Laserfiche WebLink
CASE #7 <br /> <br />MODIFY DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT <br />NO.1, MODIFY TAX INCREMENT FINANCING PLAN FOR TIF NO.2, <br />CREATE TIF DISTRICT NO.5 WITHIN DEVELOPMENT DISTRICT NO. <br />! AND ADOPT A TIF PLAN FOR TIF DISTRICT NO.5 <br /> By: David R. Hartley, City Administrator <br /> <br />Background: <br /> <br />Over the past two years, efforts have been made by the developers of three residential <br />subdivisions (Cedar Hills Addition, Windemere Woods Addition, and Chestnut Hills <br />Addition) to develop these areas with urban services (sanitary sewer and water) and at <br />urban densities. To accomplish this, major sanitary sewer and water trunk mains need to <br />be extended to the area proposed to be developed. The cost of such improvements is above <br />and beyond the "normal" costs of developing properties with such facilities. Therefore, the <br />developers have approached the City of Ramsey with a request for assistance in the form of <br />Tax Increment Financing (TIF). <br /> <br />FolIowing these discussions and plans over the past two years, it has been agreed that the <br />developers will be specially assessed for the additional cost for extending trunk sanitary <br />sewer and water to the development area and reimbursed by Tax Increment Financing. The <br />way this will work is that as tax increment is generated from the improvements on the <br />property, the developers will be reimbursed for the additional investment made to extend <br />the utilities to the area. This approach is sometimes referred to as "pay as you go". In this <br />instance, the City is at no risk since it has made no obligation in the form of issuing debt <br />for which it pledges its full faith and credit.1 <br /> <br />At this time the Council is being asked to establish Tax Increment District No. 5. <br /> <br />A budget amendment for an existing Tax Increment District No. 2 is also being sought to <br />finance site improvements for a proposed manufacturing expansion within that district. <br />More detail will be available at the meeting on this matter. <br /> <br />Council Action: <br /> <br />Motion to adopt Resolution g90-04- approving a modified development pro,am for <br />Development District No. 1 and a Tax Increment Financing Plan for Tax Increment <br />Financing District No. 5. <br /> <br />(Tentative) <br /> <br />Motion to adopt Resolution #90-04- approving an amendment to the Tax Increment <br />Financing Plan for Tax Increment Financing District No. 2. <br /> <br />Review Checklist: <br /> <br />City Adminisu:ator X <br />City Attorney <br />City Engineer <br />Community Development Director X <br />Public Works Supervisor <br /> <br />Chief of Police <br />Finance Officer <br />Planning & Zoning Commission <br />Park & Recreation Commission <br />Bond Counsel <br /> <br />X <br /> <br /> <br />