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#10-12-267
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#10-12-267
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C. The City has performed all actions required by law to be performed prior to the modification <br />of Development District No. 1 and TIF District No. 14 therein, and the adoption of a <br />proposed Development Program, as amended and Tax Increment Financing Plan therefore, <br />including, but not limited to, notification of Anoka County and Independent School District <br />No. 11 having taxing jurisdiction over the property to be included in TIF District No. 14 and <br />the holding of a public hearing upon published and mailed notice as required by law. <br />NOW, THEREFORE, BE IT RESOLVED, BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY as. follows: <br />1) Modification Findings. That the City finds, determines and declares that with respect to the <br />Modification: <br />(a) The City is not modifying the boundaries of Development District No. 1. <br />(b) The City is, however, modifying the Development Program to allow for the increased <br />costs associated with TIF District No. 14 as described in the Modification. <br />2. Tax Increment Financing (Redevelopment) District No. 14. That there is established in the <br />City of Ramsey within Development District No. 1 a Tax Increment Financing (Redevelopment) <br />District No. 14, the initial boundaries of which are fixed and determined as described in the Tax <br />Increment Financing Plan. <br />3. Tax Increment Financing Plan. That the Tax Increment Financing Plan is adopted as the tax <br />increment financing plan for TIF District No. 14, and the City Council makes the following findings: <br />(a) TIF District No. 14 is a Tax Increment Financing District as permitted by Chapter 389, <br />Article 7, Section 22 of the Laws of Minnesota, 2010, the specific basis for such determination being <br />that the 230 unit multifamily rental housing facility and 3,000 square feet of retail space will provide <br />safe, decent, affordable, sanitary housing for residents of the city and it will result in the preservation <br />and enhancement of the tax base of the State. <br />(b) The proposed redevelopment in the opinion of the City Council, would not occur solely <br />through private investment within the reasonably foreseeable future and that the increased market <br />value of the site that could reasonably be expected to occur without the use of tax increment <br />financing would be less than the increase in the market value estimated to result from the proposed <br />development after subtracting the present value of the projected tax increments for the maximum <br />duration of TIF District No. 14 permitted by the Tax Increment Financing Plan. <br />The reasons supporting this finding are that: <br />(i) Private investment will not finance these development activities because of <br />prohibitive costs. It is necessary to finance these development activities through the use of <br />tax increment financing so that other development by private enterprise will occur within <br />Development District No. 1. <br />(ii) A comparative analysis of estimated market values both with and without <br />establishment of TIF District No. 14 and the use of tax increments has been performed as <br />described above. Such analysis is found in Exhibit VII of the Tax Increment Financing Plan, <br />and indicates that the increase in estimated market value of the proposed development (less <br />the indicated subtractions) exceeds the estimated market value of the site absent the <br />establishment of TIF District No. 14 and the use of tax increments. <br />(c) The Tax Increment Financing Plan for TIF District No. 14 conforms to the general plan <br />for development or redevelopment of the City of Ramsey as a whole. <br />Resolution #10 -12 -267 <br />Page 2 of 5 <br />
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