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<br />Case # 5 <br /> <br />167th COMMERCIAL NODE TIF ANALYSIS <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The intersection of 16ih Avenue and Highway 47 is an area that has been identified by the EDA as needing <br />some revitalization. A study was done by the McComb Group, Ltd. that identified this area as being a place <br />where commercial activity could prosper. In 2008, The Ramsey EDA contracted with the Buxton Group to take <br />a fresh new look at this area to see if it still had the potential that the McComb Group, Ltd. identified. The <br />results of the Buxton study concluded that the area populations, traffic counts and demographics still support a <br />cotnmercial node in this area. The City has also purchased a significant amount of property just south of the <br />current commercial comer. Portions of the commercial corner are in need of revitalization or reconfiguration. <br />. Redevelopment and Renewal and Renovation TIF Districts are a way to fmance activities over time to help <br />rejuvenate projects areas in need. Getting a detailed analysis on whether or not this area would qualify for a <br />Redevelopment, or a Renewal and Renovation TIF district would be a good starting point toward the <br />revitalization of this neighborhood commercial node. City officials have been ih discussion with a potential <br />user for the site and this user has expressed the need from assistance from the City. The City used LHB for its <br />TIF Analysis for the Ramsey Crossings Renewal and Renovation District. Typically this type of analysis is <br />done by a party other than the city to protect the city from all incorrect determination of district type. Michael <br />Fischer, from LHB has given an estimate with a maximum of $7,000 to conduct a TIP analysis for the area. <br />Staff is recommending contracting with LHB to conduct a TIF analysis for the 167th Commercial node. <br /> <br />Funding Source: EDA Levy <br /> <br />Recommendation: <br /> <br />Authorize staff contract with LHB to conduct a TIF analysis for the 167th Commercial node in an amount not to <br />exceed $7,000. <br /> <br />EDA Action: <br /> <br />Motion to authorize staff contract with LHB to conduct a TIF analysis for the 167th Commercial node in an <br />amount not to exceed $7,000. <br /> <br />Attachment: <br /> <br />LHB Proposal dated July 2, 2009 <br /> <br />EDA: 07.09.09 <br /> <br />27 <br />