1g Modify Downtown TIF DistrictCITYOF
CHANHASSEN
7700 I,/iarke! Bou!evard
PO Box 147
Ohanhassen, MN 55317
Pilone; 952227 1100
Fax: 952227 1110
Building Inspections
Pl~one: 952 2271180
Fax 95222? ~190
Fngineering
Pl~or/e: 952227 1160
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Finance
Phoile 952 22/1140
Fax: 952 2271110
Park & Recreation
Phone: 9522271120
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Recreation Cenier
2310 Coulter Boulevard
Phone: 9522271400
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Planning &
Natural Resources
Pho~le: 9522271130
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Public Works
1591 Park Road
Phone 952227 1300
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Senior Cenler
Phone 9522271125
Fax 952 227 1110
Web Sile
w~v~,, ci s!~anhassen mn us
MEMORANDUM
TO:
FROM:
DATE:
Mayor
City Council
Bruce M. DeJong, Finance Directo~'~)
SUBJECT:
Call for Public Hearing of a Modification to the Tax
Increment Financing Plan for the Downtown Chanhassen Tax
Increment Financing District.
In order to extend the life of our Downtown TIF district, we have to modify our
T[F plan. We need to get this resolved yet this year before November 1, because
this is when our last regular qualified debt for the district comes due.
New laws were passed during the special session that added to section 469.1794 -
Duration Extension to Offset Deficits. This allows the city to extend our TIF
district one year based on statutory language which we have confirmed with both
Carver County and the Office of the State Auditor. The law also provides the
Commissioner of Revenue with discretion to extend the duration limit for up to
another two years. That finding has to be based reductions of increment caused by
changes in class rates and the elimination of the general education property tax
levy.
This modification of our TIF plan will be accompanied by an analysis of the
districts cash flows and the likelihood of getting an extension from the
Commissioner of Revenue. We need to know how to process tums out before we
refinance the non-qualified TIF debt.
Attachments: Resolution
MN Stat. 469.1794
The City of Chanhassen · A growing community with clean lakes, quality schools a charming downtown, thriving businesses winding trails and beautilul parks A great placr' tr)i,,e ,~ark and play
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES
STATE OF MINNESOTA
RESOLUTION NO.
RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL
ON THE PROPOSED ADOPTION OF A MODIFICATION TO THE TAX
INCREMENT FINANCING PLAN FOR THE DOWNTOWN CHANHASSEN
TAX INCREMENT FINANCING DISTRICT.
BE IT RESOLVED by the City Council (the "Council") for the City of Chanhassen, Minnesota (the
"City"), as follows:
Section 1. Public Hearing. This Council shall meet on October 27, 2003, at approximately 7:00
P.M., to hold a public hearing on the proposed adoption of a Modification to the Tax Increment Financing
Plan for the Downtown Chanhassen Tax Increment Financing District, a pre-79 tax increment financing
district (referred to herein as the "TIF Plan Modification") located within the Downtown Chanhassen
Redevelopment Project Area, all pursuant to and in accordance with Minnesota Statutes, Sections 469.124
to 469.134, and Sections 469.174 to 469.1799, inclusive, as amended, in an efibrt to encourage the
development and redevelopment of certain designated areas within the City; and
Section 2. Notice of Public Hearing, Filing of TIF Plan Modification. City staff is authorized
and directed to work with Ehlers & Associates, Inc., to prepare the TIF Plan Modification and to tbrward
documeuts to the appropriate taxing jurisdictions including Carver County and Independent School
District No. ~J~'/ 112. The City Manager is authorized and directed to cause notice of the hearing,
together with an appropriate map as required by law, to be published at least once in the official
newspaper of the City not later than 10, nor more than 30, days prior to October 27, 2003, and to place a
copy of the TIF Plan Modification on file in the City Manager's office at City Hall and to make such copy
available for inspection by the public.
Dated: September 8, 2003
Adopted:
ATTEST:
Tom Furlong, Mayor
Todd Gerhardt, City Manager