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I <br />ri <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> I <br /> I <br /> <br /> Case #~ <br /> <br />PUBLIC HEARING: ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 9 AND <br />APPROVING ITS FINANCING PLAN <br /> By: James E. Norman, City Administrator <br /> Sean Sullivan, TIF Specialist <br /> <br />Background: <br /> <br />Staff has been working with Advance Resources for Development, Inc. to create the TIF Plan for TIF District <br />No. 9. The plan is being created to correlate with the ACCAP development on Sunwood Drive and Highway <br />47. Pay-as-you-go TIF Financing will be used to fund TIF eligible expenses by the Developer and the City. <br /> <br />Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and <br />economic implications of the proposed Tax Increment Financing Plan to the School District and County at least <br />30 days before the scheduling of a public hearing. The statutory requirements were fulfilled. <br /> <br />Attached to this case is a map showing where TIF District No. 9 will exist in relation to the other TIF Districts <br />within the City of Ramsey. <br /> <br />Recommendation: <br /> <br />Staff recommends that the Council approve the creation of TIF District No. 9 and its Tax Increment Financing <br />Plan. <br />Council Action: ~tCt ~/~~' <br />Motion to recommend Council Adopt Resolution #00-10-XXX establishing Tax Increment Financing District <br />No. 9 and approving its Tax Increment Fina~ncing Plan. ~ [ <br /> <br />CC: 10/23/01 <br /> <br />-141- <br /> <br /> <br />