6.1 (
Item# 6.1.
111110yof
E1k Ri
ver MEMORANDUM
TO: Planning Commission
FROM: Paul T. Steinman, Director of Economic
Development
DATE: October 21, 1997
SUBJECT: Modifications to Tax Increment
Financing District No. 5 (Alltool)
Issue
The purpose of this item is to complete a review of the proposed modifications
to Tax Increment Financing Plan for Tax Increment Financing District No. 5
• and consider it to be in conformance with the Comprehensive Plan of the City
of Elk River.
Background
The original Tax Increment Financing District No. 5 (Alltool) is scheduled to
decertify on December 31, 1997. The purpose of modification of this District
at this time is to allow for the use of excess funds which have been generated
in that District, to be spent on other eligible activities outside the District.
As identified in the modification, approximately $225,000 is to be used to
facilitate the purchase of industrial land and additionally to pay for public
improvement costs. These two activities are eligible activities under the
statute governing tax increment financing activities.
As is required in the case of modification of any tax increment financing
district, the planning body of the local governing unit is required to take
action on the proposed Plan. The Planning Commission is required by State
Statute to review and find the Plan modification to be in compliance with the
Comprehensive Plan of the City of Elk River. In this case the original
District boundaries are not scheduled to be enlarged and the use within such
District remains consistent with the original Plan.
111
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 •TDD &Phone: (612) 441-7420 • Fax: (612) 441-7425
• Attachments
• Modifications to the Tax Increment Financing Plan for Tax Increment
Financing District No. 5
• Original Tax Increment Financing Plan for Tax Increment Financing
District No. 5
Recommendation
Staff recommends that the Planning Commission find the modifications to
Tax Increment Financing Plan for Tax Increment Financing District No. 5 as
presented to be in compliance with the City of Elk River Comprehensive
Plan.
•
•
•
MODIFICATIONS
TO THE
TAX INCREMENT FINANCING PLAN
for
Tax Increment Financing District No. 5
(A Economic Development District)
The City of Elk River
Sherburne County
Elk River, Minnesota
•
Prepared: September 11, 1997
Revised:
Adopted: December 1, 1997
Prepared by:
City of Elk River
13065 Orono Parkway
Elk River Minnesota 55330
(612) 441-7420
With final review by:
Doherty Rumble & Butler, PA
3500 Fifth Street Towers
150 South Fifth Street
Minneapolis, Minnesota 55402-4235
(612) 340-5584
II
. The modifications below are intended to replace specific sections of the Tax Increment
Financing Plan for Tax Increment Financing District No. 5, adopted by the Council on June
20, 1988. Please refer to the complete Tax Increment Financing Plan, available from the
office of the Economic Development Director, City of Elk River.
F. 7. Estimate of Project Costs.
The estimate of public costs associated with District No. 5 are outlined in the
following line item budget. This estimate of public costs is intended to
supplement any previous estimate of project costs found in the Tax
Increment Financing Plan for Tax Increment Financing District No. 5,
adopted by the City Council on June 20, 1988. The following costs only
include costs for projects that have not yet been started. Costs for completed
projects within the District that have been completed are not included. The
budget below is intended to authorize additional expenditures over and
above any expenditures made in any category as of the date of this
amendment.
Estimate of Public Costs - Project Cost Summary
1. Land Acquisition and Public Improvements Costs: $225,000
• TOTAL: $225,000
Administration costs to cover city staff and overhead and various consulting fees in an
amount not to exceed ten percent of total tax increment may also be funded with tax
increments from District No. 5 in addition to above-mentioned costs.
•
•
Boundary Map of Tax Increment Financing District No. 5
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.` ••
TAX INCREMENT FINANCING PLAN
Tax Increment Financing District No. 5
•
City of Elk River
June 20, 1988, as amended
October , 1988
•
FINANCING TEAM
411
CITY COUNCIL
Estelle Gunkel, Mayor
G. Schuldt, Councilmember
J. Tralle, Councilmember
H. Dobel, Councilmember
R. Holmgren, Councilmember
PLANNING COMMISSION
D. Kropuenske, Chairman
A. Fuchs, Commissioner
D. Barret, Commissioner
B. Morton, Commissioner
P. Kimball, Commissioner
R. Johnson, Commissioner
N. Olson, Commissioner
CITY OFFICIALS
Patrick Klaers, City Administrator i
Richard Fursman, Economic Development Coordinator
Lori Johnson, Finance Director
CONSULTANTS
City Attorneys : LARKIN, HOFFMAN, DALY &
LINDGREN, Ltd.
David C. Sellergren
Peter K. Beck
City Engineers : MAIER STEWART AND
ASSOCIATES
Terry Maurer
Financial Consultants : SPRINGSTED INCORPORATED
Ronald W. Langness
David N. MacGillivray
Business Development
Services, Inc.
Michael J. Mulrooney
•
TABLE OF CONTENTS
• TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 5
DEFINITIONS
A. STATEMENT OF OBJECTIVES 1
B. CLASSIFICATION OF THE TIF DISTRICT 4
C. DEVELOPMENT PROGRAM 5
1 . Development Program for the
Development District 5
2 . Property to be Included in
the TIF District 5
3 . Property Acquired and to be Acquired 5
4 . Development to Occur Within
the TIF District 6
5 . Jobs to be Created 6
6 . Future TIF Districts 6
D. DEVELOPMENT ACTIVITIES 7
• 1 . Private Development Activity 7
2 . Public Development Activities 7
E . OTHER DEVELOPMENT 8
F. FINANCIAL ANALYSIS OF THE TIF DISTRICT 8
1 . Preliminary Cost Estimates of the
Improvements to be Financed 8
2 . Amount of Indebtedness to be Incurred 9
3 . Sources of Revenue 9
4 . Original Assessed Value 9
5 . Captured Assessed Value 10
6 . Duration of the TIF District 11
G. CASH FLOW ANALYSIS 11
H. ESTIMATED IMPACT OF THE TIF DISTRICT
ON OTHER TAXING JURISDICTIONS 12
1 . Estimated Impact of the TIF District
on Assessed Values of Other Taxing
Jurisdictions Assuming that the
Estimated Captured Assessed
Value Would be Available
• to Other Taxing Jurisdictions
Without Creation of TIF
District No. 5 . 12
i.
2 . Estimated Impact of the TIF District on
Assessed Values of Other Taxing
Jurisdictions Assuming that None of
the Captured Assessed Value Would be
Available to Other Taxing
Jurisdictions Without Creation of
TIF District No. 5 13
I . STUDIES AND ANALYSIS USED TO
DETERMINE THE NEED FOR TAX
INCREMENT FINANCING 14
J. ADMINISTRATIVE PROCEDURES AND
REQUIREMENTS 14
1 . Modification of the TIF Plan
or Change in Boundaries of
the TIF District 14
2 . Use of Tax Increment 15
3 . Excess Tax Increments 15
4 . Tax Increment Account 16
5 . Limitation on Administrative
Expenses 16
6 . Limitation on Increment 16
7 . Annual Disclosure 17
8 . Administration of the TIF
District 18 •
EXHIBIT A: Development Program for Development
District No . 1
EXHIBIT B: Certification of County Auditor
EXHIBIT C: Cash Flow Analysis
EXHIBIT D: Impact on Other Taxing Jurisdictions
•
ii .
DEFINITIONS
The following terms used in this document have the
meanings given them.
"City" means the City of Elk River, Minnesota.
"Development Districts Act" means the Minnesota Development
Districts Act, Minnesota Statutes, § 469 . 124, et seq. , as
amended.
"Development District" means Development District No. 1,
the Development District established by the City, pursuant
to the Development Districts Act.
"Development Program" means the development program for
Development District No. 1, adopted by the City pursuant to
the Development Districts Act, as amended through
November 30, 1987 .
"TIF District" means Tax Increment Financing District
No. 5, an Economic Development Tax Increment Financing
District established by the City pursuant to the TIF Act.
• "TIF Plan" means the tax increment financing plan for Tax
Increment Financing District No. 5 .
"TIF Act" means the Minnesota Tax Increment Financing Act,
Minnesota Statutes , §§ 469 . 174 et seq. , as amended.
iii.
TAX INCREMENT FINANCING PLAN •
TAX INCREMENT FINANCING DISTRICT NO. 5
A. STATEMENT OF OBJECTIVES
Tax Increment Financing District No. 5 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,
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 •
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 acquire a development
site within the Elk River Industrial Park, to correct soil
conditions on this development site, and to make the site
available to an existing industrial employer in the City so
that this employer can relocate and expand its business in the
City of Elk River rather than moving its operations out of the
City.
The City of Elk River Industrial Park was initially •
platted and the first phase developed by Elk River Associated
• Investors in 1972, without any City assistance or
participation. By 1987 , eight ( 8) businesses had located in
the Industrial Park, occupying eight ( 8 ) of sixteen ( 16) lots
available. However, there have been no sales of any lots, and
no new construction in the Industrial Park, for two (2 ) years .
Special assessments and real estate taxes on unsold lots were
in serious arrears until the creation of TIF District No. 5.
After careful review and analysis , the City determined
that in order for the Industrial Park to attract new businesses
to the City and the Industrial Park, and to pay existing taxes
and other obligations, it would be necessary for the City to
step in and assist in installing the necessary public
improvements to complete the development of Phase II of the
• Industrial Park. An agreement was negotiated with Elk River
Associated Investors pursuant to which the City would install
the necessary public improvements to complete development of
the Industrial Park, and Elk River Associated Investors would
refund a portion of the proceeds from any sales of lots in
Phase II of the Industrial Park to the City and apply the
balance of any sale proceeds to pay outstanding special
assessments and taxes on unsold lots in the Industrial Park.
Alltool Company has been located in the Elk River
Industrial Park since 1982 . This is a local business which has
grown from four employees to over one hundred twenty-five ( 125)
today. Alltool has outgrown its present facilities in Phase I
of the Industrial Park and can no longer expand at this
location. Alltool has, therefore, been looking at possible
2 .
relocation sites , including sites outside of the City of Elk •
River. Alltool has advised the City that it will relocate to
Phase II of the Industrial Park if the City assists in the
acquisition of land for this purpose.
The purpose of the TIF District, therefore, is to acquire
and correct soil conditions on a development site in Phase II
of the Elk River Industrial Park for the relocation of Alltool .
This will allow Alltool to remain in and to expand in the City
of Elk River, resulting in increased employment in the City and
the preservation and enhancement of the City's tax base. The
cost of acquiring and correcting soil conditions on this
development site will be recaptured from tax increment
generated by the new Alltool facility to be constructed on the
site. Furthermore, the funds paid to Elk River Associated •
Investors for purchase of the site will be applied, in part, to
the repayment of outstanding special assessments and taxes
against the Industrial Park.
The specific objectives of the TIF District are as
follows :
1 . To provide financing for the acquisition of certain
property ( specifically identified in Section C. 2 below) located
within Phase II of the Elk River Industrial Park.
2 . To provide financing for the correction of soil
conditions on the property identified in Section C. 2 below.
3 . To acquire and correct soil conditions on the
property identified in Section C . 2 below for conveyance of the
property to Alltool Company, to be used by Alltool for the •
3 .
development of an eighty-five thousand (85, 000 ) square foot
• manufacturing facility employing up to one hundred seventy-five
( 175 ) people.
4 . To provide financing for additional public
improvements and other assistance necessary for the continued
development and expansion of the Elk River Industrial Park.
5 . 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.
6 . To provide opportunities for the development of land
within the Development District;
7 . To provide increased employment in the City;
• 8 . To preserve and enhance the tax base of the City;
9 . To provide maximum opportunity, consistent with the
needs of the City, for development by private enterprise.
B. CLASSIFICATION OF THE TIF DISTRICT
The TIF District will discourage commerce, industry, and
manufacturing from moving their operations to another state by
making sites available for those and other uses in the City, it
will result in increased employment in the City, and it will
result in the preservation and enhancement of the tax base of
the City. The TIF District is located entirely within the
City' s Development District No. 1 , a development project
undertaken in accordance with Minnesota Statutes Section
469 . 124, et seq. Therefore, pursuant to Minnesota Statutes
§ 469 . 174, subd. 12, the TIF District qualifies as an economic
development tax increment financing district.
4 .
C. DEVELOPMENT PROGRAM •
1 . Development Program for the Development District
The Development Program for the Development District is
attached to this TIF Plan as Exhibit A and is hereby
incorporated herein. The Development Program identifies the
boundaries of the Development District, identifies the
properties acquired within the Development District, and lists
the development expected to occur within the Development
District.
2 . Property to be Included in the TIF District
The legal descriptions of the properties to be included
in the TIF District are as follows :
Lot 1, Block 1, Elk River Industrial Park, Second
Addition
Lot 2, Block 1, Elk River Industrial Park, Second •
Addition
Lot 3, Block 1 , Elk River Industrial Park, Second
Addition
Lot 4, Block 1 , Elk River Industrial Park, Second
Addition
Attached as Exhibits A-1 and A-2 are a map and survey showing
the exact location of the TIF District in the City of Elk
River.
3 . Property Acquired and to be Acquired
The Development Program identifies a one-acre site of
property acquired in the Development District for the
construction of a new water tower. This water tower site,
along with necessary permanent and temporary easements for
water main, is the only property acquired to date in the 411
5 .
• Development District . A small amount of additional property,
along with necessary permanent and temporary easements, will be
acquired in the Development District for proposed water and
sanitary sewer improvements . The specific property to be
acquired has not yet been identified.
All of the property within the TIF District ( identified
in Section C.2 above) will be acquired by the City and conveyed
to Alltool Company. Alltool Company has entered into an
Assessment Agreement for development of the property acquired
which provides recourse for the City if the Alltool development
is not completed.
4 . Development to Occur Within the TIF District
Development within the TIF District will include the
• correction of soil conditions and construction of the eighty-
five thousand ( 85, 000) square foot Alltool manufacturing
facility and related out-buildings and other improvements .
5 . Jobs to be Created
A primary objective of the Development Program and of
this TIF Plan is the creation of additional jobs in the City.
Development of the new Alltool facility will create
approximately fifty ( 50) temporary construction jobs and up to
fifty ( 50 ) permanent jobs in the new facility.
6 . Future TIF Districts
It is the City' s intent to create a number of tax
increment districts within the Development District as private
development occurs, in order to use the tax increment generated
• by such development to finance or otherwise pay the cost of
6 .
selected public improvements and other development costs, •
including the cost of water and sanitary sewer system
improvements .
D. DEVELOPMENT ACTIVITIES
1 . Private Development Activity
All major development proposals for the Development
District which the City was aware of on October 30, 1987, are
listed in Section I . of the amended Development Program for the
•
Development District. The City is not aware of any contracts
having been entered into at the time of the preparation of this
TIF Plan with respect to any of those private development
proposals, except as noted below.
Development Activity within the TIF District will include
the eighty-five thousand (85,000) square foot Alltool •
manufacturing facility on the property identified in Section
C. 2 above . It is estimated that the taxable assessed value of
this facility will be Eight Hundred Eight Thousand Dollars
( $808, 000 ) . The Facility is expected to be substantially
completed in 1988, and to begin operations in early 1989 . The
City is not aware of any contract having been entered into at
this time with respect to the Alltool facility. However, the
City will enter into a development agreement with respect to
the facility prior to the acquisition of property within the
TIF District .
2 . Public Development Activities
Public improvements proposed for the Development District
are identified in the Development Program. Other public •
7 .
improvements, including, but not limited to, soil correction,
• grading, utilities, streets, curb and gutter, and sidewalks,
may also be installed in the Industrial Park or in other areas
of the Development District if determined by the City Council
to be necessary and appropriate to meet the purposes of the
Development Program. No contracts have been entered into at
this time with respect to these public development activities .
Public development activities within the TIF District
will be limited to the correction of existing deficient soil
conditions by the removal of bad soil (peat) and the
replacement of bad soils with compactible fill .
E. OTHER DEVELOPMENT
All major development proposals of which the City is
• aware and which the City expects to take place within the
Development District are listed in Section I of the Development
Program. To the City' s knowledge, this list identifies all
major development reasonably expected to take place within the
Development District and the dates when such development is
likely to occur.
No development other than that specifically identified in
Section D above is proposed for the TIF District.
F. FINANCIAL ANALYSIS OF THE TIF DISTRICT
1 . Preliminary Cost Estimates of the Improvements to be
Financed:
Property Acquisition $225,000
Correction of Soil Conditions 68, 000
• Administrative and legal 22 , 000
Capitalized interest 45 , 000
Total estimated costs $360 , 000
8 .
2 . Amount of Indebtedness to be Incurred: $360,000
3 . Sources of Revenue : •
Incurred indebtedness 360,000
Total Revenue $360,000
4 . Original Assessed Value
The original assessed value of all taxable real property in
TIF District No. 5, based on assessed valuations established as
of January 1 , 1988, for real estate taxes to be paid in 1989,
is estimated to be Fifteen Thousand Dollars ( $15, 000) . The
proposed County Auditor certification to this value is attached
as Exhibit B to this Document.
Pursuant to Minn . Stat . § 469 . 177 , subd. 1 of the TIF Act,
it is estimated that the annual percentage increase in the
original assessed valuation of the property in the TIF District •
will be three percent. The original assessed value for TIF
District No. 5 can therefore be estimated for the term of the
TIF District as follows :
Levy Year 1988 $15, 000
Levy Year 1989 15,450
i
Levy Year 1990 15,914
Levy Year 1991 16, 391
Levy Year 1992 16, 883
Levy Year 1993 17, 389
Levy Year 1994 17, 911
Levy Year 1995 18,448
Levy Year 1996 19, 002
•
9 .
5 . Captured Assessed Value
• Each year the assessed value of the TIF District will be
adjusted to reflect current valuation changes resulting from
development within the TIF District . The estimated value upon
completion of development and the estimated date of completion
are set forth in Section D. 1 of this TIF Plan. Using these
figures for estimated value at completion and proposed date of
completion, and the figures for original assessed value set
forth in Section F.4 above, the estimated captured assessed
value of TIF District No. 5 during the years 1988 through 1997
can be calculated as follows :
Estimated Original
Assessed Assessed Estimated Captured
Value Value Assessed Value
• Levy Year 1988 $ 15,000 $15, 000 $ 0
Levy Year 1989 400, 000 15, 450 384, 550
Levy Year 1990 808,000 15, 914 792, 087
Levy Year 1991 808, 000 16, 391 791, 609
Levy Year 1992 808, 000 16, 883 791, 117
Levy Year 1993 808, 000 17 , 389 790, 611
Levy Year 1994 808, 000 17 , 911 790, 089
Levy Year 1995 808, 000 18 , 448 789 , 552
Levy Year 1996 808, 000 19 , 002 788, 998
All of the captured assessed value will be required to finance
the acquisition of and correction of soil conditions on the
property within the TIF District for conveyance to Alltool, and
to finance public improvements necessary to permit additional
• development in the Development District . Therefore, the City
10 .
elects, pursuant to Minn. Stat. § 469 . 177, subd. 2 (a) ( 1 ) , to
retain the full captured assessed value of the TIF District and •
to use all of the tax increment generated by the TIF District
for the purposes identified in this TIF Plan.
6 . Duration of the TIF District
In accordance with § 469 . 176, subd. 1 of the TIF Act, the
City, with this economic development TIF District, may continue
to receive tax increment payments until eight years from the
date of the receipt of the first increment, or until ten years
from approval of the TIF Plan, whichever is less .
The City approved the TIF Plan on June 20, 1988, and will
approve the amended TIF Plan on October all , 1988 . Therefore,
one defined termination date after which tax increment income
cannot be received is June 20, 1998 . •
The City will request the County Auditor to distribute
all taxes payable in 1989 , from the TIF District to all taxing
jurisdictions and to make no distribution of tax increment to
the City for taxes payable in 1989 from the TIF District. The
first tax increment from the TIF District to be received by the
City will be received for taxes payable in 1990 . Tax increment
will continue to be received by the City for eight full years ,
to and including 1997 , at which time no further increments may
be received by law and the TIF District will terminate.
G. CASH FLOW ANALYSIS
Attached as Exhibit C to this TIF Plan is the Cash Flow
Analysis for TIF District No. 5 .
•
11 .
The cash flow analysis attached as Exhibit C to this plan
• includes an estimate of the amounts of additional revenues
which may be needed to meet the debt service on the proposed
indebtedness .
H. ESTIMATED IMPACT OF THE TIF DISTRICT ON OTHER TAXING
JURISDICTIONS
1 . Estimated Impact of the TIF District on Assessed
Values of Other Taxing Jurisdictions Assuming that the
Estimated Captured Assessed Value Would be Available
to Other Taxing Jurisdictions Without Creation of TIF
District No. 5 .
Pursuant to Minnesota law, tax increment generated by
development within the TIF District may only be captured by the
City for a period of eight years . During this eight-year .
period other taxing jurisdictions will continue to receive
taxes from the property within the TIF District based on the
• current assessed value (or "original assessed value" ) of the
property, just as if no development had occurred on the
property. In fact, state law requires the County Auditor to
increase the original assessed value of the property in the TIF
District (the value available to other jurisdictions for
taxation) by, in this instance, 3% per year to account for
normal inflation .
Attached as Exhibit D to this TIF Plan is a schedule which
shows the impact of the TIF District on the assessed values of
other taxing jurisdictions assuming that the estimated captured
assessed value would be available to the other taxing
jurisdictions without creation of the TIF District. This
schedule shows the estimated total assessed value for each
•
jurisdiction for each year of the TIF District (assuming that
12 .
total assessed value increases at the same three percent (3%)
per year rate as the original assessed value of the TIF •
District) , the estimated captured assessed value for each year
of the TIF District, and the percentage impact of the estimated
captured assessed value on the estimated total assessed value.
2 . Estimated Impact of the TIF District on Assessed
Values of Other Taxing Jurisdictions Assuming That
None of the Captured Assessed Value Would be Available
to Other Taxing Jurisdictions Without Creation of TIF
District No. 5 .
The City Council of the City of Elk River has made a
determination that the Alltool project would not reasonably be
expected to occur without creation of TIF District No . 5 and
the use of tax increment financing. Therefore, none of the
assessed value captured for the eight ( 8 ) years of the TIF
District would be available to other taxing jurisdictions •
without the creation of TIF District No . 5 . Therefore, there
is no negative impact on the assessed values of other taxing
jurisdictions during the term of the TIF District, particularly
in light of the fact that the original assessed value of the
properties in the TIF District will increase by three percent
( 3% ) per year.
There will be a substantial favorable impact on other
taxing jurisdictions once the eight ( 8 ) year tax increment
district expires . The Alltool facility made possible by
creation of the TIF District will contribute significantly to
the tax base of all taxing jurisdictions , including the County
and School Board.
•
13 .
More important is the negative impact on all taxing
• jurisdictions if the TIF District is not created and the
Alltool facility not constructed. This would mean the
relocation of Alltool outside of the City of Elk River. The
abandonment of their existing facility would mean a loss of
this tax base for all taxing jurisdictions .
I. S'ruDIES AND ANALYSIS USED TO DETERMINE THE NEED FOR TAX
INCREMENT FINANCING
The City Council ' s determination that the Alltool project
cannot reasonably be expected to occur solely through private
investment within the reasonably foreseeable future, and that
therefore the use of tax increment financing is necessary, has
been made after careful consideration and analysis of
communications received from and discussions had with the
• owners of Alltool . Through these communications and
discussions it has been determined that the Alltool project
will not proceed solely with private investment and that public
participation in the form of tax increment financing is
necessary in order for the project to occur and the objectives
of the development program and the TIF plan to be met .
J. ADMINISTRATIVE PROCEDURES AND REQUIREMENTS
1 . Modification of the TIF Plan or Change in Boundaries
of the T..F District
Pursuant to Minn. Stat . § 469 . 175 , subd. 4, any
modification of this TIF Plan which would: provide for any
reduction or enlargement of the geographic area of the
Development District or the TIF District; increase the amount
• of bonded indebtedness to be incurred; increase or decrease the
14 .
amount of interest on the debt to be capitalized; increase the •
portion of captured assessed value to be retained by the City;
increase the total estimated tax increment expenditures; or
increase the designation of additional property to be acquired
will only be approved by the City Council after notice to the
public, discussion with the planning commission, the holding of
a public hearing, and the making of findings required for the
approval of the TIF Plan itself .
The geographic area of the TIF District may be reduced,
but may not be enlarged after five years following the date of
certification of the original assessed value by the County
Auditor.
2 . Use of Tax Increment
Pursuant to Minn. Stat. § 469 . 176, subd. 4, all tax •
increment revenues derived from the TIF District shall be used
in accordance with this TIF Plan and shall be used solely for
the following purposes : a) to pay the principal of and any
interest on indebtedness issued pursuant to the TIF Plan; b) to
finance or otherwise pay the capital and administrative costs
of the Development District .
3 . Excess Tax Increments
It is not anticipated that the TIF District will generate
excess tax increment. However, pursuant to Minn. Stat.
§ 469 . 176, subd. 2, in any year in which the tax increment
should exceed the amount necessary to pay the costs authorized
by this TIF Plan, the City shall use the excess amount to do
any of the following, in the order determined by the City •
Council :
15 .
a) Prepay any outstanding bonds;
• b) Discharge the pledge of tax increment therefor;
c) Pay into an escrow account dedicated to the payment
of such bonds; or
d) Return the excess amount to the County Auditor for
distribution to the City, County, and school district in
proportion to their respective mill rates .
4 . Tax Increment Account
Pursuant to Minn. Stat. S 469 . 177, subd. 5, the tax
increment received as a result of increases in the assessed
value of the property within the TIF District will be
maintained in a special account or accounts separate from all
other municipal accounts and expended only as provided in this
TIF Plan and as allowed by Minnesota Statutes § 469 . 174, et
seq.
5 . Limitation on Administrative Expenses
Pursuant to Minn. Stat . § 469 . 176, subd. 3, no tax
increment shall be used to pay any administrative expenses
which exceed 10% of the total tax increment expenditures
authorized by this TIF Plan, or the total tax increment
expenditures for the project, whichever is less .
6 . Limitation on Increment
Pursuant to Minn . Stat . § 469 . 176 , subd. 6, if, after
four years from the date of certification of the original
assessed value of the TIF District, no demolition,
rehabilitation, or renovation or other site preparation,
including improvement of a street adjacent to a parcel , but not
16 .
installation of utility service including sewer or water •
systems , has been commenced on a parcel located within the TIF
District in accordance with this plan, no additional tax
increment will be taken from that parcel and the original
assessed value of that parcel will be excluded from the
original assessed value of the TIF District. If development of
the parcel subsequently commences, the parcel shall be returned
to the TIF District as provided in Minn. Stat. § 469 . 176,
subd. 6 .
7 . Annual Disclosure
Pursuant to Minn. Stat. S 469 . 175, subd. 5, on or before
July 1 of each year, the City will submit to the County Board,
the School Board, and the Commissioner of Trade and Economic
Development, a report on the status of the TIF District. This •
report will include the following information:
a) The amount and source of revenue in the account;
b) The amount and purpose of expenditures from the
account;
c) The amount of any pledge of revenues, including
principal and interest on any outstanding bonded
indebtednesses;
d) The original assessed value of the district;
e) The captured assessed value retained by the City;
f) The captured assessed value shared with other taxing
districts;
g) The tax increment received; and
h) Any additional information necessary to demonstrate •
compliance with this TIF Plan .
17 .
In addition, an annual statement showing the tax
• increment received and expended in that year, the original
assessed value, the captured assessed value, the amount of
outstanding bonded indebtedness, and any additional information
the City deems necessary, will be published in a newspaper of
general circulation in the City.
8 . Administration of the TIF District
Administration of the TIF District will be the
responsibility of the City Administrator, under the supervision
of the City Council .
18 .
PKB :AS7
•
•
DEVELOPMENT PROGRAM
Development District No. 1
•
City of Elk River
April 1, 1985
As amended, November 30, 1987
•
EXHIBIT A
•
CITY OF ELK RIVER
• CITY COUNCIL
Estelle Gunkel , Mayor
G. Schuldt, Councilmember
J. Tralle, Councilmember
R. Holmgren, Councilmember
H. Dobel, Councilmember
•
PLANNING COMMISSION
•
S . Wilson, Chairman
A. Fuchs , Commissioner
M. Temple, Commissioner •
D. Barrett, Commissioner
B . Morton, Commissioner
D. Kropuenske, Commissioner
P . Kimball, Commissioner
CITY OFFICIALS
Patrick Klaers , City Administrator
•
CONSULTANTS
City Attorneys : LARKIN, HOFFMAN, DALY &
LINDGREN, Ltd .
David C . Sellergren
Peter K . Beck
City Engineers : MAIER STEWART AND
ASSOCIATES
• Terry Maurer
Financial Consultants : SPRINGSTED INCORPORATED
David N . MacGillivray
FOREWORD
This document constitutes the City of Elk River' s •
Development Program for Development District No . 1 . The
Development Program for Development District No . 1 was
originally adopted by the City Council of the City of Elk River
on April 1 , 1985 . This document incorporates amendments to the
Development Program adopted by the City Council pursuant to
Minn. Stat. § 469 . 124 , et sea. , through November 30 , 1987 .
•
DEFINITIONS
• The following terms used in this document have the meanings
given them.
"City" means the City of Elk River, Minnesota .
"Development Districts Act" means the Minnesota
Development Districts Act, Minn . Stat. § 469 . 124 , et
sea . , as amended.
"Development District" means Development District
No . 1 , the Development District established by the
City, pursuant to the Development Districts Act. '
"Development Program" means the development program
for Development District No. 1 , adopted by the City
pursuant to the Development Districts Act, as amended
through November 30 , 1987 .
•
TABLE OF CONTENTS
DEVELOPMENT PROGRAM 111
DEVELOPMENT DISTRICT NO . 1
A. STATUTORY AUTHORITY 1
B . STATEMENT OF PUBLIC PURPOSE 1
C . BOUNDARIES OF THE DEVELOPMENT DISTRICT 2
•
D. LAND USE IN THE DEVELOPMENT DISTRICT 3
1 . Present Land Use 3
2 . Future Land Use 3
E . STATEMENT OF OBJECTIVES 4
F. PUBLIC FACILITIES TO BE CONSTRUCTED 4
1 . 1985 Water Tower and Watermain Improvements4
2 . Proposed Water System Improvements 5
3 . Proposed Sanitary Sewer System Improvements5
4 . Additional Public Improvement Projects 6
5 . Unscheduled Public Improvements 6 •
6 . Evans Park Public Improvements 7
G. OPEN SPACE CREATED 7
H . ENVIRONMENTAL CONTROLS 7
I . DEVELOPMENT OF PRIVATE PROPERTY 8
1 . Sherburne County Courthouse 8
2 . Elk River Industrial Park 8
3 . Anoka County Resource Recovery Plant 9
J. ADMINISTRATION OF THE DEVELOPMENT DISTRICT 9
EXHIBIT A: Development District No . 1
EXHIBIT B : Proposed Water System and Sanitary
Sewer System Improvements
DEVELOPMENT PROGRAM
DEVELOPMENT DISTRICT NO. 1
A. STATUTORY AUTHORITY
The statutory authority empowering the City to establish
the Development District in April, 1985 was Minn. Stat .
Chapter 472A, the Minnesota Municipal Development Districts
Act. In 1987 , the Development. Districts Act was recodified as
Minn . Stat. § 469 . 124 , et seq. This Development Program has
been prepared and amended in accordance with the applicable
provisions of the Development Districts Act.
B. STATEMENT OF PUBLIC PURPOSE
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 a
Development District in the City of Elk River pursuant to the
Development Districts Act. The purpose of the Development
District is to provide a means for financing public
improvements and facilities necessary if the City is to attract
additional commercial and industrial development and increase
employment opportunities in those areas of the City designated
for these uses .
The City Council finds that there is a demand within the
City for increased commercial development and that the
Development District includes most of the areas in the City
designated for business and industrial development. However,
•
•
extensive business and industrial development in many of these
areas is not possible absent the installation of certain public 411
facilities , including improved water and sanitary sewer
service, additional streets and roads , and others . The high
cost of constructing such facilities cannot be me: ,
additional business and industrial development is therefore not
possible, without public intervention . Therefore , the
Development District is created by the City to make public
intervention and assistance possible, construction of the
required public facilities possible, and to encourage
development of designated business and industrial areas of the
City .
C. BOUNDARIES OF THE DEVELOPMENT DISTRICT
The geographic boundaries of Development District No . 1 are III
set forth on the map attached as Exhibit A to this Development
Program.
These boundaries have been selected to include those areas
of the City which :
1 ) Are zoned and planned for business and industrial
development but require that certain public improvements be
installed to make such development possible;
2 ) Will have water and sanitary sewer service made
available by the proposed water and sanitary sewer
improvements , therefore making development possible;
3 ) Have existing water and sanitary sewer service which
will be improved by the proposed water and sanitary sewer •
improvements .
2 .
D. LAND USE IN THE DEVELOPMENT DISTRICT
41) 1 . Present Land Use
The Development District includes most of the developed
areas of the City . Present land uses include the central
business area of the City; urban and semi-urban residential
uses ; free-standing highway and general business uses ;
industrial uses ; recreational uses ; and educational uses . The
Development District also includes most of the undeveloped
areas of the City designated for business and industrial uses ,
and several undeveloped areas planned for residential uses .
Present land use of these areas is primarily interim
agricultural and under-utilized open space .
2 . Future Land Use
The purpose of the Development District is to encourage
increased business and industrial development in those areas of
the City designated for these uses . Creation of the
Development District in 1985 and establishment of Tax Increment
Financing Districts 1 and 3 made possible the installation of
certain water system improvements which resulted in extensive
commercial development at the intersection of Highway 169 and
School Street; and made possible the enlargement of the City
industrial park located at County Road 1 and Industrial
Boulevard . It is anticipated that installation of the public
improvements contemplated in and made possible by this
Development program will make possible future land uses within
• the Development District including increased business and
industrial uses in the industrial park, in the western end of
3 .
the City, and in several other areas of the City designated for
these uses . It is also anticipated that these public
improvements will make reFidential development possible in
those areas of the Development District planned for residential
uses .
E. STATEMENT OF OBJECTIVES
The City Council of the City of Elk River seeks to achieve
the following objectives through the creation of the
Development District and the implementation of this Development
Program:
1 ) Provide impetus for business and industrial
development by constructing the public facilities necessary to
make such development possible;
2 ) Increase employment opportunities in the City by
encouraging additional business and industrial development;
3 ) Provide adequately serviced business and industrial
areas of the City to accommodate desirable users ;
4 ) Remedy deficiencies in the existing water and
sanitary sewer systems , which deficiencies have restricted
development in areas of the City planned and designated for
business and industrial uses ;
5 ) Preserve and enhance the tax base of the City;. and
6 ) Provide maximum opportunity, consistent with the
needs of the City, for development by private enterprise .
F. PUBLIC FACILITIES TO BE CONSTRUCTED
1 . 1985 Water Tower and Watermain Improvements •
The City' s Comprehensive Water Plan , dated September. 1982 ,
identified a severe deficiency in the storage capacity of the
4 .
. existing water system. The Water Plan recommended construction
• of a 1 , 000 , 000-gallon reservoir to eliminate this deficiency .
The recommended Water Tower and related Watermain Improvements
were completed in 1986 . Approximately one acre of land was
accuired for the Water Tower, and permanent easements were
accuired for watermain purposes . There was no displacement of
or relocation required by any persons or businesses as a result
of these accuisitions .
2 . Proposed Water System Improvements
It is proposed to extend water service to the western
portion of the City to encourage appropriate commercial and
industrial development in this area of the City . Water System
Improvements would include a new deep well, a new elevated
• tower, a pumphouse with chemical addition and treatment
equipment, and trunk distribution lines . A site for the well ,
tower, and pumphouse has not been identified at this time . The
proposed location of the trunk distribution lines is shown on
Exhibit B to this Development Program.
Construction of the proposed Water System Improvements will
require the acquisition of a small amount of property for the
well , tower, and pumphouse; and easements for water
distribution lines . It is not anticipated that there will be
any displacement of or relocation required by any persons or
businesses as a result of these acquisitions .
3 . Proposed Sanitary Sewer System Improvements
It is also proposed to extend sanitary sewer service to the
western portion of the City, to encourage appropriate
commercial *and industrial development in this area of the City .
5 .
Sanitary. Sewer System Improvements would include upgrading an
existing lift station and constructing a sanitary sewer •
interceptor line . The location of the lift station to be
upgraded, and the proposed location of the sanitary sewer
interceptor, are shown or. Exhibit B to this Development
Program.
• Construction of the proposed Sanitary Sewer Improvements
will require the acquisition of some easements for the
interceptor . It is not anticipated that there will be any
displacement of or relocation required by any persons or
businesses as a result of the construction of the Sanitary
Sewer Improvements . •
4 . Additional Public Improvement Projects
Additional Public Improvement Projects scheduled in the •
Development District are identified in the City' s Capital
Improvements Plan Schedule, as amended from time to time . It
is not anticipated that any of the currently planned Public
Improvement Projects will require the acquisition of any
property or the displacement or relocation of any persons or
businesses .
5 . Unscheduled Public Improvements
Upon a demonstration of need and public financial
feasibility, the City will extend streets and utilities and
construct or install such other public facilities and
improvements within the Development District as the City
Council deems necessary or appropriate to meet the purposes of •
this Development Program.
6 .
6 . Evans Park PublicImprovements
• The installation of utilities , the construction of parking
facilities , landscaping, curb and gutter, sidewalks , and the
payment of sewer and . water availability charges for the Evans
Park Project .
G. OPEN SPACE CREATED
The Development Program for the Development District does
not presently propose the creation of additional public open
space . However , existing public open space in Lions Park is
being developed for public recreational uses . It is also
possible that the Development Program will be amended in the
future to provide for the creation and/or development of
additional public open space .
In addition, the City intends in carrying out the
•
objectives of this development program to encourage the
preservation and beautification of open spaces on private
property developed within the Development District .
H. ENVIRONMENTAL CONTROLS
All development within the Development District will be
subject to existing environmental controls established by state
and federal law and the Elk River Code of Ordinances ,
including :
• 1 ) The National Environmental Protection Act , and
related regulations ;
2 ) The Minnesota Environmental Policy Act , and related
• regulations ;
3 ) The Minnesota Environmental Rights Act;
7 .
4 ) The Minnesota Critical Areas Act , and related
regulations ; •
5 ) The Elk River Flood Plain Management Ordinance;
6 ) The Elk River Shoreland and Wild and Scenic River
Manacement Ordinance;
7 ) The Elk River Subdivision Ordinance;
8 ) The Elk River Zoning Ordinance;
9 ) Sections 1300 and 1302 of the Elk River Code of
. Ordinances regulating sanitary sewage disposal .
No additional environmental controls are proposed .
I . DEVELOPMENT OF PRIVATE PROPERTY
Major commercial and industrial development proposals for
property within the Development District include :
1 . Sherburne County Courthouse •
Although a public rather than a private proposal , a major
user of the proposed Water and Sanitary Sewer System
Improvements will be the Sherburne County Courthouse complex,
which is currently undergoing substantial expansion, scheduled
to be completed in 1988 .
2 . Elk River Industrial Park
Enlargement of the Elk River Industrial Park has just been
completed . The City expects to receive in 1987 a proposal to
develop two lots in the Industrial Park for a new industry in
the City . The proposal would include about 40 , 000-square feet
of industrial space with potential to expand to approximately
75 , 000-square feet . Estimated completion date is 1988 . •
8 .
3 . Anoka County Resource Recovery Plant
• NSP and Anoka County have received City approvals to
construct a 1 , 500-ton-per-day Refuse Derived Fuel ( RDF )
Resource Recovery Plant within the Development District .
Anticipated completion date -s ' 939 .
J. ADMINISTRATION OF THE DEVELOPMENT DISTRICT
Administration of the Development District is the
responsibility of the City Administrator, under the supervision
of the City Council . Public streets , parklands , and other
public property are the responsibility of the City Public Works
Department and shall be maintained in the same manner as all
other public property in the City. The water tower, water
mains , and other water facilities will be operated and
• maintained by the Elk River Municipal Utilities Commission in
the same manner as existing water facilities and systems .
Private property owners will be responsible for the
maintenance of their parcels following development .
9 .
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EXHIBIT A-1 to I I , .._ \ I I -.., i , .......
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EXHIBIT B
TIF DISTRICT #5 •
As defined in Minnesota Statutes , Section 469 .174 , subd . 7 , the
original assessed valuation of the following listed parcels , as
of January 1 , 1987 , is certified to be $15 ,000 .
Lot 1, Block 1, Elk River Industrial Park ,
Second Addition $3 ,750
Lot 2 , Block 1 , Elk River Industrial Park ,
Second Addition 3 ,750
Lot 3 , Block 1, Elk River Industrial Park ,
Second Addition 3 ,750
Lot 4 , Block 1 , Elk River Industrial Park,
Second Addition 3 ,750
15 ,000
In accordance with Minnesota Statutes , Section 469 .177 , subd. 1 ,
the average percentage increase in the original assessed value
shall be three percent (3%) .
•
County Auditor
•
[SEAL]
, 1988
•
•
EXHIBIT C
CITY OF ELK RIVER
TAX INCREMENT PLAN 15
ALLTOOL MANUFACTURING
PREPARED SEPTEMBER 1988
AMORTIZATION ANALYSIS
10.750% TOTAL TAX
YEAR OF YEAR OF PRINCIPAL ANNUAL PRINCIPAL CAPITAL 105% INCREMENT CUMULATIVE
LEVY MAT. PAID INTEREST 1 INTEREST INTEREST NET LEVY OF TOTAL INCOME SURPLUS
1988 JUL 1, 89 $0 $38,700 138,700 138,700 0 0 0
1989 OCT 1, 90 13,500 $38,700 $42,200 $0 142,200 $44,310 $44,336 $26
1990 OCT 1, 91 $48,500 $38,324 $86,824 $0 $86,824 $91,165 $91,323 $158
1991 OCT 1, 92 $51,500 $33,110 $84,610 $0 $84,610 $88,841 191,268 12,428
1992 OCT 1, 93 $51,500 $27,574 $79,074 $0 $79,074 $83,027 $91,211 18,184
1993 OCT 1, 94 $51,500 $22,038 $73,538 $0 173,538 $77,214 $91,153 $13,939
• 1994 OCT 1, 95 151,500 $16,501 168,001 $0 $68,001 $71,401 191,093 $19,692
1995 OCT 1, 96 $51,000 $10,965 $61,965 10 161,965 $65,063 191,031 125,968
1910 OCT 1, 47 111,000 13,483 096,483 $0 150,483 139,307 190,907 031,060
TOTALS: $360,000 $231,394 1591,394 138,700 $552,694 1580,328 $682,382 1102,054
•
Exhibit D
IMPACT OF ALLTOOL EXPANSION
ON OTHER GOVERNMENTAL JURISDICTIONS •
1987/88 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $50, 371, 377 0 0 . 0000%
Sherburne County $345, 690, 602 0 0 . 0000%
I . S . D . No . 728 $70, 087, 713 0 0 . 0000%
Elk River HRA $50, 371 , 377 0 0 . 0000%
Elk River EDA $50, 371, 377 0 0 .0000%
1988/89 % Rate
Unit of Government Assessed Value of Impact
City of Elk River $51, 882, 518 $0 0 . 0000%
Sherburne County $356, 061 , 320 $0 0 . 0000%
I . S .D . No . 728 $72, 190, 344 $0 0 . 0000%
Elk River HRA $51, 882, 518 $0 0 . 0000%
Elk River EDA $51 , 882, 518 $0 0 . 0000%
1989/90
Unit of Government Assessed Value
City of Elk River $53, 838, 994 $400, 000 0 . 74%
Sherburne County $367, 143, 160 $400, 000 0 . 11%
I . S .D . No . 728 $74, 756, 055 $400, 000 0 . 54%
Elk River HRA $53, 838, 994 $400, 000 0 . 74%
Elk River EDA $53, 838, 994 $400, 000 0 . 74%
1990/91 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $55,454 , 164 $808, 000 1 . 46%
Sherburne County $378 , 157,454 $808, 000 0 . 21%
I . S .D . No . 728 $76 , 998, 736 $808 , 000 1 . 05%
Elk River HRA $55,454, 164 $808 , 000 1 .46%
Elk River EDA $55,454 , 164 $808, 000 1 . 46%
1991/92 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $57, 117, 789 $808, 000 1 .41%
Sherburne County $389, 502, 178 $808, 000 0 . 2l '
I . S .D . No . 728 $79, 308, 698 $808, 000 1 . 02,
Elk River HRA $57, 117, 789 $808, 000 1 .41%
Elk River EDA $57, 117, 789 $808 , 000 1 .41%
1991/92 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $57, 117, 789 $808, 000 1 .41%
Sherburne County $389, 502, 178 $808 , 000 0 . 21%
I . S . D . No . 728 $79, 308,698 $808, 000 1 . 02%
Elk River HRA $57, 117, 789 $808 , 000 1 .41%
Elk River EDA $57, 117, 789 $808 , 000 1 .41%
1992/93 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $58, 831, 322 $808, 000 1 . 37%
Sherburne County $401, 187, 243 $808, 000 0 . 20%
S . S . D . No . 728 $81 , 687, 959 $808, 000 0 . 99%
Elk River HRA $58, 831, 322 $808, 000 1 . 37%
Elk River EDA $58, 831 , 322 $808, 000 1 . 37%
1993/94 Projected % Rate .
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $60, 596, 262 $808, 000 1 . 33%
Sherburne County $413, 222, 861 $808, 000 0 . 20%
Agg . s .D . No . 728 $84, 138, 598 $808, 000 0 . 96%
10E1k River HRA $60, 596, 262 $808,000 1 . 33%
Elk River EDA $60, 596, 262 $808, 000 1 . 33%
1994/95 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $62 , 414, 150 $808, 000 1 . 29%
Sherburne County $425, 619, 547 $808 , 000 0 . 19%
I . S . D . No . 728 $86, 662 , 756 $808, 000 0 . 93%
Elk River HRA $62,414, 150 $808, 000 1 . 29%
Elk River EDA $62,414, 150 $808 , 000 1 . 29%
1995/96 Projected % Rate
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $64, 286, 574 $808, 000 1 . 26%
Sherburne County $438 , 388, 133 $808, 000 0 . 18%
I . S .D . No . 728 $89, 262, 639 $808, 000 0 . 91%
Elk River HRA $64, 286, 574 $808, 000 1 . 26%
Elk River EDA $64, 286, 574 $808, 000 1 . 26%
411
1996/97 Projected % Rate •
Unit of Government Assessed Value Captured Value of Impact
City of Elk River $66,215,171 $808,000 1 .22%
Sherburne County $451 , 539,777 $808,000 0. 18%
I .S.D. No. 728 $91 ,940, 518 $808,000 0.887.
Elk River HRA $66,215, 171 $808,000 1 .22%
Elk River EDA $66,215, 171 $808,000 1 .22%
410
•