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
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