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City of Ramsey, Minnesota
<br />Rules Subdivision (c) in addition to the costs permitted by Minnesota Statutes, section 469.176, subdivision 4j, eligible
<br />expenditures within the district include the City's share of the costs necessary to provide fro the construction of the
<br />Northstar Transit Station and related infrastructure, including structured parking, a pedestrian overpass, and roadway
<br />improvements.
<br />Section J - Findings and Need for Tax Increment Financing
<br />In establishing the TIF District, the City makes the following findings:
<br />(1) The TIF District qualifies as a redevelopment district;
<br />See Section E of this document for the reasons and, facts/supporting this finding.
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<br />(2) The proposed development, in the opinion of the City.;woli,d,notiFeasonably be expected to occur
<br />solely through private investment within the reasotiabtyl foreseeable. future, and the increased
<br />market value of the site that could reasonably4be. expected to`'tloc''c''iiriwithout the use of tax
<br />increment would be less than the increase in; market value estimated fo,�,rlesult from the proposed
<br />development after subtracting the present value'"of the projected tax increments for the maximum
<br />duration of the TIF District permitted by then lF Plan,
<br />Factual Basis:
<br />Proposed development not expecteduto occur
<br />The proposed development in the District wilf,include the cdnst�uction of substantial transit and road
<br />improvements. A key component to the "s'd`ccessful de_veIopment of tle;:project and the surrounding area is
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<br />the construction of the Ramsey Station om,the Nortfls,#arICompute Rail; The application of fax increment
<br />financing will allow fogi fofistwctipn of this''keyitansi and related' transportation infrastructure that will
<br />support the developrsent of the' proposed mixed=use; transit oriented development, The City has determined
<br />that but -for thisaestment in infrastructure to'support he quality and type of development desired by the
<br />City and its regrohal partners, thisprolect will nottealize its full potential and maximize its location on a key
<br />transit and transpo,rrtaton corrjdor,'in,,addition to the transit oriented benefits of this TIF Plan, the related
<br />transportation improvements of�the'A`rmst,(ongBoule!ard interchange and pedestrian overpass will increase
<br />moto -vehibleand pedestrian; safety in the corndq? Additionally, this interchange improvement will. increase
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<br />eliti8od of tlevelopmen surrounding the interchange, that would not likely occur but -for the interchange
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<br />:The, City believes the investment inttos key infrastructure would not occur but for the use of tax increment
<br />financing, and the special*uses provided by the special legislation granted under Chapter 389 — H.F.No.
<br />3729i'A jcle 7 °Public Fined" a", Section 22 City of Ramsey; Tax Increment Financing District; Special Rules
<br />Subdivisions,(a-e). The;Cty anticipates analyzing future developer's profromas in detail to determine the
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<br />minimal amount of assistance needed to compensate developers for extraordinary development costs.
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<br />No highermarke°t:value expected:
<br />This finding is based on the fact that no other .development of comparable scope to the proposed
<br />development is practical without the same type of assistance described in this plan, or the proposed transit
<br />and roadway improvements. The City of Ramsey believes the investment in this key infrastructure will
<br />provide for economic growth and development to the fullest potential, which would not be realized but for the
<br />use of tax increment financing.
<br />To summarize the basis for the City's findings regarding alternative market value, in accordance with
<br />Minnesota Statutes, Section 469.175, Subd. 3(d), the City makes the following determinations:
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