Agenda - Economic Development Authority - 01/10/2008

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Town Center: MinnWest Bank rescheduled the foreclosure auction to January 18th, 2008. Below is some information that was included in the City Council Weekly Update. Estimated Growth in Property Tax Base in Ramsey Town Center Below is a tax comparison for the Town Center Project Area. The estimates show an increase of approximately $979,637.35 in total property taxes from 2003 to 2007. On average the City of Ramsey receives between 40-50% of the total tax received. It should be noted that these numbers are based on taxes payable in 2003 and 2007 but do not reflect projects that were completed in 2007. 2003 Total Tax 2007 Total Tax Increase in Tax $ 52,482.65 $1,032,120.00 $ 979,637.35 2003 City Portion (40%) 2007 City Portion (40%) Increase in Tax $ 20,993.06 Estimate* $ 412,848.00 Estimate* $ 391,854.94 * CoUld be a higher percentage depending on the ratio of residential property Coborn's Center to Rebrand: Nothing new to report Additional Parcels Identified for Acquisition: A settlement for KIH has not been reached and it is scheduled to go to a Council Work Session. Staff will let the EDA know when the acquisition is complete. Hwy 47/16ih Commercial Node: Nothing new to report. Spring Business Connection Meeting: Matt Entenza, from Minnesota 2020 has agreed to speak on Thursday, March 13th at 7:30 AM. This is the date for the March EDA meeting so Staffis recommending that there not be a EDA meeting for March. Staff will be creating the invites, reserving the caterer and mass mailing the invites to the City's businesses in the next few weeks. Future Meeting Topics: 1. Monument Signs (ongoing) 2. Cost of Doing Business (Hopefully February) 3. Housing type impact on economic development 38