HomeMy WebLinkAbout1998.08.05 EDA PACKET •
Secretary
•
CITY OF COTTAGE GROVE
ECONOMIC
DEVELOPMENT
AUTHORITY
AGENDA
Wednesday, August 5, 1998
7:00 P.M.
• 1. Call to Order
2. Roll Call
3. Business Items
A. Modifications to TIF 1-7
B. August meeting date
4. Adjourn
•
F:\GROUPS\PER_ECON\KEB\EDA Packets\98agenda\August-Special Meeting.doc
City of Cottage Grove
II
Memo
To: Economic Development Authority Members V--)From: Kirstin Barsness, Economic Development Dire r
Date: 07/29/98
Re: Modification for TIF District No.1-7
INTRODUCTION
The term for Tax Increment District No. 1-7 will expire at the end of the year. This
district was created to facilitate the development of Target Stores in the community.
In preparation for the expiration, staff has been working with Ehlers and Associates to
ensure that the proper steps are being taken for the district to expire with a fund
• balance of zero. During the process it was discovered that an excess fund balanced
existed. Given the year the tax increment district was created, the statute permits
funds to be transferred out of this particular TIF district to other parts of the
development district for economic development activities.
DISCUSSION
It is anticipated that the excess increment generated by TIF District No. 1-7 will be
approximately $830,000. After careful deliberation of potential projects, staff
recommends the following budget schedule for the expenditure of funds:
A. Tax increments from District No. 1-7 to be spent in Development District No. 1
Tax Increment District No. 1-9 (Renewal by Andersen). These funds will be
used to supplement the budget for the Renewal by Andersen district.
Site preparation costs $580,000
Road Improvements 150,000
Total within TIF District No. 1-9 $730,000
B. Tax increments from District No. 1-7 to be spent in Development District No. •
1. These funds will be used for land acquisition for industrial property within
the Cottage Grove industrial Park.
Land Acquisition $100,000
The budget may need to be adjusted by resolution in December if the final allocations
do not directly correspond with the adopted budget. It is acceptable to alter the
budget, but a resolution amending the budget to reflect actual expenditures is
needed for accounting and reporting reasons.
ACTION REQUIRED
The Economic Development Authority should review the modifications to Tax
Increment District No. 1-7. Should the EDA find that the modifications are in the
public interest it should pass the attached resolution.
ATTACHMENTS
1. Resolution adopting the modification to the development program for
Development District No. 1; and modifying Tax Increment Financing District No.
1-7.
•
•
ti
.. COTTAGE GROVE ECONOMIC DEVELOPMENT AUTHORITY
CITY OF COTTAGE GROVE
WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION NO.
RESOLUTION ADOPTING THE MODIFICATION TO THE DEVELOPMENT
PROGRAM FOR DEVELOPMENT DISTRICT NO. 1; AND MODIFYING
WITHIN DEVELOPMENT DISTRICT NO. 1 TAX INCREMENT FINANCING
DISTRICT NO. 1-7 AND ADOPTING THE RELATED MODIFICATION TO
THE TAX INCREMENT FINANCING PLAN THEREFOR.
WHEREAS, it has been proposed that the Board of Commissioners (the "Board") of the
Economic Development Authority (the "EDA)" for the City of Cottage Grove (the "City") adopt the
Modification to the Development Program for Development District No. 1 and adopt the modification to
the Tax Increment Financing Plan (collectively, the "Modifications") for Tax Increment Financing
District No. 1-7, all pursuant to and in conformity with existing law, including Minnesota Statutes,
Sections 469.124 through 469.134, and Sections 469.174 to 469.179, inclusive, as amended, all as
reflected in the Modifications and presented for the Board's consideration;and
WHEREAS, the EDA has investigated the facts relating to the Modifications and has caused the
• Modifications to be prepared; and
WHEREAS, the proposed developments as described in the Modifications, in the opinion of the
EDA, would not reasonably be expected to occur solely through private investment within the reasonable
foreseeable future and,therefore,the use of tax increment financing is deemed necessary; and
WHEREAS, the EDA has performed all actions required by law to be performed prior to the
adoption of the Modifications, including but not limited to, notification of Washington County and
School District No. 833 having taxing jurisdiction over the property to be included in Tax Increment
Financing District No. 1-7,a request for review of and written comment on the Modifications by the City
Planning Commission, and a request that the Council schedule a public hearing on the Modifications
upon published notice as required by law.
NOW,THEREFORE,BE IT RESOLVED by the Board as follows:
1. The EDA hereby reaffirms it previous findings that Tax Increment Financing District No.
1-7 is in the public interest and is an "economic development district" under Minnesota Statutes, Section
469.174, subd. 12,and fords that the adoption of the proposed Modifications will advance the EDA's and
City's objectives of encouraging development within Development District No. 1.
2. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Modifications, as presented to the EDA on this date, are hereby approved and adopted and
shall be placed on file in the office of the City Clerk.
3. Upon approval of the Modifications by the City Council, the staff, the EDA's advisors
and legal counsel are authorized and directed to proceed with the implementation of the Modifications
EDA RES]
and for this purpose to negotiate, draft, prepare and present to this Board for its consideration all further •
plans, resolutions, documents and contracts necessary for this purpose. Approval of the Modifications
does not constitute approval of any project or a Development Agreement with any developer.
4. Upon approval of the Modifications by the City Council, the Economic Development
Director is authorized to forward a copy of the Modifications to the Minnesota Department of Revenue
pursuant to Minnesota Statutes 469.175,subdivision 2.
5. The City Clerk is further authorized and directed to forward a copy of the Modifications
to the Washington County Auditor,all in accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the Cottage Grove Economic Development
Authority this day of , 1998.
Chair
ATTEST:
Secretary •
•
EDA RESI
• Draft as of July 15, 1998
Draft for School and County Boards Review
MODIFICATIONS
TO THE
TAX INCREMENT FINANCING PLAN
FOR
TAX INCREMENT FINANCING DISTRICT NO. 1-7
Cifyof
110 to
Cottage Grove
Mnneso
City of Cottage Grove
County of Washington
State of Minnesota
Approved: June 7, 1989
First Modification: April 25, 1990
Second Modification: December 18, 1996
Third Modification Public Hearing:August 5, 1998
Third Modification Adopted: August 5, 1998
Prepared by:
EHLERS AND ASSOCIATES,INC.
3060 Centre Pointe Drive
Roseville,Minnesota 55113
Phone: (651)697-8500
Fax: (651)697-8555
• E-mail: info@ehlers-inc.com
Web Site: www.ehlers-inc.com
TABLE OF CONTENTS •
(for reference purposes only)
Modification to the Tax Increment Financing Plan for
Tax Increment Financing District No. 1-7 I-1
Introduction I-1
Subsection A. Statement of Need and Purpose I-1
Subsection B. Use of Tax Increment I-1
Subsection F. Parcels for Acquisition I-1
Subsection G. Estimate of Costs I-1
Subsection I. Sources of Revenue I-2
Subsection Q. Estimated Impact on Other Taxing Jurisdictions I-2
Subsection P. Duration of the District 1-2
EXHIBIT A-DESCRIPTION OF PROJECT COSTS A-1
EXHIBIT B - MAPS OF DEVELOPMENT DISTRICT NO. 1 AND
TAX INCREMENT FINANCING DISTRICT NO. 1-7 B-1
•
•
• City of Cottage Grove,Minnesota
Modification to the
Tax Increment Financing Plan for
Tax Increment Financing District No. 1-7
August 5, 1998
Introduction
The following text represents a modification to the Tax Increment Financing Plan for the Tax Increment
Financing District No. 1-7 ("District No. 1-7). The modified Tax Increment Financing Plan represents a
continuation of the goals and objectives set forth in the original Development Program and Tax Increment
Financing Plan. Generally,the substantive changes include the authority to spend tax increments generated
from Tax Increment Financing District No. 1-7 for public improvements and other qualified economic
development costs in Development District No. 1 and in Tax Increment Financing District No. 1-9.
For further information,a review ofthe Development Program for Development DistrictNo. 1,dated January
7, 1985,and subsequently modified on December 17, 1986,on March 15, 1989 and on December 18, 1996;
and the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 dated June 7, 1989 and
subsequently modified on April 25, 1990 and on December 18, 1996 is recommended. They are available
from the City Clerk's office of the City of Cottage Grove.
Subsection A. Statement of Need and Purpose
• District No. 1-7 is expected to continue to achieve many of the objectives set forth the section"Statement
of Objectives for Improvement of Development District"in the Development Plan for Development District
No. 1,dated January 7, 1985.
Subsection B. Use of Tax Increment
The proposed uses of tax increment in this modification to the Tax Increment Financing Plan for Tax
Increment Financing District No. 1-7 are within the uses of tax increment financing authorized by the original
Tax Increment Financing Plan adopted on June 7, 1989.
Subsection F. Parcels for Acquisition
Tax increments from District No. 1-7 may be used to acquire parcels located within Tax Increment Financing
District No. 1-7 or Development District No. 1, including land within the Cottage Grove Industrial Park.
See Exhibit A for details.
Subsection G. Estimate of Costs
A modified estimated cost breakdown associated with financing the Tax Increment Financing District is
provided in Exhibit A.
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No.1-7 I-1
Subsection I. Sources of Revenue •
The costs outlined in Exhibit A will be financed through the continued annual collection of tax
increments.
(AS MODIFIED AUGUST 5, 1998)
It is estimated that the total tax increment to be collected for the duration of Tax Increment
District No. 1-7 will not exceed $2,983,000.
Subsection O. Estimated Impact on Other Taxing Jurisdictions
This modification does not create any new Tax Increment Financing Districts and does not increase the
geographic size of any Tax Increment Financing District,therefore there are no additional fiscal
implications that affect taxing jurisdictions.
Subsection P. Duration of the District
It is anticipated that tax increments will be collected from District No. 1-7 through the year 1998.
•
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 1-2
'• EXHIBIT A
DESCRIPTION OF PROJECT COSTS
(AS MODIFIED AUGUST 5, 1998)
This modifications is to allow for the expenditure of tax increments generated in Tax Increment
Financing District No. 1-7 in Development District No. 1 and Tax Increment Financing District No.
1-9. Note that this modification to the budgets for Development District No.1 and District No.1-9 are
in addition to the budgets previously established.
Cost Determination of Future Projects including
Tax Increments generated from District No. 1-7 to be spent in
Development District No. 1 and Tax Increment Financing District No. 1-9
Renewal by Anderson
Site preparation costs $580,000
Road Improvements 150,000
Total within Tax Increment District No. 1-9 $730,000
Cost Determination of Future Projects in
Development District No. 1
Land Acquisition $100,000
Cost Determination For Future Projects In
• Development District No. 1,Tax Increment Financing District No. 1-7
1990-Ryan Project
Public Improvements $413,000
Organization/Administration 20,000
Discount allowance 7,875
Finance related expenses 11,000
Capitalized interest 76,125
Subtotal 528,313
Less: Interest earnings -3,313
G.O. Tax-Exempt Bond Issue $525,000
Site Improvements $500,000
Discount allowance 14,500
Finance related expenses 10,625
Capitalized interest 105,000
Subtotal 630,125
Less: Interest earnings -5,125
• G.O. Taxable Tax Increment Bond Issue $625,000
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-1
1991 - Public Improvements
•
Jamaica Avenue Turn Lanes $48,000
Screening,Landscaping, Berm ing 84,000
Traffic Signals at Jamaica 153,000
Inflation Factor(5%/yr.) 28,500
Amount to finance 313,500
Discount allowance 6,700
Finance related expenses 9,500
Capitalized interest 72,000
Subtotal 401,700
Less: Interest earnings -6,700
G. 0 Tax-Exempt Bond Issue $395,000
NOTE: The City reserve the right to combine one or more proposed future bond issues and/or modify the
proposed timing of the public projects in Tax Increment Financing District 1-7. The amounts listed
reflect the projected local share which is payable entirely from TIF revenues. Any amount special
assessed against a project will be added to these bond issues but will be payable from special
assessments.
Cost Determination of Projects in Tax Increment Financing District No. 1-7 (cont.) •
1992 Public Improvements
Pt. Douglas Street/Utility Relocation $ 27,600
NW Street/Utility Construction 662,400
Inflation Factor(5%/yr.) 103.500
Amount to Finance 793,500
Discount allowance 16,100
Finance related expenses 18,500
Capitalized interest 100,050
Subtotal 928,150
Less: Interest earnings 8,150
G.O. Tax-Exempt Tax Increment Bond Issue $920,000
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-2
• 1993 Site Development
Site Development(Other parcels in TID 1-7) $500,000
Discount allowance 11,100
Finance related expenses 12,000
Capitalized interest 54.150
Subtotal 577,250
Less: Interest earnings 7,250
G. O. Taxable Tax Increment Bond Issue $570,000
NOTE: The City reserves the right to use MSA funds for MSA eligible projects to cover any TIF
shortfall. None are projected at this time. If a shortfall occurs,the City will reimburse the MSA account
for these amounts plus interest if TIF revenues are available in the future. In addition,the City reserves
the right to reimburse the City for Utility area charges on property within the tax increment district from
future tax increment revenues.
In addition to the above identified projects,the City reserves the right to use tax increment revenues if
they become available for any project that is a part of the Development Program for Development
District No. 1 and any current or subsequent tax increment finance district. Following are additional
projects that currently are identified within the Development District Program.
• Cost Determination for Future Projects in
Development District No. 1,Tax Increment Financing District No. 1 &4
Oakwood Heights 3rd Addition
Property acquisition from developer
-Oakwood Heights Limited Partnership in TID No. 1 $102,000
Public costs for developer including:
Acquisition of property, site improvements,
connection fees,park dedication fees, SAC fees,
administration/contingency 276,000
Administration/organization 12.000
Net project cost $390,000
Finance related fees 12,000
Discount allowance 9,975
Capitalized interest(2.5 years) 116,025
Less: Interest earnings 3,000
Tax Exempt General Obligation Tax Increment Bonds $525,000
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-3
Cost Determination of Future Projects in •
Development District No. 1,Tax Increment Financing District No. 1-3
Reuse of Vacant Industrial Property
Acquisition of property $300,000
Administration 10,000
Legal, Fiscal 12.000
Net project cost $328,000
Interest during construction 70,400
Discount allowance 7.600
Bond issue $400,000
Golf Course Equity Fund--In order to expand the local tax base and provide employment opportunities
within the City, it is necessary for the City to be competitive. The City will establish a Golf Course
Equity Fund to make available financial incentives to expand tax base and employment opportunities.
The use of these funds will conform to the objectives outlined in the Development District and Tax
Increment District programs. These funds will be used to provide equity financing for a golf course. It is
the intention of the City to utilize annual tax increments to the extent that they are not needed to pay
annual debt service obligations to fund this project or any other project in the Development Program for
Development District No. 1.
Cost Determination of Projects in TID No. 1-5 ,
Development District No. 1,Tax Increment Financing District No. 1-5
Developer Costs
Costs agreed to in the Development Agreement
Storm sewer, street improvements,
and curb& gutter $318,155
Storm sewer are charge 84,071
Park dedication fee 3,522
excavation streets 94.252
Total Developer Costs $500,000
City Costs
Emergency roadway access construction $ 73,600
Right of way for roadway access 25,000
Outlot A Development 150,000
Safety fencing 50,000
Administrative costs Up to 10%
Economic Development Loan Fund 96,30$
Total City Costs 494342
TOTAL PROJECT COSTS $994,342 •
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-4
Adm inistrativeExpenses:The City will reimburse itself for administrative expenses for project management
• and project administration from yearly TIF revenues. The final amount allocated will not exceed those limits
in the tax increment law and will reflect the City's actual expenses.
Any cost directly or indirectly related to the implementation of objectives of the Development District and
Tax Increment Project Plan is considered a"project cost"and eligible to be paid from tax increments of the
Tax Increment District including but not limited to the list above. With all projects the costs of engineering,
design, survey, inspection, materials, construction, restoring property to its original condition, apparatus
necessary for the public work, legal and other consultant fees, testing, environmental studies, permits,
judgements or claims for damages and other expenses are included as project costs. The City has increased
project costs by 5%per year as an inflation factor. The City reserves the right to adjust these projected costs
to reflect final construction costs when implemented. In the event any such public works projects are not
reimbursable out of the special TIF fund under Minnesota Statutes 469.174 through 469.179 in the written
opinion of nationally recognized bond counsel or a court of record so rules in a final order,then such project
or projects shall be deleted here from and the remainderof the projects hereunder shall be deemed the entirety
of the projects for purposes of this project plan.
In addition to the projects identified above within Exhibit A,the City is hereby modifying the estimate of
costs to include the following projects, all located within Development District No. 1:
1. The City currently operates an Economic Development small business loan program. The City
would use increment from Tax Increment Financing District No. 1-7 to fund the loan program and make
• those funds available for economic development loans under the existing program guidelines for projects that
would be constructed with Development District No. 1. Loans would be made only for Tax Increment
Financing eligible expenditures.
2. To enhance traffic flow and economic development,the City may use increment from Tax Increment
Financing District No. 1-7 for various traffic and roadway improvements which could include:
A. Traffic signals at the interchange of Highway 61 and Jamaica Ave.
B. The upgrading of 80th Street from Highway 61 to Jamaica Ave.,which includes reconstruction,
beautification,frontage roads,turn lanes and other related public improvements.
3. To facilitate economic development the City may acquire 20 to 25 acres of land within the Cottage
Grove Industrial Park. This land would be made available to interested parties for the construction of
development projects.
The budget for these additional projects is in addition to the projects previously identified in the Tax
Increment Financing Plan for Tax Increment Financing District No. 1-7. The total combined budget for the
above named projects, including administrative costs,will not exceed $640,000.
Loan program,traffic and roadway improvements,and
industrial park land acquisition $589,500
Up to 10%Administration 65,500
Total Budget Change $655,000
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-5
An analysis of the City's motivations for these projects is as follows:
•
The four alternatives listed below were published as part of the Public Hearing notice for this modification.
The following text lays out the City's motivation for the each project in this plan amendment.
1. Enterprise Fund-Business Loan Pool
In the 1989 Comprehensive Plan, the City identified certain economic development activities as highly
desirable. The revitalization of commercial and industrial areas is encouraged to maintain a high quality of
development in the city and the enhancement of the city's image as a desirable place to live,work,and play,
are both goals which the Comprehensive Plan sets forth. To meet these goals,the City hired a professional
economic developer to coordinate the communities efforts and create program to assist in meeting the city's
goals and objectives. One of the programs developed is the Enterprise Fund,a revolving loan pool designed
to facilitate business growth.
The existing fund is capitalized at$200,000,a level which does not allow for reasonable public assistance
for multiple projects. This has historically been proven. Since its creation in 1993,the fund has yet to make
a loan. As a community we have submitted 8 customized proposals to qualified companies that then decided
to locate in other communities. We have had discussions concerning our financial assistance programs with
over 75 companies,and yet have not made a loan. In projects that total in the millions,the interjection of
a few thousand dollars does not impact or demonstrate a benefit to the company. The use of additional tax
increment dollars to enhance the fund balance would allow for the Enterprise Fund to provide a greater
impact in assisting businesses in locating or growing in the community. It would also take a more active role
in the city's financial assistance packages. This use of funds as a revolving loan limits the use of tax base
related programs. •
2. Traffic and Roadway Improvements
A. Traffic Signals at Highway 61 and Jamaica Avenue
In the Comprehensive Plan's transportation policies, it states that the City shall periodically monitor traffic
and turning movements at major intersections to determine if traffic control devices are warranted. In
examining the Jamaica Avenue and Highway 61 intersection, it is apparent that the proposed improvement
would not occur within the foreseeable future and therefore the use of tax increment financing is deemed
necessary. This area represents one of the key gateways to the city's commercial and industrial districts.
Current traffic levels do not warrant the use of Minnesota State Aid funds to pay for the signalization,
however,the installation of the traffic signals would greatly enhance the city's ability to market the industrial
park which is located to the south of this intersection. The current situation,involving the usage of stop signs
to facilitate traffic,is cumbersome and unattractive for companies which want to use a more seamless route
to distribute their product. In comparison to the industrial parks in the Twin Cities,the ingress and egress
to the Cottage Grove Industrial Park is a detriment.
B. The upgrading of 80th Street from Highway 61 to Jamaica Avenue(est. Budget$3.1 Million)
Aesthetic upgrades focused on the Highway 61 to East Point Douglas section.
The 80th Street Reconstruction project represents a$3.1 million upgrade to one of the major road arteries
in the community. This project has been identified in the Capital Improvements Program to take place in
1997. A task force has been established to help guide the process.
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-6
ti
For years, the Highway 61 and 80th Street intersection and corridor has served as a gateway to the
• community. In 1994,the City sponsored a study of retail development opportunities. The report called A
Study of the Retail Potential.for Cottage Grove , Minnesota addressed the aesthetic deficiencies of the
community and the flagged this corridor as needing an upgrade to promote additional development an
redevelopment in the area. Unfortunately, there does not exist the resources to under take the type of
improvement necessary.
Current MSA dollars are allocated to the construction and reconstruction of roads in the community and the
demand for these dollars out paces the supply. The aesthetic upgrades would include the utilization of
landscaping,paverbricks and other decorative block,irrigation systems. Projected improvements would cost
approximately $80,000 and would not be covered by the MSA dollars allocated for landscaping under the
80th Street project which is currently being undertaken by the City. At this time it is estimated that the MSA
budget for landscaping would be approximately$40,000 and this amount would need to be spread over the
two mile project area. In addition,other capital road improvements such as the 103rd Street Bridge and the
extension of Harkness would be eligible for future MSA dollars.
The creation of the gateway at the intersection would help facilitate the development of existing vacant
property abutting the corridor and may serve to attract interest in redeveloping the Rose of Sharon Church
property located at the intersection of 80th Street and East Point Douglas Road.
3. The Acquisition of 20-25 acres of land within the Cottage Grove Industrial Park
The Cottage Grove Industrial Park is comprised of over 700 acres as part of the City's Comprehensive Plan
process,it is the community's policy to encourage quality development of major commercial and industrial
• area in planned and concentrated centers. The history of the area in meeting the goal has been brief. The
last development,the Soo Line Marshalling Yard,was constructed in 1987. At the time,it was felt that this
development would be the catalyst for attracting other tenants to the Park. However,given the oversupply
of industrial land in the metropolitan area and the geographic disadvantage of not being located on a major
freeway or interstate, little has happened in the area over the past 9 years.
Marketing of this area has increased over the past four years, but with the increasing restrictions on
development tools such as the green acres restriction on tax increment financing,it has become difficult for
the city to offer the property at the same level as neighboring municipalities, both in Minnesota and
Wisconsin. Given current land prices and the location of Cottage Grove in the broader metropolitan region,
the purchase of property would allow the city to use the land as a catalyst for private development. The funds
would be used to make the property more attractive in today's market,thus spurring growth in the area which
would otherwise not occur in the next few years.
The additional development which would result from the land program would generate new taxes and would
more than offset the cost to the local taxing jurisdiction, by amending the tax increment plan and not
pursuing the decertification. This can be best demonstrated through an example.
Proposed land scenario:For every three acres purchased by a company,one acre is given to the project
by the city. If the city purchases 20 acres an additional 60 acres of private ownership can be leveraged
through this formula a total of 80 acres of development can occur.
Tax Calculation: Assuming that all project have a 45%coverage ratio(from 1-2 Zoning)The amount
• of taxable square footage is 1,568,160 sf. Assuming an average building construction cost of$25/sf.
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No.1-7 A-7
the taxable value is$39,304,000. •
The taxes generated from this value would be$1,767,301. This figure does not include the value of the
land itself. The return on investment potential is very significant.
In response to the information presented by staff and the attorney,the EDA passed a resolution
supporting the amendment of tax increment plan for District 1-7. Their preference would be the
expenditure of the funds to support the Land Purchase program.
•
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 1-7 A-8
•
EXHIBIT B
•
MAPS OF DEVELOPMENT DISTRICT NO. 1
AND TAX INCREMENT FINANCING DISTRICT NO. 1-7
•
•
City of Cottage Grove Modification to the Tax Increment Financing Plan for Tax increment Financing District No. 1-7 B-I
Tax Increment Financing District No. 1-7 r
• Development District No. 1
City of Cottage Grove
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•
Memo
To: EDA Members
From: Neil Belscamper, Personnel/Economic Development Secretary
Date: 08/07/98
Re: August EDA Meeting
Please Note:
The normal EDA meeting of August 11 has been cancelled, but we will be meeting at
10:00 a.m. on Tuesday, August 25, right before the golf tournament, instead.
•
•
\\CG_FS1\SYS\GROUPS\PER_ECON\Secretary\98 Miscellaneous\EDA Memo.doc
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REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE 9/16/98 .G •
•
PREPARED BY: Economic Development Kirstin Barsness
ORIGINATING DEPARTMENT STAFF AUTHOR
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
COUNCIL ACTION REQUEST:
Accept Bill Buth's resignation from the Economic Development Authority
BUDGET IMPLICATION:
BUDGETED AMOUNT ACTUAL AMOUNT
ADVISORY COMMISSION ACTION:
DATE REVIEWED APPROVED DENIED
❑ PLANNING ❑ ❑ ❑
❑ PUBLIC SAFETY ❑ ❑ ❑
❑ PUBLIC WORKS ❑ ❑ ❑
❑ PARKS AND RECREATION ❑ ❑ ❑
❑ HUMAN SERVICES/RIGHTS ❑ ❑ ❑
® ECONOMIC DEV. AUTHORITY 8/25/98 ❑ ® ❑
• El 111 ❑ ❑
SUPPORTING DOCUMENTS:
❑ MEMO/LETTER:
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMMENDATION:
❑ LEGAL RECOMMENDATION:
® OTHER: Letter from Bill Buth dated August 17, 1998
ADMINISTRATORS COMMENTS:
pi
t A -1 A Al A WV/i72
City Administrator Date
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
COUNCIL ACTION TAKEN: APPROVED ❑ DENIED ❑ OTHER
•
F:\GROUPS\PER_ECON\KEB\CC Items\Buth Resignation Cover.doc
Bill Buth
• W2950 First National Bank Building
332 Minnesota Street
St. Paul, MN 55101
August 17, 1998
Kirstin Barsness
Director of Economic Development
City of Cottage Grove
7516 S. 80th Street
Cottage Grove, MN 55016
Dear Kirstin:
Due to personal circumstances and with a variety of mixed emotions I hereby submit my
resignation as a member of the Cottage Grove Economic Development Authority. My
resignation will be effective Monday,August 31, 1998.
• As I was preparing to write this letter I went back a number ofg ears ago duringwhich
Y
time the City of Cottage Grove was interviewing for the position of Economic
Development Director. I remember those interviews as if they took place yesterday.
Without a doubt the city made the right decision in selecting you as the EDA Director.
Your track record speaks for itself and the fruits of the many months and years of hard
work paid big dividends as the city landed Anderson Renewal.
I will truly miss the interaction with you, city staff, as well as the members of the
Economic Development Authority. I am sure that in the months and years ahead Cottage
Grove will lead the way in economic development and as I stated months ago the
availability of space in Cottage Grove will no longer exist.
Thanks for giving me the opportunity of being of service and even though I will no
longer be a member of the EDA I look forward to continuing the friendships that are most
important to me.
Sincerely,
/ 4/7./
Bill Buth
•