Adopt Resolution #17-06-130 Finding Compliance with the City's Comprehensive Plan Compliance for Proposed Tax Increment Finance District No. 16 Creation

The City has received a request from PSD LLC to create Tax Increment Financing (TIF) District No. 16 to facilitate the development of the new Ramsey Business Park located south of Bunker Lake Boulevard and just east of Puma Street.  As part of the creation of the district, the TIF Plan must be found to be in compliance with the City's land use plans (Comprehensive Plan). The District will be created to capture new increment created by future development within the District. The use of said funds is outlined in the attached TIF Plan.

When a TIF District is created or modified, the Planning Commission shall review the plan or modification to determine if they are in compliance with the City’s Comprehensive Plan. The City Council recently amended the Comprehensive Plan for this parcel to allow for industrial/warehouse users after recommendation of the same from the Planning Commission.

A more detailed background of Tax Increment Financing can be found in the attached memo from the League of Minnesota Cities.

No notification is required.

Alternative #1 – Adopt resolution as presented. The proposed TIF Modification appears to be in line with the City’s Comprehensive Plan (after final approval by the Metropolitan Council) as it relates to land use. This TIF District will allow new increment created by a new 60,000 square foot speculative industrial building, to be used by PSD, to reimburse various public improvements costs for this project. This project will help kick off Ramsey's new business park.

Alternative #2 – Do not adopt the resolution. As the proposed redevelopment appears to be in compliance with the Comprehensive Plan, Staff does not recommend this alternative.

Alternative #3 – Adopt the resolution with amendments. Staff does not see a need to amend the proposed resolution as presented.

Preparation of the resolution is being handled as part of normal Staff duties.

Staff recommends that the Planning Commission adopt Resolution #17-06-130 finding that the creation of Tax Increment Finance District No. 16 and it's associated TIF Plan to conform to the general plans for the development and redevelopment of the City.

Motion to adopt Resolution #17-06-130 finding that the creation of Tax Increment Finance District No. 16 and it's associated TIF Plan to conform to the general plans for the development and redevelopment of the City, contingent upon final approval of the Comprehensive Plan Amendment by the Metropolitan Council.