Laserfiche WebLink
CASE <br /> <br />PUBLIC HEARING: CONSIDER APPROVAL FOR ESTABLISHMENT OF TAX <br />INCREMENT FINANCING PLAN FOR TIF DISTRICT NO. 1-7 <br /> By: James E. Norman, City Administrator <br /> <br />Backgroun '~.: <br /> <br />The City ~eceived a request from the developer for tax increment assistance to be used in <br />conjunction ~vith the redevelopment of blighted property north of T.H. Highway #10 in the area <br />formerly occupied by The Lighthouse Bar a~ Grille. The d:.~veloper proposes to demolish the <br />existing bhghted structures a~,d redevelop th~ sites as a multi.~t~.nant commercial retail complex. <br />If Tax ~n/zr' .nent District ~'To. 1-7 is apprc ,~ed, tax increm,-~t will be used '~o reimburse the <br />developer _ or eligible demoli ~[ on, site impro¥,.x'nent and public !:.ffrastructure cc. z :r.. <br /> <br />Minnesota ~ .:~tutes, S ectic? 469.175, Subd[s i.~ion 2, requires :hat the City pres ~n~ its estimate <br />fiscal and ~.."~nomic implications of the pr~,¢osed Tax Increment Financing ~-ian to the Schoc! <br />District a, ;. County at lea-~ 30 days befor~ scheduling of **e public hem2~o. The statutory <br />requirem: ~,. s were fulfillcsl and the City A, drmnistrator did ~'~pear before tt~e County Board t~ <br />make a p~'esev, tation on Jam.~ry 11, 2000. <br /> <br />Attached ,.c, '~h,.'s case are ~:hc Escal and econ'~m~c implicatis~s of the proposed Tax Incremen; <br />District ~::: ~rcsented to thc School Distrk.~ ~nd County. ^. ~o attached to ~he case is a <br />describin.~:' where District ?.~ .:. 7 of DeveloI~:~nt District 1 wi. ii exist in relati~ to the other <br />Districts w!*hin the City of Ramsey. <br /> <br />Council ~'~ ,~ion: <br /> <br />Motion to adopt Resoluti:~n #00-01-XXX approving the establishment of Tax Increment <br />Financing l'Or TIF District No. 7-1. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Economic Development Consultant <br />Community Development Director <br /> <br />CC: 01/25/00 <br /> <br />~ ~ RA-F`~'~ ~ V~L ~ ~users[JTh ie~ing~ ~C~UNC~L& ~C~TYC~UN~2 ~January~ T~FDist#7- ~.d~c 01/21/00 <br /> <br /> <br />