Agenda - Council - 12/14/2010 - Laserfiche WebLink

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1. Modification Findings. The City finds, determines and declares that with respect to the Modification: (b) The City is, however, modifying the Development Program to allow for the increased costs associated with TIF District No. 14 as described in the Modification. 2. Tax Increment Financing (Redevelopment) District No. 14. There is established in the City of Ramsey within Development District No. 1 a Tax Increment Financing (Redevelopment) District No. 14, the initial boundaries of which are fixed and determined as described in the Tax Increment Financing Plan. 3. Tax Increment Financing Plan. The Tax Increment Financing Plan is adopted as the tax increment financing plan for TIF District No. 14, and the City Council makes the following findings: (a) TIF District No. 14 is a Tax Increment Financing District as permitted by Chapter 389, Article 7, Section 22 of the Laws of Minnesota, 2010, the specific basis for such determination being that the 230 unit multifamily rental housing facility and 3,000 square feet of retail space will provide safe, decent, affordable, sanitary housing for residents of the city and it will result in the preservation and enhancement of the tax base of the State. (b) The proposed redevelopment in the opinion of the City Council, would not occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of TIF District No. 14 permitted by the Tax Increment Financing Plan. (c) The Tax Increment Financing Plan for TIF District No. 14 conforms to the general plan for development or redevelopment of the City of Ramsey as a whole. 3062263v1 (a) The City is not modifying the boundaries of Development District No. 1. The reasons supporting this finding are that: (i) Private investment will not finance these development activities because of prohibitive costs. It is necessary to finance these development activities through the use of tax increment financing so that other development by private enterprise will occur within Development District No. 1. (ii) A comparative analysis of estimated market values both with and without establishment of TIF District No. 14 and the use of tax increments has been performed as described above. Such analysis is found in Exhibit VII of the Tax Increment Financing Plan, and indicates that the increase in estimated market value of the proposed development (less the indicated subtractions) exceeds the estimated market value of the site absent the establishment of TIF District No. 14 and the use of tax increments. 2