Agenda - Planning Commission - 12/02/2010

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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 ~ia.' The TIF District is a 533 acre area of land located within the Project Area. Atmap showing the location of the TIF District is shown in Exhibit I. )rlfr;t, Under Chapter 389 — H.F.No. 3729, Article 7 "Public Finance", Sectioh`2 ;city of Ra4sey; Tax Increment Financing District Special Rules Subdivision (a) if the City of Ramsey or an at phonity of the City'eIeets upon the adoption of a ti"9. tax increment financing plan for a district, the rules under th's'sectiort apply to a re'�eyetopment tax increment ad• financing district established by the City or an Authority of thei`i ;islrThe redevelopment tax inc[ement district includes parcels within the area bound on the East by Ramsey:q,6'bulevard, on the, North by Bunker#Lace Boulevard as extended West to Llama Street, on the West by Llama Strebt d on the sdijtfikby a line running parallel to and 600 feet south of the southerly right-of-way for US Highway 10, buttir eluding Paycals 28-32-25-43-0007, and 28-32-25-34-. 0002 in their entirety, and excluding the Anoka County Regional P�e,jproperty in ifs entirety.* A parcel within this area that is included in a tax increment finanangtdistrict that was 'certlfed before the date of enactment of this act may be included in the district created under thiMactiif the; initial district A:a-certified. •do- +�g7ii';f 'YO},. 'r:!YNIf .., :u The area encompassed by the TIF District shall also, mclude`al�sfNeet,or utility.nghk-of-ways located upon or adjacent to the property described above. ., air f l' : +,.v p rl *The iF.N individual parcel identifiidatiorf nunibesand legal desclnptions are described in.Exhibit II. sir.' r.fi j;4(;, Section H Propertyto be Acquireinthe TIF District The City may acquire and selprinny orri,a I of the plotilki in pertyjlocated within the TIF District. The City currently owns a number of parcel'sFlbceted within-141 3,IDistrict and anticipates the sale of these parcels; additionally the City may also finance tthe'direci' adgttisitton of Iand:by a Developer. p Iv [i,, i ,10 a i., "'{ ,I q ffi Section I,;;' '; Specific Development Expected to Occur Within the TIF District �V4 The anticipated"development projected to occur within the District is varied. The City has been acquiring parcels within the Dist COL has beenl5eparing them for development and sale to developers. The City has projected future developmentt='.pf:the City4',owned property; the projections 'include the development of 69 acres of retail development, 10 acres:s:ryj d1use development, 15 acres of commercial/business development, and 16 acres of housing development. ni ;lr 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 22