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RESOLUTION CALLING FOR A PUBLIC HEARING ON THE PROPOSED ADOPTION OF A <br />MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT <br />NO. 1, AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING <br />DISTRICT NO. 14 THEREIN AND THE PROPOSED ADOPTION OF A TAX INCREMENT <br />FINANCING PLAN THEREFOR <br />By: Heidi A. Nelson, Deputy City Administrator/Director of Community Development <br />Background: <br />During the 2010 legislative session, the City of Ramsey was granted the authority to establish a tax <br />increment financing district in the Omnibus Tax Bill (House File 3729, Article 7, Section 22) for transit <br />and development related improvements in its downtown development area, The COR. In order to <br />establish the new district, the city is required to prepare a Tax Increment Finance Plan for the new district. <br />To that end, the HRA solicited proposals for the preparation of the Tax Increment Finance Plan and on <br />August 24 the Council authorized a contract with Springsted for the preparation of the plan for the new <br />district. Since that time, staff has been working with Springsted to prepare the draft plan and begin the <br />process for establishing the new district. <br />As a part of the process for establishing the new district, the City is required to hold a public hearing; the <br />public hearing for the new district is requested to take place at the regular city council meeting of <br />Tuesday, December 14 2010. The timeline that outlines the process for establishing the district is <br />attached to this case along with the resolution that calls for the public hearing. <br />Staff Recommendation: <br />Staff recommends the City Council adopt a resolution calling for a public hearing on the proposed <br />adoption of a modification to the development program for development district no. 1, and the proposed <br />establishment of tax increment financing district no. 14 therein and the proposed adoption of a tax <br />increment financing plan therefor. <br />Council Action: <br />Adopt a resolution for a calling public hearing on the proposed adoption of a modification to the <br />development program for development district no. 1, and the proposed establishment of tax increment <br />financing district no. 14 therein and the proposed adoption of a tax increment financing plan therefor. <br />Attachments: <br />Timeline for establishing new TIF district <br />Resolution <br />Reviewed by: <br />City Administrator: ' <br />CC: 10/26/2010 <br />T7. o5 <br />