HomeMy WebLinkAbout[04f] 2017 TIF Reports •
Council Agenda Item rI
CITY OF ST.JOSEPH
MEETING DATE: July 16, 2018
AGENDA ITEM: 2017 TIF Reports
SUBMITTED BY: Finance
PREVIOUS COUNCIL/BOARD ACTION: Council approved the creation of the TIF Districts below.
The EDA will review at their July 17th meeting.
BACKGROUND INFORMATION: Annually the City is required to submit TIF reports to the State
Auditor for each certified TIF District within the City. State Statute requires filing the reports by August
15t of each year. For 2017 there are five districts required to report to the State Auditor.
The 2017 TIF reports provide information as to the type of TIF district and duration of the district,
amount of captured increment, and expenditures against the increments. The reports included are an
Economic District with a duration of 9 years(St.Joseph Meat Market and Central MN Credit Union)and
a Redevelopment District with a duration of 26 years(Millstream Shops and Lofts;and Bayou Blue's and
Alley Flats). District 1-4 was an economic district, now decertified. The State allowed excess TIF to be
spent on other projects with special legislation approved in 2011. TIF 1-4 issued two deferred loans to
Collegeville Communities (restaurant equipment)and the Meat Market. The deferred loans are forgiven
after ten years(2021). Reporting is required on TIF 1-4 until the loans are forgiven.
All Districts were set up on a Pay-As-You-Go financing plan, meaning the developers accept the risk of
the actual amount of increments received to pay down the debt. The spending plans of the Districts,
along with their actual costs, are presented in the reports. The increments received are within the range
of what was expected to be received.
Upon approval by the Council,a summary disclosure of the 2017 reports for each District will be
published in the St. Cloud Times, and reported to Stearns County and ISD 742.
BUDGET/FISCAL IMPACT: Year-end Summary Only
ATTACHMENTS: Request for Council Action—TIF Reports
TIF Publication Summary
REQUESTED COUNCIL ACTION: Accept the 2017 TIF reports as presented.
PUBLIC NOTICE
CITY OF SAINT JOSEPH, MINNESOTA
ANNUAL DISCLOSURE OF TAX INCREMENT DISTRICTS FOR THE
YEAR ENDED DECEMBER 31, 2017
(Minnesota Statutes, Section 469.175(5)
TIF 1-4TIF 2-1TIF 2-2TIF 3-1TIF 2-3
St. Joe St. Joseph Meat Central MN Credit
Development LLCMarketUnion
Millstream ProjectBayou Blues
Current Net Tax Capacity$0$40,809$10,934$40,176$2,494
Original Net Tax Capacity$0$4,790$7,626$7,460$2,427
Captured Net Tax Capacity$0$36,019$3,308$32,716$67
Principal and Interest Payments$0$34,519$9,032$38,331$0
Due in 2018
Tax Increment Received in 2017$0$38,549$4,165$42,604$89
Tax increment Expended in 2017$0$35,980$4,091$39,994$1,460
Month / Year First Tax Incr. Receipt
May 2004July 2009July 2013June 2017July 2017
Date of Required Decertification
12/31/1212/31/3412/31/2112/31/2512/31/42
Additional information regarding each district may be obtained from:
Lori Bartlett, Finance Director
City of Saint Joseph
75 Callway Street E.
Saint Joseph, MN 56374
320-363-7201
Publish: St. Joseph Newsleader, Publish no later than 8/1/2018
DRAFT St Joseph TIF Publication FYE2017