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Section 1. Purpose <br />Section 2. Plan <br />Spending Plan <br />For Tax Increment Financing Districts No. 1 and No. 2 <br />The City of Ramsey (the "City ") is the administrative authority for Tax Increment Financing Districts No. <br />No. 1 and No. 2 (the "TIF Districts ") in the City of Ramsey, Minnesota (the "City "), and proposes to <br />adopt a Spending Plan for the TIF Districts in accordance with Minnesota Statutes, Section 469.176 Subd. <br />4m (the "Act "). <br />The purpose of the Spending Plan is to develop or redevelop sites, lands or areas within the City in <br />conformity with the City's Comprehensive Plan by using available tax increments from the TIF Districts <br />to provide improvements, loans, interest rate subsidies, or assistance in any fonn to private development <br />consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, which will <br />create or retain jobs in this state, including construction jobs. <br />Under this Spending Plan, the Authority intends: <br />(a) To use up to $3.9 million of available tax increments from the TIF Districts to provide <br />assistance to F & C Ramsey, LLC for the construction of a mixed -use development <br />consisting of approximately 230 market rate rental units and approximately 3,000 sq /ft of <br />retail (the "Project "). The Project shall commence before July 1, 2011 (unless a later <br />commencement date is authorized by law) and shall constitute a Project that would not <br />commence by such date without the assistance provided pursuant to this Spending Plan. <br />(b) To amend the budget set forth in the Tax Increment Financing Plans for the TIF Districts <br />as necessary to provide for the assistance authorized by this Spending Plan. <br />(c) To take any other action necessary and authorized under Minnesota Statutes, Section <br />469.176 Subd. 4m in connection with the Projects. <br />The assistance provided pursuant to this Spending Plan shall be subject to Minnesota Statutes, Sections <br />116J.993 to 116J.995 (the "Business Subsidy Law "), as applicable. <br />City of Ramsey Spending Plan for TIF Districts No. 1 and 2 1 <br />