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1990's (Disc 11)
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10/5/2006 11:32:51 AM
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9/16/2003 10:43:12 AM
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FINANCE OPTIONS <br /> <br /> The City of Ramsey has several possibilities for funding the acquisition and/or <br />development of the Waste Management site and/or the 149-acre site located west of the Anoka <br />Electric Cooperative Energy Park. One or more of the options shown could effectively fund the <br />desired land purchases. The financing options are categorized as payment up front and <br />installment/no-payment options depending upon when the City is required to submit the total <br />purchase price. Each of these different methods of financing is summarized briefly below. <br /> <br />Payment Up-Front Options: <br /> <br /> 1. Excess Tax Increment Financing Funds. This is a highly feasible option in <br />which the City would place the desired properties within the Tax Increment Development <br />District. The City would be able to use excess tax increment revenue generated from its tax <br />increment financing districts. This procedure is generally referred to as pooling. <br /> <br /> 2. Tax Increment Bonds. In this option, the City's Tax Increment Development <br />District would require a formal amendment to encompass the two desired properties within its <br />boundaries. After the required budget amendment, the City would be allowed to sell bonds to <br />the general public. Tax increment bonds require that at least 20% of the interest and principal <br />paymrJ its be reimbursed with revenue generated from new developments created within the <br />expanded TIF area. <br /> <br /> 3. Internal Borrowing. Many of the City's funds allow for the opportunity of <br />iaternal fund transfers, or borrowing between funds. Upon examination of City fund balances, <br />[.~e City shows a strong, positive balance in most funds. A transfer between funds would result <br />in the borrowing fund paying a stated interest rate to the loaning fund, in addition to repaying the <br />loan. <br /> <br />Installment/No Payment Options: <br /> <br /> 1, Contract for Deed/Option. This option allows the City the opportunity to <br />pay for the acquisition of the property for a period of time. A contract is entered into between <br />the seller and the City stating terms of payment and when title will exchange hands. <br /> <br /> 2. Joint Venture. The City, Anoka Electric Cooperative, or possibly the <br />property sellers, would form a team in the acquisition of the properties. The City's partner, <br />would finance the transactions and deed the properties to the City. Both partners benefit, as the <br />City, or agent, obtains the desired properties, and the joint venture partner avoids paying property <br />taxes. <br /> <br />-5- <br /> <br /> <br />
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