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HomeMy WebLinkAboutResolution 2001-01 PLANNING COMMISSION CITY OF COLUMBIA I~,IGHTS, MINNESOTA RESOLUTION NO. 2OOl-Ol RESOLUTION OF ~ CITY OF COLUMBIA Fl'EIGHTS PLANNING COMMISSION FINDING THAT ~ MODIFICATION TO ~ DOWNTOWN CENTRAL BUSINESS DISTRICT (CBD) REVITALIZATION PLAN FOR THF~ CBD REDEVELOPMENT PROJECT AND THE MODIFICATION TO THF~ TAX INCREMENT FINANCING PLAN FOR HOUSING REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 1 CONFORM TO THE GENERAL PLANS FOR THE DEVELOPMENT AND REDEVELOPMENT OF ~ CITY. WHEREAS, the City Council for the City of Columbia Heights, Minnesota, (the "City") has proposed to adopt a Modification to the Downtown Central Business District (CBD) Revitalization Plan for the CBD Redevelopment Project and adopt a Modification to the Tax Increment Financing Plan for Housing Redevelopment Tax Increment Financing District No. 1 (collectively, the "Modified Plans") and has submitted the Modified Plans to the City Planning Commission (the "Commission") pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, and WI-IEREAS, the Commission has reviewed the Modified Plans to determine their conformity with the general plans for the development and redevelopment of the City as described in the comprehensive plan for the City. NOW, THEREFORE, BE IT RESOLVED by the Commission that the Modified Plans conform with the general plans for the development and redevelopment of the City as a whole. Dated: December 4, 2001 Chair ATTEST: Secretary Ehlers and Associates Tax Increment Finandng District Overview Columbia Heights E.D.A. - Modification No. 1 to Housing Redevelopment Tax Increment Financing Distric Proposed action: Expansion of by Modification to Housing Redevelopment Tax Increment Financing District Development Program: Adoption of the Revitalization Plan modification for the Downtown Central Business District (CBD) Redevelopment Project. Language to change from future to past tense. Type of TIF District: A Redevelopment District Parcels: 10 Parcels - Included on map (excluding 2 vacant land parcels: 4656 Monroe NE &4441 Main NE Location: See the attached map .. Proposed development: The District is being expanded to create addition opportunities for upgrading and redevelopment of certain homes in within the City. It is anticipated that 4 properties will be purchased, existing buildings demolished, the land cleared and sold for new construction. Estimated annual tax increment: If all additional parcels in the expansion were to be purchased and improved the annual increment is estimated at $23,291. However, it is anticipated that 4 of the properties will be redeveloped, with approximate annual increment of $4,400. Following is an estimate of the total increment for the life of the district based on 2002 data: Estimated Total Increment* Total Increment Present Value 7% Original District** ............. 500,157 ............ 188,100 Expansion Portion .............. 79,069 ............. 42,213 TOTAL ................... $5791226 ........... $230,313 Pooled Amount*** (aproximately) .. 87,000 ............. 34,500 *Increment is after 10% admin and OSA fees. **Original District increment for 2001 was $10,444, 2002 estimated at $22,000. ***15% ($87,00) of increment can be "pooled" or spent outside the district on redevelopment activities. This amount includes administrative expenses. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting of: November 20, 2001 AGENDA SECTION: Items for ORIG12q'ATING EXECUTIVE Consideration, Other Business DEPARTM]ENT: EDA DIRECTOR NO: 9-A-3 .... APPROVAL ITEM: Approve Resolution2001-20, BY: MarkNagel BY: Modification to the Downtown Central DATE: November 14, 2001 Business District (CBD) Revitalization Plan for the CBD Redevelopment Project and the Modification of Housing Redevelopment TIF District #1 (P3) BACKGROUND: On May 27, 1997, the Columbia Heights City Council approved a scattered site redevelopment TIF District to facilitate redevelopment of substandard single-family homes throu~out the City in order to improve the City's housing stock, increase property values, and prevent the spread of blight. Tax increments from the 56 properties listed in the District were to be used to f'mance land acquisition, demolition, relocation, and related development costs. During a meeting August 7~h with Shelly Eldridge, Ehlers and Associates, reviewing progress in TIF District 1 and 2, it was determined that the City needs to show activity and any modifications need to be completed on each of the 56 parcels in the District by September 8, 2002, or they will be dropped from the District. Th/s would reduce the potential TIF revenue generated for the above purposes. All projected funds generated-by the District need to be obligated by that date. At the EDA meeting of October 16~, Commissioners approved making modifications to T~ District #1 that would add 12 parcels to the District, which City Council also subsequently approved. The modified plans are now complete and along with an updated schedule and a copy of the letter to Anoka County Commissioner Jim Kordiak on the proposed modification, is attached. Fiscal Consultant, Shelly Eldridge will be at the meeting to review the plan and answer questions. RECOMMENDATION: Staff recommends the EDA approve Resolution 2001-20, Modification of TIF District Number 1. RECOMMENDED MOTION: Move to adopt Resolution 2001-20, a Resolution Modifying the Downtown Central Business District (CBD) Revitalization Plan for the CBD Redevelopment Project and the Modification of Housing Redevelopment Tax Increment Financing District No. 1 (P3). Attachments EDA ACTION: .,,.-- ~: consen~ Form200!\Approve Modif.of TIF IIIIII. I I I, Jl I11111 ~ ITIII I II I Illll I: I' III Ill]TIll ~ IIII1'11 1I 111111111'FI[JJ_IJDJJ~I1UJILI~.I I~ II111tlii I111,1 II II 1 1 1 tFt]qU]Tff~ ~ __ I111~111111~iil MI I.IIl'lFil.t.I t11111.111 1 I11III (~li~lllll 11 I IIII1~ III111111111111~ 't FTFIlII. I71lt'IIIIII ll_lllllll;lllllltl:ll~..~] tlIlliI,~,~l II.[ ] ii [ [[li.~ji~!:.[t~tl I I ll ll J II111 t 111111 Ill IlI]IH ~i~H~t~il II I I I lllll [illllJ '('It "l' (.ii[; N1 ~,.V P, it'l(: tt l'(I N'.'