6.0. EDSR 03-08-1993 ITEM 6
•
TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 9
•
CITY OF ELK RIVER, MINNESOTA
MARCH 8, 1993
TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 9
SUMMARY
Tescom Corporation, Inc. , 12616 Industrial Boulevard, Elk
River, Minnesota seeks $194,000 in Tax Increment Financing
assistance to support its proposed 30,000 square foot expansion
on a vacant site adjacent to its existing 34,000 square foot
facility in the Elk River Industrial Park. At its Elk River
facility, Tescom produces regulators, valves, and control
devises. The current business grew out of applications in the
1960 ' s which were heavily dependent on aerospace. Sales have
been greatly diversified since that time. This diversity
currently includes the following industries: Semi Conductor,
General Industrial, Specialty Gas, Instrumentation,
Government/Aero Space, and Petroleum/Hydraulic. The Elk River
facility currently employs 200 people, up from 54 when Tescom
moved to Elk River in 1982 . The growth projections forecast
employment at the end of 1994 to be 265 to 270 people.
The Economic Development Authority for the City of Elk River,
Minnesota is proposing the creation of an Economic Development
District pursuant to the Tax Increment Financing Act. Tax
Increment funds will be used to "write-down" the acquisition of
• the development site. In addition, funds will be used to
conduct borings and analysis of the property, site survey, and
for civil and engineering costs.
The 30,000 square foot facility will have a finished market
value estimated at $900,000, which produces property taxes
estimated at $43,300 . These funds will be "captured" by the
City of Elk River so that the City can recover the $194,000 in
Tax Increment assistance. After recapturing the project debt,
Tax Increment Financing District No. 9 will be decertified,
thereby enabling all local taxing jurisdictions (County,
School, City, etc. ) to share in the project's property taxes .
The Economic Development Authority for the City of Elk River,
Minnesota anticipates that Tax Increment Financing District No.
9 will exist for six (6) to seven (7) years.
•
TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 9
A. STATEMENT OF OBJECTIVES
Tax Increment Financing District No. 9 is located entirely
within the City's Development District No. 1, a Municipal
Development District created and established pursuant to
the Development District Act. The Development Program for
Development District No. 1, was adopted by the City
Council on April 1, 1985, and was amended on January 27,
1986, and November 30, 1987. The objectives of the
Development District, as amended, and as set forth in the
Development Program, are hereby incorporated into this Tax
Increment Financing Plan. Attached as Exhibit A is a map
of Development District No. 1 .
The specific objectives of the Tax Increment Financing
Plan for Tax Increment Financing District No. 9 are:
1 . To provide incentive financing for the sale of Lots 1,
2, and 3, Block 2, Elk River Industrial Park 2nd
Addition; (the development site) ;
411 2 . To encourage a manufacturing company to expand in the
Elk River Industrial Park; said expansion includes
the construction of a new facility estimated at
approximately 30,000 square feet;
3. To increase employment opportunities in the community
and in the State of Minnesota; said expansion will
create 45 to 60 permanent full time positions; and,
4 . To preserve and enhance the local tax base and the
tax base in the State of Minnesota; said expansion
will generate new property taxes of approximately
$43,300 .
B. CLASSIFICATION OF DISTRICT
The City Council of the City of Elk River, Minnesota
determines that it is necessary, desirable, and in the
public interest to designate, establish, develop, and
administer an Economic Development District in the City of
Elk River pursuant to the provisions of the Tax Increment
Financing Act, Minnesota Statutes 469 . 174 to 469 . 179,
inclusive. The purpose of the Tax Increment Financing
Plan is to encourage the expansion of a manufacturing
company in the Elk River Industrial Park, thereby
increasing local employment opportunities and preserving
and enhancing the local tax base and the tax base of the
State of Minnesota.
C. DEVELOPMENT PROGRAM
1 . Overview
Tescom Corporation, Inc. , 12616 Industrial Boulevard,
Elk River, Minnesota, seeks Tax Increment Financing
assistance to support its proposed 30,000 square foot
expansion on a vacant lot adjacent to its existing
34,000 square foot facility in the Elk River
Industrial Park.
The Tax Increment funds will be used to "write down"
the acquisition of the development site. In
addition, funds will be used to conduct borings and
analysis of the property, site survey, and for civil
and engineering costs .
2 . Property Included in Tax Increment Financing
District No. 9
The legal description of the property included in TIF
District No. 9 is as follows :
Lot 1, Block 2, Elk River Industrial Park 2nd
Addition (PID No. 75-520-0210)
• Lot 2, Block 2, Elk River Industrial Park 2nd
Addition (PID No. 75-520-0220)
Lot 3, Block 2, Elk River Industrial Park 2nd
Addition (PID No. 75-520-0230)
Attached as Exhibits B-1 and B-2 are maps showing the
exact location of the property included in Tax
Increment Financing District No. 9 .
3. Property to be Acquired by the Authority
No property is scheduled for acquisition by the
Economic Development Authority for the City of Elk
River, Minnesota.
D. DEVELOPMENT ACTIVITIES
1 . Development Overview
Tescom Corporation, Inc. , proposes to constuct a new
facility of approximately 30,000 square feet on the
Development Property. The facility will have a
411 finished market value estimated at $900,000 .
Construction is scheduled to begin in March, 1993,
and will be completed by the fall of 1993.
Tescom currently employs 200 persons at its Elk River
facility. As a result of the expansion, 45 to 60
permanent, full time jobs will be created within a
two year time period.
2 . Contracts
No contracts have been entered into at the time of
the preparation of this Tax Increment Financing
Plan. Proposed contracts for services associated
with Tax Increment Financing No. 9 include:
- Soil borings and analysis.
- Survey, civil and engineering
- Contract for construction of 30,000 square foot
facility (by Tescom Corporation, Inc. ) .
E. TAX INCREMENT FINANCING DISTRICT NO. 9 BUDGET
1. Tax Increment Financing District No. 9 Cost
Estimates
Budget Amount
Land Write Down $165,000
Site Survey, Civil and Engineering 4,000
Soil Borings and Analysis 25,000
Administration 6,000
Legal -0-
Cost of Issuance Fees -0-
Bond Discount -0-
Capitalized Interest -0-
Miscellaneous
Total $200,000
2 . Bonded Indebtedness
No Bonds will be issued as part of Tax Increment
Financing District No. 9 .
3 . Sources of Revenue to Pay Public Costs
Tax Increments collected from Tescom Corporation's
expansion will be used to pay the public costs
associated with Tax Increment Financing District No.
9 .
4 . Original Tax Capacity
• Because the property in Tax Increment District No. 9
is tax exempt, the original net tax capacity, based
on the January 2, 1992, valuation, is estimated to be
$0 . 00 . The County Auditor Certification attributable
to this value is attached as Exhibit C.
5. Estimated Captured Tax Capacity
The finished market value upon completion of the
improvements in Tax Increment Financing District No.
9 is estimated at $900,000 . This value translates
into a completed net tax capacity estimated at
$41,400. The captured net tax capacity is estimated
as follows :
Completed Net Tax Capacity $41,400
Less Original Net Tax Capacity -0-
Equals Captured Net Tax Capacity $41,400
One hundred percent of the captured net tax capacity
of Tax Increment Financing District No. 9 will be
required to finance the public costs associated with
District No. 9 . As a result, the City of Elk River
elects, pursuant to Minnesota Statute 469 . 177
Subdivision 2 (a) ( 1) , to retain the full captured
net tax capacity of Tax Increment Financing District
No. 9 .
111 6 . Duration of the Tax Increment Financing District No.
9
The City of Elk River expects that the first
increment it will receive from Tax Increment
Financing District No. 9 will be for taxes payable in
1995 . This is based on a project with a completed
value on January 1, 1994 . The City expects to
continue to receive tax increment from Tax Increment
District No. 9 up to and including 1999, or until
$194,000 in Tax Increment has been received.
Thereafter, no further increments may be received and
Tax Increment District No. 9 will terminate.
F. CASH FLOW ANALYSIS
Attached as Exhibit D is the Cash Flow Analysis for Tax
Increment District No. 9 .
G. IMPACT ON OTHER LOCAL TAXING JURISDICTIONS
1. Estimated Impact of District No. 9 on the Taxing
Jurisdictions Assuming the Captured Net Tax Capacity
• is Available to the Taxing Jurisdictions Without
Creation of District No. 9 :
Pursuant to Minnesota law, tax increment generated by
development within the TIF District may be captured
by the City for a period of up to eight years .
During this period other taxing jurisdictions will
continue to receive taxes from the property within
the TIF District based on the current net tax
capacity. However, the current net tax capacity is
$0.
2 . Estimated Impact of District No. 9 on the Taxing
Jurisdictions Assuming None of the Captured Net Tax
Capacity is Available to Taxing Jurisdictions Without
Creation of District No. 9 :
The Economic Development Authority of the City of Elk
River has determined that the Tescom project would
not reasonably be expected to occur without the
creation of TIF District No. 9 and the use of tax
increment financing. Therefore, none of the net tax
capacity captured during the term of this TIF
District would be available to other taxing
jurisdictions without the creation of this district.
3 . Additional information on the impact of Tax Increment
Financing District No. 9 on the other local taxing
111 jurisdictions can be found in Exhibit E.
H. STUDIES AND ANALYSIS USED TO DETERMINE THE NEED FOR TAX
INCREMENT FINANCING
The Elk River EDA and City Council have determined that
the Tescom Corporation, Inc. expansion project cannot
reasonably be expected to occur solely through private
investment within the reasonably foreseeable future.
Therefore, the use of Tax Increment Financing assistance
is deemed necessary.
This determination has been made based on the following:
- The Company was purchased, through a Leveraged
Buy-Out (LBO) , in December, 1986 . While Tescom
Corporation, Inc. is still highly leveraged, it has
proven the ability to service its debt as illustrated
by the significant reduction over the five and one
half years since the LBO. Tax Increment assistance
is needed to reduce overall project costs to ensure
Tescom remains a financially stable and profitable
company after its expansion.
- Tescom Corporation, Inc. owns and operates a second
facility in Watertown, South Dakota. The Company is
currently reviewing its options for appropriate
locations for expansion. While Elk River offers some
. advantages, the financial attraction of South Dakota
offers significant benefits as well. Tax Increment
assistance is necessary because it would discourage
commerce or industry from moving to another State, it
would increase employment in the State of Minnesota
and it would preserve or enhance the tax base of the
State of Minnesota.
I . PARCELS INCLUDED IN TAX INCREMENT FINANCING DISTRICT NO. 9
Tax Increment Financing District No. 9 is comprised of
three land parcels. They are listed below:
1993 Original
Parcel 1992 EMV Pay 1993 Net Tax Capacity
75-520-0210 $59,400 $0 (Tax Exempt)
75-520-0220 59,400 0 (Tax Exempt)
75-520-0230 50,000 0 (Tax Exempt)
Please refer to Exhibit C for the County Auditor
Certification of this parcel in Tax Increment Financing
District No. 9 .
.
410 EXHIBIT C
COUNTY AUDITOR CERTIFICATION
TAX INCREMENT FINANCING DISTRICT NO. 9
The original net tax capacity of the following listed
parcel(s) , as of January 2, 1992, is certified to be: $0 .00 .
The parcel(s) contained in Tax Increment District No. 9
are listed below:
Parcel 1992 EMV 1992 Original
Number Pay 1993 Net Tax Capacity
75-520-0210 $ 59,400 $0 (Tax-Exempt)
75-520-0220 59,400 0 (Tax-Exempt)
75-520-0230 50,000 0 (Tax-Exempt)
Total $168,800
The Base Tax Rate will be the rate calculated for taxes payable
in 1993. In accordance with Minnesota Statutes, Section
469 . 177, Subd. 1, the average percentage increase in the
• original Net Tax Capacity shall be zero percent (0%) .
E. Dale Palmer
Sherburne County Auditor
SHERBURNE
COUNTY
SEAL March , 1993
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• EDA RESOLUTION 93 - 1
A RESOLUTION FOR THE ECONOMIC DEVELOPMENT AUTHORITY
FOR THE CITY OF ELK RIVER, MINNESOTA, RELATING TO THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9
AND THE ADOPTION AND APPROVAL OF THE TAX INCREMENT FINANCING
PLAN RELATING THERETO, LOCATED WITHIN DEVELOPMENT DISTRICT NO. 1
BE IT RESOLVED by the Economic Development Authority for the
City of Elk River, Minnesota (EDA) , as follows:
Section 1 . - Recitals .
1.01 . It has been proposed that the EDA establish Tax
Increment Financing District No. 9 within Development District
No. 1 .
1. 02 . The EDA has caused to be prepared a proposed Tax
Increment Financing Plan (the Plan) for Tax Increment Financing
District No. 9 .
1. 03 . The EDA has performed all actions by Minnesota
Statutes to be performed prior to the establishment of Tax
Increment Financing District No. 9 and the adoption of the Plan
• relating thereto.
1. 04 . The EDA hereby determines that it is necessary
and in the best interest of the City at this time to establish
Tax Increment Financing District No. 9 and to approve the Plan
relating thereto.
Section 2 . - Findings for the Establishment of Tax
Increment Financing District No. 9
2 . 01 . The EDA hereby finds, determines and declares
that the establishment of Tax Increment Financing District No.
9 within Development District No. 1 is intended and, in the
judgement of this EDA, its effects will be, to provide an
impetus for commercial and industrial development, increase
employment and otherwise promote certain public purposes and
accomplish certain objectives as specified in the Plan for Tax
Increment Financing District No. 9 .
2 . 02 . The EDA further finds, determines and declares
that Tax Increment Financing District No. 9 qualifies as an
Economic Development District pursuant to Minnesota Statutes,
Section 469 . 174, Subdivision 12.
2 .03 . The EDA further finds, determines and declares
411 that the proposed development, in the opinion of the EDA, would
not occur solely through private investment within the
reasonably foreseeable future and, therefore, the use of Tax
Increment Financing is deemed necessary.
• 2 .04 . The EDA further finds, determines and declares
that the proposed Plan for Tax Increment Financing District No.
9 conforms to the Comprehensive Plan of the City.
2 . 05 . The EDA further finds, determines and declares
that the proposed Plan for Tax Increment Financing District No.
9 will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for the development or
redevelopment of Development District No. 1 by private
enterprise.
2 . 06 . The EDA determines and declares that Tax
Increment Financing District No. 9 located within Development
District No. 1 is hereby established.
Section 3. - Adoption of the Plan.
3. 01 . The Plan for Tax Increment Financing District No.
9 presented to the EDA on this date, is hereby approved and
adopted and shall be placed on file in the office of the City
Clerk.
Section 4 . - Implementation of the Plan.
The Executive Director of the EDA, the City Administrator, and
. the Finance Director are authorized and directed to proceed
with implementation of the Plan, and for this purpose, to
negotiate, draft, and prepare and present to the EDA for its
consideration all future plans, resolutions, documents and
contracts necessary for this purpose.
Adopted this 8th day of March, 1993.
Jeffrey A. Gongoll, President
ATTEST: Elk River EDA
Patrick D. Klaers, Executive Director
Elk River EDA
•