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<br />City of Ramsey - Commuter Rail Station <br />Testimony for Station Area TI.F Legislation <br />RE: S.F. No. 3337 and H.F. No. 3762 <br /> <br />Urgency <br />The enactment of the proposed TIF legislation is important to ensure that the Ramsey Town Center <br />projects under negotiation today will continue to move forward. The City needs a means to provide <br />financial solutions to the major infrastructure needs of this development. The project will provide: <br /> <br />. Economic Development - private projects are ready now <br />. Construction and support Jobs <br />. Housing Starts <br />. Increased tax base/eliminate two existing TIF Districts <br /> <br />Economic Development, Construction Jobs, and housing starts <br />An estimated 600 FTE construction jobs will be created as a result of the economic development <br />activity created by this special taxing district. These jobs include contractors, tradesmen, laborers, <br />building products, architects, engineers, inspectors, title companies, legal and fiscal services. <br /> <br />. The following projects, representing over $100 million in capital construction, are <br />ready to start, but need the assurance that a rail station, highway improvements, and <br />structured parking facilities will be constructed as planned. <br />o 48,000sq.ft. VA Outpatient clinic - $10m - 49 jobs over 18 months <br /> <br />o 200 unit transit oriented market rate housing development - $22m capital cost- <br />200 jobs over 24 months <br /> <br />o 120 units of multifamily housing - $12m capital cost -100-150 jobs over 18 months <br />o 100 unit Assisted Living - $30m -150-200 jobs over 24 months <br />o 120 unit Mixed market/affordable housing units - $15m -100-120 jobs over 24 <br />months <br /> <br />. Infrastructure improvement jobs will generate an additional 500 more jobs over 2 years. <br /> <br />Increased Tax Basel Eliminate two Existing TIF Districts <br />With the creation of the new TIF district as proposed, the City will decertify two existing TIF <br />districts and consolidate a special taxing district around the Ramsey Town Center. The use of TIF <br />will provide the necessary funding to construct public infrastructure such as the rail station, <br />parking structures, and a highway interchange. It is anticipated that the construction of these <br />public infrastructure improvements will result in over $365 million in additional construction <br />investment over time. <br /> <br />. Commercial development within the Town Center boundaries alone is expected to <br />generate $3.5 million annually in local tax revenue and add 3,900 jobs at full build-out. <br />In addition, over the next six years more than 600 new residential units will be <br />constructed. <br /> <br />1 <br />