HomeMy WebLinkAbout[04c] Annual TIF JILA,^9sKA,-l'Ai\tet
EDA Agenda Item 4 (c)
C[TY OF ST.JOSEPH
MEETING DATE: June 18,2019
AGENDA ITEM: 2018 Annual TIF Reports
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE/COUNCIL RECOMMENDATION: Council reviewed at
their June 17,2019 council meeting.
PREVIOUS EDA ACTION: EDA hired Tammy Omdahl from Northland Securities to complete the
reporting forms for TIF 2-1,2-3, 3-1,4-1. Staff completed the remaining reporting forms.
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. The
reporting forms are due to the State Auditor by August 1St of the following year and a summary must be
published by August 15t of the following year. In addition,the summary reports will be mailed to the
School District and Stearns County for their records. For 2018,the reports include six 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 4-1 Fortitude Senior Housing
TIF 1-4 has been decertified; however,the City must report annually until the forgivable loans for the
Meat Market and Bello Cucina are paid off in 2021.
The attached TIF report summary will be submitted to the County and School District. The summary will
also be published in the St.Cloud Times. Complete forms are available at city hall.
BUDGET/FISCAL IMPACT: For Information Only
ATTACHMENTS: Request for EDA Action-Annual TIF Reports
Summary TIF Publication
REQUESTED BOARD ACTION: Consider acceptance of the 2018 TIF reports.
PUBLIC NOTICE
CITY OF SAINT JOSEPH,MINNESOTA
ANNUAL DISCLOSURE OF TAX INCREMENT DISTRICTS FOR THE
YEAR ENDED DECEMBER 31,2018
(Minnesota Statutes,Section 469.175(5)
TIF 1-4 TIF 2-1 TIF 2-2 TIF 2-3 TIF 3-1 TIF 4-1
St.Joe St.Joseph Meat Central MN Credit Fortitude Senior
Development LLC Millstream Project Market Bayou Blues Union Housing
Current Net Tax Capacity $0 $41,106 $11,038 $2,559 $40,176 $25,530
Original Net Tax Capacity $0 $4,790 $7,626 $2,427 $7,460 $958
Captured Net Tax Capacity $0 $36,316 $3,412 $132 $33,256 $24,572
Principal and Interest Payments $0 $32,484 $7,308 $0 $39,443 $31,562
Due in 2019
Tax Increment Received in 2018 $0 $36,259 $4,301 $172 $43,297 $35,090
Tax increment Expended in 2018 $0 $33,903 $4,177 $1,654 $40,362 $32,689
Month/Year First Tax Incr.Receipt May 2004 July 2009 July 2013 July 2017 June 2017 June 2018
Date of Required Decertification 12/31/12 12/31/34 12/31/21 12/31/42 12/31/25 12/31/43
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.Cloud Times,Publish no later than 8115/2019
St Joseph TIF Publication FYE2018