Agenda - Council - 12/13/2011 - Laserfiche WebLink

Home

(AS MODIFIED DECEMBER 13, 2011) In addition to any land acquisition previously specified and to amend previously specified acquisitions included in the Amendment to the Tax Increment Financing Plan dated June 24, 2003, the City intends to use proceeds from TIF District No. 1 to purchase the following parcel for the construction of a parking ramp: 28-32-25-31-0012 The City also intends to acquire a right-of-way easement from BNSF railroad for the construction of a rail stop as part of the Northstar Rail Corridor. Although this parcel and easement are not located within TIF District No. 1, it is located within Development District No. 1. P TIF Account The tax increment received, with respect to the TIF Districts within Development District No.1, shall be segregated by the City in a special account on its official books and records or held by a trustee for the benefit of holders of bonds issued to finance development activities. Q. Estimate of Project Costs (AS MODIFIED DECEMBER 13, 2011) The total estimated tax increment revenues for the District are expected to be approximately $18,040,000, as shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $16,300,000 Interest $1,740,000 Total $18,040,000 In addition to previously -budgeted costs, the City expects to provide assistance including but not limited to the acquisition of a right-of-way easements and construction of a rail stop, acquisition of land for a municipal parking ramp, acquisition, relocation, rehabilitation, demolition, construction, utilities, roadways, streets, sidewalks, public improvement costs, site improvement/preparation costs, and other qualifying improvements in order to continue development and redevelopment of blighted, foreclosed and underdeveloped property in the City and Development District No. 1. The costs outlined in the Uses of Funds within Development District No. 1 will be financed primarily through the annual collection of tax increments. The revised cumulative uses of tax increment funds is summarized in the table on the following page: City of Ramsey TIF District No. 1 Modification 2-6