1b. Gateway West TIF District #6
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952,227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952,227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952,227.1110
Web Site
WNW,ci ,chanhassen, mn .us
16
MEMORANDUM
TO:
Mayor & City Council Members
(It'
Greg Sticha, Finance Director
oJ~
FROM:
DA TE:
March 24, 2008
SUBJ:
Approve Transfer of Eligible TIP Expenses and Authorize Return
of Excess Increment to Carver County
BACKGROUND
In 2006, MnDOT sent the City an outstanding bill for work performed related to
the TH 5fW 78th Street project that took place from 2001 to 2003. After review
of the legitimacy of the bill, staff paid the bill out of the revolving construction
assessment fund. This fund was used because the construction fund originally
set up for the project was closed a couple of years ago and funds were
transferred into the revolving assessment construction.
Staff did additional research and found that the initial feasibility study performed
included TIP as a funding source in the amount of $309,000. The construction
fund was reviewed and it was found that no TIP dollars had been received for
use towards this project; rather excess cash reserves in the historic preservation
trust fund and the storm water fund had been used to pay for the city's share of
the project.
Staff then researched the possibility of using some of the excess increment in
Gateway West TIP district towards funding of this project. Since a good portion
of the project fell within the Gateway West TIP District, we consulted our TIP
attorney to see if these expenses could be reimbursed, before returning all the
increment to Carver County. After his review, it was determined that we could
reimburse the project using TIP dollars from the Gateway West TIP district in
the amount of $273,326.
The following resolutions accomplish two things. First, there is a resolution to
transfer qualified TIP expenses related to this project from the Gateway West
TIP District to the appropriate funds ($203,278.43 to the revolving assessment
construction fund and $70,048.70 to the storm water fund). Second there is a
resolution authorizing the return of the remaining excess increment to Carver
County in the amount of $399,639. A portion of this increment will then be
returned to the City from the county in the next few months.
The City 01 Chanhassen · A growing community with clean lakes, quality schools, a chamning downtown, thriving businesses, winding trails, and beautiful parks, A great place to live, work, and play.
Mayor & City Council
March 24, 2008
Page 2
RECOMMENDA TION
Staff recommends that the City Council approve the attached two resolutions:
1) Authorizing the 2008 Fund Transfer; and
2) Authorizing Return of Excess Tax Increment in the Gateway West
District #6 to Carver County.
Approval of these resolutions requires a simple majority vote of those City
Council members present.
ATTACHMENT
1. Map of Gateway West District #6
2. Resolution Authorizing the 2008 Fund Transfer
3. Resolution Authorizing Return of Excess Tax Increment in the Gateway West
District #6 to Carver County
Attachment 1
Gateway West
Tax Increment Financing District No.6
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
March 24. 2008
RESOLUTION NO:
2008-
MOTION BY:
SECONDED BY:
RESOLUTION AUTHORIZING 2008 FUND TRANSFER
WHEREAS, the city has reconciled and deemed appropriate to transfer costs relating to the
TH 5IWest 78th Street Improvements spent in 2001-2003, to the revolving assessment construction fund
and the storm water fund.
I
AND, WHEREAS, it has been determined that these costs are eligible for TIF reimbursement
out of Gateway West TIF District before the district is cIJsed and excess increment is returned to Carver
I
County.
NOW, THEREFORE, BE IT RESOLVED by the City Council ofChanhassen, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes the Finance Director to transfer the
following amounts as shown.
Transfer from:
495 Gateway West TIF District
495 Gateway West TIF District
Transfer to:
601
720
Amount
$203,278.43
$70,048.70
Passed and adopted by the Chanhassen City Council this 24th day of March, 2008.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
March 24, 2008
RESOLUTION NO:
2008-
MOTION BY:
SECONDED BY:
RESOLUTION AUTHORIZING RETURN OF EXCESS TAX INCREMENT IN
GA TEW A Y WEST DISTRICT #6 TO CARVER COUNTY
WHEREAS, the city has decertified Gateway West TIP District #6 and completed all
transactions and accounted for all expenditures.
AND, WHEREAS, the City is now required to return the remaining $399,639.00 of increment to
Carver County to be distributed to the appropriate jurisdictions.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City ofChanhassen,
Minnesota, that staff is authorized to return excess tax increment related to TIP District #6 (Gateway
West) to Carver County in the amount of $399,639.00. '
Passed and adopted by the Chanhassen City Council this 24th day of March, 2008.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT