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CASE <br /> <br />PUBLIC HEARING ON THE PROPOSED MODIFICATION OF <br />DEVELOI~MENT DISTRICT NO. I AND CREATION TAX INCREMENT <br /> · FINANCING DISTRICT NO. 7 <br /> By: Ryan Schroeder, City Administrator <br /> James Gromberg, Economic Development Coordinator <br /> <br />Notification: <br /> <br />In addition to I;he publication of the public hearing notice in the Anoka County Union, both <br />the Anoka-He: ~nepin Independent School District Number 11 and Anoka County have been <br />notified concening the proposed creation of the District. <br /> <br />Backgroundl <br /> <br />The City of R~tmsey, with the continued development of commercial/industrial property, <br />has the opporttinity to develop a new partnership with the creation of a new industrial park. <br />This new TIF~District will include the property located between the current AEC T~ <br />district and th~ District that was created in the late 1980's along Sunfish Lake Blvd. 'NW <br />(attached map); <br /> <br />The new TIF District will be a 25-year, redevelopment district that will allow for the <br />continued dev4opment and redevelopment of this area ensuring a stable commercial tax <br />base for the City of Ramsey. The location of this district will provide the final piece in the <br />City's developr~ent of a high quality industrial corridor from the City of Anoka to Ramsey <br />Boulevard. It Would be the intent of the City staff to use the increment generated from this <br />new district tolcontinue the current development programs that have proved to be very <br />successful in the Cities of Anoka and Ramsey. <br /> <br />The proposed plan has been forwarded to both the School District and Anoka County and <br />no negative corfiments have been received. <br /> <br />Attached for your review is a copy of the proposed Development Program for Development <br />District No. 1 ~nd a Tax Increment Financing Plan for Tax Increment Financing District <br />No. 7. In addition, a copy of the public hearing notice is also included. <br /> <br />Council Action: <br />Motion to adopt;Resolution 96-12- °OqW approving the proposed modification of the <br />Development PrOgram for Development District No. 1 and the Tax Increment Financing <br />Plan for Tax Increment Financing District No. 7. <br /> <br />Reviewed by:: <br /> <br />City AdministratOr <br />Economic Develbpment Coordinator <br /> <br />Copies also distributed to: <br />Finance Officer <br /> <br />CC: 12/10/96 <br /> <br /> <br />