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R. <br />CITY COUNCIL WORK SESSION <br />Topic Report: Review Draft Tax Increment Finance <br />(TIF) Plan for new COR TIF District <br />By: Heidi A. Nelson, Deputy City <br />Administrator/Director of Community Development <br />Background: <br />During the 2010 legislative session, the City of Ramsey was granted the authority to <br />establish a tax increment financing district in the Omnibus Tax Bill (House File 3729, <br />Article 7, Section 22) for transit and development related improvements in its downtown <br />development area, The COR. In order to establish the new district, the city is required to <br />prepare a Tax Increment Finance Plan for the new district. To that end, the HRA <br />solicited proposals for the preparation of the Tax Increment Finance Plan and on August <br />24'", the Council authorized a contract with Springsted for the preparation of the plan for <br />the new district. Since that time, staff has been working with Springsted to prepare the <br />draft plan and begin the process for establishing the new district. <br />Attached to this report is the timeline for establishing the new district, a memo that <br />provides an overview of the TIF Plan, and the draft TIF Plan for the council's review. <br />Staff from Springsted will be present at the work session to walk through each of these <br />documents and provide a general overview of tax increment financing. <br />On this evening's regular agenda, there is a case and resolution that calls for the public <br />hearing to establish the new district at the regular meeting on Tuesday, December 14` <br />2010. <br />Action Statement: <br />Review timeline, overview memo, and draft TIF Plan and provide feedback to city staff <br />and Springsted with regard to the new district. <br />Attachments: <br />Timeline for establishing the new district <br />TIF Plan Overview Memo <br />Draft TIF Plan <br />Reviewed by: <br />City Administrator <br />CCWS: 10/26/2010 <br />