HomeMy WebLinkAbout[05] TIF Reports EDA Agenda Item 5
MEETING DATE: June 15, 2016
AGENDA ITEM: 2015 Annual TIF Reports
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: N/A
PREVIOUS EDA ACTION: None
BACKGROUND INFORMATION: Annually the EDA and City must report a summary of the
activity in each tax increment fund to the State Auditor whether or not the projects are completed. For
2015, the reports include five reports for the following TIF projects:
TIF 1-4 St.Joseph Development, LLC
TIF 2-1 Millstream Shops and Lofts
TIF 2-2 St.Joseph Meat Market
TIF 2-3 Bayou Blues and Alley Flats
TIF 3-1 Central MN Credit Union Call Center
TIF 1-4 has been decertified; however,the City must report annually until the forgivable loans for the
Meat Market and Bellow Cucina are paid off in 2021.
TIF 4-1 Fortitude Senior Housing is still going through the approval process. TIF reports will follow in
later years.
The attached TIF forms are a portion of the reporting form required by the State Auditor. Complete
forms are available at city hall.
BUDGET/FISCAL IMPACT: For Information Only
ATTACHMENTS: Request for EDA Action—Annual TIF Reports
TIF 1-4 St. Joe Development, LLC
TIF 2-1 Millstream Project
TIF 2-2 St. Joseph Meat Market
TIF 2-3 Bayou Blues
TIF 3-1 Central MN Credit Union
REQUESTED BOARD ACTION: Consider authorization to submit the required TIF reports to the
State Auditor as presented.