For Tax Increment Financing Districts No. 1 and No. 2

 

 

Section 1. Purpose

The City of Ramsey (the "City") is the administrative authority for Tax Increment Financing Districts No. No. 1 and No. 2 (the "TIF Districts") in the City of Ramsey, Minnesota (the "City"), and proposes to adopt a Spending Plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176 Subd. 4m (the "Act").

The purpose of the Spending Plan is to develop or redevelop sites, lands or areas within the City in conformity with the City’s Comprehensive Plan by using available tax increments from the TIF Districts to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, which will create or retain jobs in this state, including construction jobs.

 

 

Section 2. Plan

Under this Spending Plan, the Authority intends:

(a) To use up to $3.9 million of available tax increments from the TIF Districts to provide assistance to F & C Ramsey, LLC for the construction of a mixed-use development consisting of approximately 230 market rate rental units and approximately 3,000 sq/ft of retail (the "Project"). The Project shall commence before July 1, 2011 (unless a later commencement date is authorized by law) and shall constitute a Project that would not commence by such date without the assistance provided pursuant to this Spending Plan.

(b) To amend the budget set forth in the Tax Increment Financing Plans for the TIF Districts as necessary to provide for the assistance authorized by this Spending Plan.

(c) To take any other action necessary and authorized under Minnesota Statutes, Section 469.176 Subd. 4m in connection with the Projects.

The assistance provided pursuant to this Spending Plan shall be subject to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Law"), as applicable.