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--7, 05' <br />CONSIDER PROPOSALS FOR A TAX INCREMENT FINANCE PLAN <br />By: Heidi A. Nelson, Deputy City Administrator/Community Development Director <br />Background: <br />As apart of the 2010 Legislative Session, the City of Ramsey received legislative authority to <br />create a new tax increment finance district in the area of the downtown development, The COR, <br />for the purposes of constructing transportation/transit improvements and for economic <br />development within the district. Attached to this report is the information regarding the <br />proposed district that was presented to the legislature in support of the new district and a map <br />that depicts the boundaries of the new district. <br />After receiving legislative authority, the city is required to establish the new district by creating a <br />Tax Increment Finance Plan. To that end, staff issued a request for proposals (RFP) from public <br />finance firms for the required Tax Increment Finance Plan for the new district. The RFP <br />document is attached for Council reference. Staff received three (3) proposals in response to the <br />RFP for Tax Increment Finance Plan from qualified firms ranging in cost from $6,500 - $15,000; <br />the proposals are attached for Council review. After thorough review of the proposals, staff is <br />confident that each of the firms are proposing to do the same scope of work that was outlined in <br />the RFP document. <br />Funding Source: <br />Staff recommends utilizing funds from the Housing and Redevelopment Authority (HRA) <br />budget for this project. <br />Staff Recommendation: <br />Staff recommends authorizing staff to enter into a contract, subject to city attorney review and <br />approval, with Springsted for the Preparation of a Tax Increment Financing Plan for a new <br />district in the area of Ramsey's downtown development — The COR for the purposes of <br />constructing transportation/transit improvements and for economic development within the <br />district. <br />Council Action: <br />By motion, authorize staff to enter into a contract, subject to city attorney review and approval, <br />with Springsted for the Preparation of a Tax Increment Financing Plan for a new district in the <br />area of Ramsey's downtown development — The COR for the purposes of constructing <br />transportation/transit improvo and for economic development within the district. <br />Reviewed: City Administrator <br />CC: 08/202010 <br />Attachments (electronically only): <br />TIF Plan RFP <br />Map of new district boundaries <br />Legislative information packet <br />