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City Council Meeting Agenda Items. October 28, 2013. Summary of Tax Increment Financing. The current valuation of the land and buildings is $873,700. As redeveloped the projected valuation is $8,200,000.
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City Council Meeting Agenda Items October 28, 2013
Summary of Tax Increment Financing • The current valuation of the land and buildings is $873,700. As redeveloped the projected valuation is $8,200,000. • The property currently has a tax capacity of $16,724. As redeveloped the project will have a tax capacity of $102,500 and generate annual taxes in the amount of $127,784.
Summary of Tax Increment Financing • 90% of the annual increment generated by the project the project for 12 years is proposed to be provided. The remaining 10% of increment is retained by the City to administrative costs of creating the district and completing the necessary annual reporting. Redevelopment Districts last 25 years, so at the conclusion of the 12th year the district can decertify.
Summary of Tax Increment Financing • A redevelopment district would be created. The blight test has been satisfied. It is estimated that the current site has been vacant since 2006. • Approximately 50-80 jobs are projected to be created.
Summary of Tax Increment Financing • In addition to the tax base enhancement, the project will generate significant fee revenue. Estimated fee revenue associated with the project includes a $48,263 building permit fee; $31,371 plan review fee; $184,000 park dedication fee; $110,400 sewer core fee; and a $26,260 water access charge.
Summary of Tax Increment Financing- Past Downtown Projects • Verbout Building- 100% of increment for 9.5 years, or a maximum of $1,535,000. Actual assistance was approximately $721,622.
Proposed Reorganizaton • To Address a Current and Future Shortage of Daytime Available Firefighters- Daytime available firefighters have steadily decreased over the last couple of decades resulting in the potential for a critical shortage in today’s environment.
Proposed Reorganizaton For context, it should be noted that: • Our average overall response is 18 firefighters. • Our average daytime available is less than 8 and some of these are less experienced firefighters. • Approximately 1/3 of those responding are from Station 2 in Columbus. However, 80% of the calls are in Forest Lake.
Proposed Reorganizaton Summary of Key Objectives Accomplished Through the Proposed Reorganization: • Enhancing Public Safety • Aligning our Staffing Structure with the Goals Established in our Strategic Plan • Budget Savings
Proposed Reorganizaton: Requested Actions • Approve Reorganization Concept • Approve Specific Implementation of Phase 1 subject to bargaining and Council approval of specific position appointments.
