Agenda - Council Work Session - 11/23/2010

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City of Ramsey, Minnesota Section F Duration of the TIF District Redevelopment districts may remain in existence 25 years from the date of receipt of the first tax increment. The City anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2037). Modifications of this plan (see Section Z) shall not extend these limitations. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the Authority. Pursuant to MN Statutes, Section 469.175 subdivision 1(b), the Authority elects to delay receipt of first increment until 2012. Section G Property to be Included in the TIF District The TIF District is a 533 acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. Under Chapter 389 — H.F.No. 3729, Article 7 "Public Finance ", Section 22 City of Ramsey; Tax Increment Financing District; Special Rules Subdivision (a) if the City of Ramsey or an authority of the City elects upon the adoption of a tax increment financing plan for a district, the rules under this section apply to a redevelopment tax increment financing district established by the City or an Authority of the City. The redevelopment tax increment district includes parcels within the area bound on the East by Ramsey Boulevard, on the North by Bunker Lake Boulevard as extended West to Llama Street, on the West by Llama Street, and on the south by a line running parallel to and 600 feet south of the southerly right -of -way for US Highway 10, but including Parcels 28- 32 -25 -43 -0007, and 28- 32- 25 -34- 0002 in their entirety, and excluding the Anoka County Regional Park property in it's entirety.* A parcel within this area that is included in a tax increment financing district that was certified before the date of enactment of this act may be included in the district created under this act if the initial district is decertified. The area encompassed by the TIF District shall also include all street or utility right -of -ways located upon or adjacent to the property described above. *The individual parcel identification numbers and legal descriptions are described in Exhibit II. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District. The City currently owns a number of parcels located within the District and anticipates the sale of these parcels; additionally the City may also finance the direct acquisition of land by a Developer. Section I Specific Development Expected to Occur Within the TIF District The anticipated development projected to occur within the District is varied. The City has been acquiring parcels within the District and has been preparing them for development and sale to developers. The City has projected future development of the City owned property; the projections include the development of 69 acres of retail development, 10 acres of mixed -use development, 15 acres of commercial /business development, and 16 acres of housing development. The size of the proposed District makes it difficult to estimate with any certainty the years that various types of development will occur within such District. It is likely that multiple projects will occur through many years of the District. The projects forecasted within the revenue projections assume development to be fully constructed through 2035. Although the City has been approached by several developers indicating some level of interest in development of specific parcels within the District, at the time this document was prepared there were no signed construction contracts with regard to the above described development. The City anticipates using tax increment to reimburse itself for a portion of the eligible public improvement costs including acquisition, demolition, site improvements, and related administrative costs. Additionally, under Chapter 389 — H.F.No. 3729, Article 7 "Public Finance ", Section 22 City of Ramsey; Tax Increment Financing District; Special SPRINGSTED Page 2