewer interceptor line and upgrading
of an existing sanitary sewer lift station; the acquisition of
III
2 .
permanent and construction easements for the sanitary sewer
interceptor line; and the construction of such additional water
and sanitary sewer system facilities as are necessary to allow
development of the western area of the City.
2 ) To provide financing for additional public
improvements within the Development District as found by the
City Council to be necessary or appropriate to meet the
purposes of the Development District .
3 ) To provide financing for public improvements and
other assistance necessary for the continued development and
expansion of the Elk River Industrial Park .
4 ) To provide opportunities for the development of land
within the Development District;
5 ) To provide increased employment in the City;
6 ) Topreserve and enhance the tax base of the City;
IMF 7 ) To provide maximum opportunity, consistent with the
needs of the City, for development by private enterprise .
•
TIF No. 1 and No. 3 Estimated Ending Cash Balance
Cash Balance 5/31/95 $809,459.00
Debt Outstanding - Ref. Bonds -371,020.00
Transfers to Debt Service 2/1/95 -102,897.50
Library Bond Obligation - 51,000.00*
1995 Increment 210,900.02
Balance Available $495,441.52 (excludes interest income)
NOTE: TIF District No. 1 was decertified on 12/31/94; TIF
District No. 3 will be decertified on 12/31/95.
• * Represents 20 percent debt service coverage on the $255,000 library bond.
This bond is retired in 2007, at which time the $51,000 may be used for
another purpose.
TIF No. 4 Summary
$445,000 ± 5/31/95 Cash Balance
.