8. SR 12-11-1995 - Laserfiche WebLink

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South Fork Apartments This area has newly constructed apartment buildings through a tax increment financing project. It is located near •the commercial area of I -35 and Hwy. 50 and provides a critical customer base for that commercial area. These are nicely landscaped and maintained buildings. There are a large number of families living here while waiting or their homes to be built. g Zoning: R-7 Average Property Taxes: $1,109 School District: Lakeville Avg. # Children per Unit: .62 Avg. Market Value: 527,916 Avg. # People per Unit: 2.33 Average Unit Age: 4 Years ANALYSIS: South Fork Apartments Addition turns an overall negative fiscal impact for the City and the school district. It is mainly serviced by the I -35 and Hwy. 50 business area and the Burnsville Center area. When the tax increment financing is not calculated into the revenues, this addition has a significantly smaller negative impact (almost none) to the City. However, there is an overall negative impact to the school district. This TIF is approximately 20 years in duration. SOUTH FORK APARTMENTS (All Phases) * Reference Appendix C for fiscal impact without TIF FINDINGS: Despite high concentration, the tax increment financing burdens City finances. The City should keep in mind, however, that this area has contributed significantly to the success of the commercial area at Interstate 35 and Highway 50. The losses in South Fork should be compared to the positive fiscal impact of the commercial development. These areas fiscally balance each other. Tax increment financing generally should only be used for construction of municipal infrastructure, such as roads, senior centers, etc. Overall site quality is exemplary. is 24 Annual Operating City School " Figures District Expenditures $144,663 $742,144 Revenues 112,698 613,931 Net Impact (31, 965) (128, 213) Overall Net (160,178) op Per Acre Impact (924) (3,706) Overall Net per (4,629) Acre * Reference Appendix C for fiscal impact without TIF FINDINGS: Despite high concentration, the tax increment financing burdens City finances. The City should keep in mind, however, that this area has contributed significantly to the success of the commercial area at Interstate 35 and Highway 50. The losses in South Fork should be compared to the positive fiscal impact of the commercial development. These areas fiscally balance each other. Tax increment financing generally should only be used for construction of municipal infrastructure, such as roads, senior centers, etc. Overall site quality is exemplary. is 24