Adopt Resolutions Establishing Tax Increment Financing District No. 14 and Decertifying Districts 11, 12, and 13

As a part of the 201 legislative session, the City of Ramsey received authority to establish a new TIF District for its downtown development area, The COR at Ramsey.  The main purpose of this new district is to provide funding for the transportation and transit related improvements necessary to facilitate development of The COR and surrounding areas as well as incentive for private development. 

 

The draft Tax Increment Financing (TIF) Plan was reviewed with the City Council at their work session of October 26, 2010.  Additionally, a worksession was held regarding fiscal disparities was held on November 23, 2010 regarding the election that will have to be made for this new district whether to pay fiscal disparities within or outside the district. 

 

There was not a consensus following the November 23, 2010 work session regarding the fiscal disparity election, therefore the election included in the TIF Plan included in this evenings packet elects for fiscal disparities to be paid outside the district.  This was done as it represents the greatest impact of the district for public notice and hearing purposes.  The Council may elect at the December 14th meeting to change that election to pay the fiscal disparities from within the district.  The Council may also elect at any time in the future to change the election to pay the disparties from within the district if the election is made this evening to pay them outside the district. 

 

Additionally, as a part of this process three districts that had been previously created but never activated (ACCAP Apartment Project - Ramp Liner, Senior Housing, and The Crossings retail development west of Armstrong) will be decertified and that land will become part of the new broader district.  The increment collected in those districts to date, which reflects increment collected due to inflationary increases, will be returned to the taxing jurisdictions in accordance with state law.  The resolution to decertify districts 11, 12, 13 is attached to this case and on the agenda this evening for adoption.   

 

The resolution calling for the public hearing this evening, December 14, 2010, was approved by the City Council at the regular meeting of October 26, 2010.

The resolution calling for the public hearing this evening, December 14, 2010, was approved by the City Council at the regular meeting of October 26, 2010.

Staff recommends Adopting the Resolution Approving the Modification to the Development Program for Development District No. 1 and Establishing a Tax Increment Financing (Redevelopment) District No. 14 and Approving the Tax Increment Financing Plan therefor within Development District No. 1.

The HRA approved funding for the TIF Plan from the 2010 HRA budget. 

Adopt the Resolution Approving the Modification to the Development Program for Development District No. 1 and Establishing a Tax Increment Financing (Redevelopment) District No. 14 and Approving the Tax Increment Financing Plan therefor within Development District No. 1.