Agenda - Planning Commission - 12/02/2010

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CASE #: REQUEST FOR RESOLUTION FINDING THE DEVELOPMENT PROGRAM FOR MUNICIPAL DEVELOPMENT DISTRICT NO. 1 AND THE TAX INCREMENT FINANCING (TIF) PLAN FOR TIF DISTRICT NO. 14 CONFORM TO CITY'S 2030 COMPREHENSIVE PLAN By: Aaron Backman, Economic Development/Marketing Mgr. Background: As part of the development in the COR, the City of Ramsey has prepared a Development Plan for the overall Development District (No. 1) and has prepared a Tax Increment Financing (TIF) Plan for the new Tax Increment District (No. 14). Per Minnesota Statutes, the City's PIanning Commssion must review the Program and Plan to determine whether they conform to the general plan for the development or redevelopment of the City as a whole as delineated in the City of Ramsey's 2030 Comprehensive Plan. Observations: The Development District #1 is a 533 acre area of land located within the Project Area. The TIF Redevelopment District #14 (also referred to as the COR Development Project) lies within the Development District #1. The COR is a master planned area that encompasses 410 acres of housing, commercial, retail, and recreational activities. The proposed plan and project are consistent with the activities that are identified in the 2030 Comprehensive Plan. The City's TIF Plan proposes uses such as buying or selling any or all of the property within the TIF district. The City currently owns a number of parcels within the District and anticipates the sale of these parcels. Additionally, the City may finance the acquisition of land by a developer. The City projects 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, .like the proposed COR apartments. The City is currently in the process of exploring possible amendments to the original Town Center Master Plan. The current proposal continues to have a mix of residential, commercial, and employment uses, although the exact mix does propose to change. The TIF Plan allows for financing mechanisms to provide for these mixed-use/transit-oriented activities to support the development. The Residence at the COR will add approximately 230 residential units encompassing 250,000 sq. ft. of living space and 3,000 sq. ft. of commercial space to the west of the City's existing parking ramp. Eligible public costs include land/building expenses, special assessments, public utilities, site improvements, the NorthStar Transit Station, bond payments, etc. The Planning Commission should note that unlike typical resolutions, the Planning Commission is being asked to pass a resolution as opposed to recommending that the City Council pass a resolution. 15