Agenda - Council - 06/28/2011 - Laserfiche WebLink

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CC Regular Session Meeting Date: 06/28/2011 By: Aaron Backman, Administrative Services Title: Adopt Resolution Approving Minnesota Law, 2011, Chapter 112, Article 11, Section 16 (TIF District 14) Background: Attached is a resolution approving the City of Ramsey TIF law pertaining to the creation of Tax Increment Financing (TIF) District #14. The 2010 Legislative Session of the Minnesota Legislature and Governor Pawlenty signed Minnesota Law, 2010, Chapter 389, Article 7, Section 22, which authorized the City of Ramsey to establish a Redevelopment TIF District as part of the COR Development Project. The COR is a transit - oriented downtown development area that encompasses 410 acres of housing, commercial, retail, and recreational activities. The 2010 TIF legislation provided the City with a means to provide financial solutions to the major infrastructure needs of this development. That legislation was important to ensure that this development move forward in today's challenging economic environment. The 2011 Legislative Session of the Minnesota Legislature amended the original TIF legislation. The modifications approved in this year's legislation clarify certain provisions of the statute and will increase its ability to meet its original purpose of funding the Northstar rail station, the Armstrong Blvd Interchange, and other infrastructure improvements. The three changes were: 1) Clarify the TIF District boundaries (add eastern boundary), 2) Clarify the district qualifying expenditures (allows for the cost of land acquisition and public improvements made by the City prior to the establishment of the district), 3) Provide for an exemption of MS 469.177 to capture the value of development currently under construction (VA Outpatient Clinic and the Allina Medical Clinic). The new TIF legislation does require local approval in accordance with Minnesota Statute 645.021. A copy is attached for your review. (Last year the City of Ramsey did this for the 2010 legislation on 8/24/10.) Adoption of the attached resolution gives the necessary local approval. Observations: A certificate of approval of the special law will be sent to the State of Minnesota. Funding Source: Legal costs associated with the creation of a TIF District are eligible TIF expenses. Council Action: Adopt Resolution #11- 06 -XXX Approving Minnesota Law, 2011, Chapter 112, Article 11, Section 16. 2011 Legislation Amending TIF Dist. 14 MN Statute Requiring Local Approval Resolution Approving Special TIF Legislation Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 06/23/2011 03:37 PM Form Started By: Aaron Backman Started On: 06/23/2011 10:51 AM Final Approval Date: 06/23/2011 5. 8.