Agenda - Council - 12/12/2000 - Laserfiche WebLink

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Case # PUBLIC HEARING: AMENDMENT TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 2.WITHIN ' DEVELOPMENT DISTRICT No. 1 AND ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 8 AND APPROVING ITS TAX INCREMENT FINANCING PLAN By: James E. Norman, City Administrator Background: Staff has been working with the Financial Consulting finn of Juran and Moody to prepare modifications to the TIF plan for TIF District No. 2 and to create the TIF plan for TIF District No.8. These plans are being amended and created to correlate with the Maken and Sauter developments. The amendment to TIF District No. 2 applies to the Sauter property, with the creation of TIfF District No. 8 relating to the Maken project. Bonding will be used to fund the land purchase and public improvements to both projects. Minnesota Statutes, Section 469.175, Subdivision 2, requires that the City present its estimate of fiscal and economic implications of the proposed Tax Increment Financing Plan to the School District and County at least 30 days before scheduling of a public hearing. The statutory requirements were fulfilled. Attached to this case is a map showing where TIF District No. 8 will exist in relation to the other TIF Districts within the City of Ramsey. Recom~nendation: Staff recommends that Council approve the modification to TIF District No. 1 as outlined in the amended Tax Increment Financing Plan and to approve the creation of TIF District No. 8 and its Tax Increment Financing Plan. Council Action: ~~,~ Motion to recommend Council Adopt Resolution #00-12-XXX approving the modification to the Development program for DeveloPment District No. 1, approving the amendment to the Tax Increment Financing Plan for Tax Increment Financing District No. 2 within Development District No. 1 and establishing Tax Increment Financing District'No. 8 and approving its Tax Increment Financing Plan. CC: 12/12/00 -151-