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Case #1 <br /> <br /> PUBLIC HEARING: <br />Adoption of TIF Plan Amendments for TIF Districts No. 1, 2, 4, 6 and 8 <br /> <br />By: Sean M. Sullivan, Economic Development / TIF Specialist <br />Michael J. Mulrooney, Development Consultant <br /> <br />Background: <br /> <br />Past practice of the City of Ramsey has been to adopt amendments to TIT districts as new projects are added to <br />respective districts. In those amendments, instead of giving a summary budget of the TIF, Districts that were <br />affected only the new project was represented in the documents. The past practice used has produced numerous <br />documents with numerous budgets for each TIF District. In addition to addressing past practices, there have <br />been significant changes in the property tax system that have led to reductions in the increment generated in all <br />districts. The State legislature has determined that the change in the property tax system has placed a burden on <br />cities and has passed legislation that allows cities to recapture lost tax increment dollars due to property tax <br />reform. Anoka County Board of Commissioners and School District No. 11 have been notified of the hearing <br />as required by the State of Minnesota, and have had time to comment pr/or to the hearing. Anoka.County has <br />passed a motion in support of the Amendments to the tax increment districts, which is not required, but does <br />show that both the City and County continue to have a good working relationship. It is required by the State of <br />Minnesota to hold a public hearing for comment whenever amendments are proposed to a Tax Increment <br />Financing District. This is a time allowed for the public to comment on the proposed amendments. <br /> <br />Observations: <br /> <br />The purpose of the amendments presented for adoption on June 24, 2003 is three-fold. The first reason is <br />merely a clerical issue that will create a document for the above-mentioned districts that shows the entire <br />amended and restated budgets for each district. This is helpful for TI1e reporting and internal accounting for <br />each respective district. It also creates a single document that can be referenced by external sources that <br />illustrates what dollars are being spent on for each specific district. Secondly, the new documents clearly <br />identify parcels and projects that may be acquired for development purposes. This is important because parcels <br />originally identified in earlier TIF plans have since been subdivided and have been given new Tax I.D. <br />numbers. Thirdly, this amendment will allow TIT District No. 6 and TIF District No. 8 to recapture lost tax <br />increment due to the property tax reform of 2001. <br /> <br />Recommendation: <br /> <br />Adopt Resolution 03-__ to adopt TIF Plan Amendments for TiT District No. 1, 2, 4, 6, and 8. <br /> <br />Reviewed By: <br />James E. Norman, City Administrator <br /> <br />Atttachments: <br />Resolution 03- <br />County correspondence and motion <br /> <br />06-24-03 <br /> <br />-147- <br /> <br /> <br />