Agenda - Council - 10/26/1999 - Laserfiche WebLink

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INTRODUCTION AND LEGAL BASIS A. Intent The Economic Development Authority of the City of Ramsey (EDA) proposes to construct and equip a fire station (the "Fire Station") in the Redevelopment Area (the "Redevelopment Project"). The City of Ramsey, Minnesota (the "City") will lease ail or a portion of the Fire Station from the EDA with an option to purchase pursuant to a lease with option to purchase agreement. Revenue Bonds in the principal amount not to exceed the aggregate budget on Exhibit B to be sold by the EDA to finance a portion of the costs of the Redevelopment Project. It is presently intended that revenue bonds in the principal amount of $1,665,000 will be issued for the Fire Station. The revenue bonds issued for the Fire Station will be secured by the payments to be made by the City under the lease with option to purchase agreement. In the remainder of the Redevelopment Area the EDA proposes to facilitate, as appropriate, private development by acquiring land and preparing it for private development and by constructing public infrastructure improvements; B. Statement The City and EDA have determined that conditions exist within the Redevelopment Area which have prevented further development o£ land by private enterprise. It has been found that the Redevelopment Area is potentially more useful and valuable for contributing to the public health, safety and welfare than has been realized under existing development. The development of these parcels are not attainable in the foreseeable future without the intervention of the EDA in the private development process. The EDA has prepared the Redevelopment Plan, which provides for the elimination of these conditions, thereby making the land useful and valuable for contributing to the public health, safety and welfare. C. Redevelopment Area Boundaries The boundaries of the Redevelopment Area are outlined on the Redevelopment Area Boundary Map, Exhibit A. Do All land included in the Project Area is within the legal boundaries of the City. Statement of Authority Minnesota Statutes Section 469.001-469.047 (Housing and Redevelopment Authority Act) grants municipalities the authority to designate redevelopment areas within the boundaries of the municipalities. Within these areas, the municipality may adopt a redevelopment plan and establish a project consistent I I I i I I I I I I I I I I I I I I