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

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CC Regular Session Date: 12/14/2010 By: Heidi Nelson Administrative Services Title: Adopt Revised Spending Plan for TIF Districts #1 and #2 Information Item #: 6. 3. Background: As a part of the deal structure with Flaherty and Collins for The Resisdence at The COR apartment project, the City of Ramsey is providing public subsidy to the project for the payment of development fees ($2,443,000) and construction loan ($1,300,000). Thus the Spending Plan for the City's existing TIF districts 1 and 2 must be amended to allow for these expenditures in accordance with state law. Notification: Notice of this public hearing was published on December 3rd for the public hearing to be held this evening, December 14, 2010. Observations: The text of the Spending Plan is in the attached document and copied below: Spending Plan For Tax Increment Financing Districts No. 1 and No. 2 Section 1. Purpose The City of Ramsey (the "City ") is the administrative authority for Tax Increment Financing Districts No. No. 1 and No. 2 (the "TIF Districts ") in the City of Ramsey, Minnesota (the "City "), and proposes to adopt a Spending Plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176 Subd. 4m (the "Act "). The purpose of the Spending Plan is to develop or redevelop sites, lands or areas within the City in conformity with the City's Comprehensive Plan by using available tax increments from the TIF Districts to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, which will create or retain jobs in this state, including construction jobs. Section 2. Plan Under this Spending Plan, the Authority intends: (a) To use up to $3.9 million of available tax increments from the TIF Districts to provide assistance to F & C Ramsey, LLC for the construction of a mixed -use development consisting of approximately 230 market rate rental units and approximately 3,000 sq /ft of retail (the "Project "). The Project shall commence before July 1, 2011 (unless a later commencement date is authorized by law) and shall constitute a Project that would not commence by such date without the assistance provided pursuant to this Spending Plan. (b) To amend the budget set forth in the Tax Increment Financing Plans for the TIF Districts as necessary to provide for the assistance authorized by this Spending Plan. (c) To take any other action necessary and authorized under Minnesota Statutes, Section 469.176 Subd. 4m in connection with the Projects. The assistance provided pursuant to this Spending Plan shall be subject to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Law "), as applicable.