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

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34-32-25-21-0012 27-32-25-43-0002 34-32-25-12-0006 27-32-25-43-0011 27-32-25-34-0007 27-32-25-43-0012 35-32-25-21-0012 35-32-25-21-0023 27-32-45-43-0013 27-32-25-43-0014 27-32-25-43-0006 27-32-25-43-0005 27-32-25-43-0008 27-32-25-43-0009 27-32-25-43-0010 27-32-25-44-0014 27-32-25-44-0002 27-32-25-44-0003 27-32-25-44-0006 34-32-25-11-0022 34-32-25-11-0021 34-32-25-11-0015 34-32-25-11-0016 34-32-25-11-0008 34-32-25-11-0009 34-32-25-11-0010 34-32-25-11-0011 35-32-25-12-0004 35-32-25-22-0017 35-32-25-22-0005 35-32-25-21-0006 35-32-25-21-0007 35-32-25-21-0008 35-32-25-21-0027 35-32-25-21-0028 35-32-25-21-0029 35-32-25-21-0030 (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. 2 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 easements from BNSF railroad for the construction of a rail stop as part of the Northstar Rail Corridor. Although this land and easements are not located within TIF District No. 2, 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 $22,100,000, as shown in the table below: SOURCES OF FUNDS TOTAL Tax Increment $21,300,000 Interest $800,000 Total $22,100,000 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 City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 2 2-8