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CITY OF ORONO MEMORANDUM <br />DATE: July 8, 2019 <br />TO: Mayor Walsh, City Council members <br />FROM: Jeremy Barnhart, AICP, Community Development Director <br />RE: Eisinger Flats Tax Increment Financing (TIF) <br />The developer of the proposed Eisinger Flats apartments (3245 Wayzata Blvd W) discussed with <br />the City Council at their workshop on June 24' the potential of using Tax Increment Financing <br />(TIF) to assist with the costs associated with the soil corrections on the property. <br />The City Council requested additional information regarding TIF and the clean up requirements. <br />Since the meeting, staff has invited Mark Otsby and Amy Hadiaris from the Minnesota Pollution <br />Control Agency (MPCA) to a workshop to discuss mitigation options, and comment on any <br />danger to the public and public waters if leaving the site as is. <br />Additionally, staff received some additional information from Ehlers and Associates regarding <br />TIF, attached as Exhibit A. Ehlers identified three different TIF options, the general purpose <br />behind each, and the term of those programs. The information also includes a sample tax <br />breakdown. Note that with TIF, the school district still collects the incremental funds due for <br />operating referendums. Lastly, a generic schedule was provided. <br />If the Council supports the idea of using TIF funds for the project, the city would require an <br />application fee of $5,000 and an escrow of $5,000 to facilitate Ehlers' review of the TIF <br />application. Final plat (and final master plan) approval would occur at the same time the TIF <br />application is reviewed. At least preliminary plat approval would be required to complete a TIF <br />application as the project parameter needs clarification. <br />