3.0. SR 03-08-1993
ITEM 3
TO: MAYOR AND CITY COUNCIL
FROM: WILLIAM RUBIN, ED COORDINATORJJ~
DATE: MARCH 4, 1993
SUBJECT: PUBLIC HEARING ON TAX INCREMENT
FINANCING PLAN FOR TAX INCREMENT
FINANCING DISTRICT NO. 9 (TESCOM
EXPANSION PROJECT)
INTRODUCTION
At its February 8 meeting, the Elk
authorized a public hearing for March 8,
Tax Increment Financing Plan for Tax
District No.9.
River City Council
1993, to consider the
Increment Financing
BACKGROUND
.
The City Council will recall that TIF District No. 9 was
approved in August, 1992. The District was comprised of one
parcel, Lot 8, Block 1, Elk River Industrial Park. Because of
uncertainties surrounding site preparation costs and wetland
issues involved with Lot 8, an alternative site for TIF
District No. 9 was explored. Since the August, 1992, TIF Plan
was never certified and since the land (Lot 8) was never sold,
the current TIF Plan has simply been renamed TIF Plan No.9.
The Elk River Economic Development Authority (EDA) is proposing
the creation of Tax Increment Financing District No. 9 which
will be comprised of three parcels, Lot 1, Lot 2, and Lot 3,
Block 2, Elk River Industrial Park 2nd Addition.
The request for Tax Increment assistance comes from Tescom
Corporation, Inc., 12616 Industrial Boulevard. The Company
seeks up to $194,000 in Tax Increment Financing assistance to
support its proposed ~xpansion of approximately 30,000 square
feet. This request assumes the purchase and/or value of all
three lots. Only two will be soldi therefore, the monetary
value is overstated. Tax Increment funds will be used to
"write-down" the cost of the land, and to pay for certain
survey, engineering, and soil boring and analysis costs.
.
The Elk River EDA is proposing the creation of an "Economic
Development TIF District." Staff estimates that the Tescom TIF
District would last from 1993 through 1999, inclusive. During
which time, the Elk River EDA/City would collect new property
taxes from 1995 through 1999, inclusive. These funds would be
used to repay the EDA for its costs associated with this
project. Once the EDA's out-of-pocket costs associated with
this project are repaid, the District is decertified.
720 Dodge Avenue N.W., Elk River, Minnesota 55330 (612) 441-7420
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.
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Th EDA will conduct a public hearing on the Tax Increment
Fi ancing Plan at its meeting on March 8, 1993. As part of the
review process, the Elk River Planning Commission reviewed the
Plan to determine if it was consistent with the City's
Comprehensive Plan. A copy of the Planning Commission's
resolution is attached to this memo.
ACTION REQUESTED
After conducting the public hearing on the TIF Plan for TIF
District No.9, the City Council is asked to adopt the attached
resolution.
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TAX INCREMENT FINANCING PLAN
TAX INCREMENT FINANCING DISTRICT NO. 9
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CITY OF ELK RIVER, MINNESOTA
MARCH 8, 1993
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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.
.
.
B.
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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);
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.
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.
.
.
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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
District No. 9
in
Tax
Increment
Financinq
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
Economic Development Authority
River, Minnesota.
acquisition by the
for the City of Elk
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
finished market value estimated at $900,000.
Construction is scheduled to begin in March, 1993,
and will be completed by the fall of 1993.
.
.
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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
Estimates
Financinq
District
No.
9 Cost
Budqet
Amount
Land Write Down
Site Survey, Civil and Engineering
Soil Borings and Analysis
Administration
Legal
Cost of Issuance Fees
Bond Discount
Capitalized Interest
Miscellaneous
$165,000
4,000
25,000
6,000
-0-
-0-
-0-
-0-
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
expansion will
associated with
9.
collected from Tescom Corporation's
be used to pay the public costs
Tax Increment Financing District No.
4.
Oriqinal 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
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.
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$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
Less Original Net Tax Capacity
Equals Captured Net Tax Capacity
$41,400
-0-
$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.
6.
Duration of the Tax Increment Financinq 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 Taxinq
Jurisdictions Assuminq 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
jurisdictions can be found in Exhibit E.
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H. STUDIES AND ANALYSIS USED TO DETERMINE THE NEED FOR TAX
INCREMENT FINANCING
The Elk River EDA and City
the Tescom Corporation,
reasonably be expected to
investment within the
Therefore, the use of Tax
is deemed necessary.
Council have determined that
Inc. expansion project cannot
occur solely through private
reasonably foreseeable future.
Increment Financing assistance
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
Net Tax Capacity
Parcel
1992 EMV Pay 1993
75-520-0210
75-520-0220
75-520-0230
$59,400
59,400
50,000
$0 (Tax Exempt)
o (Tax Exempt)
o (Tax Exempt)
Please refer to
Certification of
District No.9.
Exhibit C for the County Auditor
this parcel in Tax Increment Financing
.
.
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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
Number
75-520-0210
75-520-0220
75-520-0230
1992 EMV
Pay 1993
$ 59,400
59,400
50,000
Total $168,800
The Base Tax Rate will be the rate
in 1993. In accordance with
469.177, Subd. 1, the average
original Net Tax Capacity shall be
SHERBURNE
COUNTY
SEAL
1992 Original
Net Tax Capacity
$0 (Tax-Exempt)
o (Tax-Exempt)
o (Tax-Exempt)
calculated for taxes
Minnesota Statutes,
percentage increase
zero percent (0%).
payable
Section
in the
E. Dale Palmer
Sherburne County Auditor
March
, 1993
.
.
.
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RESOLUTION 93 - JL
RESOLUTION FOR THE PLANNING COMMISSION
A RESOLUTION OF THE ELK RIVER PLANNING COMMISSION FINDING THE
ECONOMIC DEVELOPMENT AUTHORITY'S TAX INCREMENT FINANCING PLAN
FOR TAX INCREMENT FINANCING DISTRICT NO. 9 LOCATED WITHIN
DEVELOPMENT DISTRICT NO. 1 TO BE CONSISTENT WITH THE
COMPREHENSIVE PLAN FOR THE CITY OF ELK RIVER
WHEREAS, the Economic Development Authority's Tax Increment
Plan for Tax Increment Financing District No. 9 (the
Plan), to be located within Development District No.
1, has been submitted to the Elk River Planning
Commission; and,
WHEREAS, the Planning Commission has reviewed said Plan to
determine the consistency of said Plan to the
Comprehensive Plan of the City of Elk River.
NOW, THEREFORE, BE IT RESOLVED by the Elk River Planning
Commission that the Tax Increment Financing Plan for
Tax Increment Financing District No. 9 is consistent
with the Elk River Comprehensive Plan, and the Elk
River Planning Commission recommends approval of said
Plan to the Elk River City Council.
Adopted this 23rd day of February, 1993.
.11&-,) 4
bert Minton, Chair
ATTEST:
.~~
~Stephen Rohlf, Building & Zoning Administrator
.
.
.
RESOLUTION 93 -
A RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION FOR THE CITY OF ELK RIVER 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 City Council (the Council) of the City of
Elk River, Minnesota (the City), as follows:
Section 1. - Recitals.
1.01. It has been proposed and adopted by the Economic
Development Authority for the City of Elk River, Minnesota (the
EDA) that the EDA establish Tax Increment Financing District
No. 9 within Development District No. 1 pursuant to and in
accordance with Minnesota Statutes.
1.02. The EDA has caused to be prepared, and this
Council has investigated the facts with respect thereto, a
proposed Tax Increment Financing Plan for Tax Increment
Financing District No.9 (the Plan).
1.03. The EDA and the City have performed all actions
required by law 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 Council 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. - Findinqs for the Establishment of Tax
Increment Financinq District No.9
2.01. The Council hereby finds, determines and declares
that the establishment of Tax Increment Financing District No.
9 located within Development District No. 1 is intended and, in
the judgement of this Council, 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 Council 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 Council further finds, determines and
declares that the proposed development, in the opinion of the
Council, 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 Council 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 Council 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 Council 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 presented to the Council 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 City Administrator and Finance Director are authorized and
directed to proceed with the implementation of this Plan, and
for this purpose, to negotiate, draft, prepare and present to
the Council for its consideration all future plans,
resolutions, documents and contracts necessary for this purpose.
Adopted by the City Council of the City of Elk River, Minnesota
this 8th day of March, 1993.
ATTEST:
Henry A. Duitsman, Mayor
Sandra A. Thackeray, City Clerk