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Economic Development Authority (EDA) 4.3. <br />Meeting Date: 03/08/2012 <br />Submitted For: Aaron Backman By: Aaron Backman, Administrative Services <br />Title: <br />Transit Improvement Area (TIA) Application <br />Background: <br />Transit Improvement Areas (TIAs) are specially designated tracts of land near transit stations that support bus rapid <br />transit, light rail transit or commuter rail and have the potential to increase ridership and stimulate new commercial <br />and residential development. Designated TIAs must encompass a half-mile radius around a transit station. Cities, <br />counties and joint power boards are eligible to apply for TIA status. <br />When TIA funding from the State of Minnesota becomes available, designated TIAs may apply for loans to help <br />pay for commercial, residential and mixed -use development projects that involve one or more modes of public <br />transit, increase ridership, and provide for safe, pedestrian- friendly use. <br />There are currently 54 approved designated TIAs in the State of Minnesota. DEED has invited communities to <br />submit new applications for Transit Improvement Areas in 2012. <br />Observations: <br />Funding Source: <br />N/A <br />Staff Recommendation: <br />Staff recommends that the EDA formally support the City Council's resolution in favor of the TIA Application. <br />EDA Action: <br />EDA can formally support the City Council's resolution in favor of the TIA Application. <br />Ramsey TIA Map <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Aaron Backman (Originator) Aaron Backman 03/02/2012 02:18 PM <br />Form Started By: Aaron Backman Started On: 03/02/2012 12:05 PM <br />Final Approval Date: 03/02/2012 <br />