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SECTION II. TAX INCREMENT FINANCING PLAN FOR
<br />TAX INCREMENT FINANCING DISTRICT NO. 1
<br />A. Statutory Authority.
<br />Pursuant to Minnesota Statutes, Section 469.175, Subd. 4 of the TIF Act, the City seeks to modify
<br />the Plan for TIF District No.1, which was first adopted on August 27, 1985 and modified on August 12,
<br />1986, June 9, 1987, April 26, 1988, November 14, 1989, December 13, 1994, November 24, 1998,
<br />December 14, 1999, December 12, 2000, June 24, 2003, December 8, 2009.
<br />(AS MODIFIED DECEMBER 13, 2011)
<br />Pursuant to Minnesota Statutes, Section 469.1 75, Subd. 4 of the TIF Act, the City seeks to
<br />modify the Plan for TIF District No.1.
<br />B. Statement of Objectives.
<br />In addition to the objectives outlined in Section I, Subd. D of the Development Program for
<br />Development District No. 1, the City seeks to achieve the following objectives through the Plan for TIF
<br />District No.1:
<br />1. Provide employment opportunities within the City;
<br />2. Improve the tax base of the City and the general economy of the City and State;
<br />3. Encourage development in an area of the City which has not been utilized to its full
<br />potential;
<br />4. Provide site improvements, including ponding for storm water management, soil
<br />correction, landscaping, fencing, security lighting and grading on certain properties;
<br />5. Provide for future park and highway improvements; and
<br />6. Implement relevant portions of the Comprehensive Plan.
<br />(AS MODIFIED DECEMBER 13, 2011)
<br />The purpose of this modification is to increase the budget to reflect actual increment
<br />collected to date and expected through the term of the district, restate the use of funds and to bring
<br />it into conformance with OSA requirements. The City expects to achieve the objectives of providing
<br />assistance including but not limited to the acquisition of a right-of-way easements and construction
<br />of a rail stop, acquisition of land for a municipal parking ramp, acquisition, relocation,
<br />rehabilitation, demolition, construction, utilities, roadways, streets, sidewalks, public improvement
<br />costs, site improvement/preparation costs, and other qualifying improvements in order to continue
<br />development and redevelopment of blighted, foreclosed and underdeveloped property in the City
<br />and Development District No. 1. This document shall become a supplement to the amended TIF
<br />plans referenced in Section I.
<br />City of Ramsey TIF District No. 1 Modification 2-1
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