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I <br />I <br />I <br />! <br />I <br /> <br />CASE <br /> <br />REQUEST FOR TAX INCREMENT FINANCING (TIF) PARTICIPATION; <br />CASE OF DONALD GREENBERG <br /> By: Mark S. Banwart, Community Development Director <br /> <br />Background/Observations: <br /> <br />On May 1, 1990, the City of Ramsey received application for requesting Tax Increment Financing <br />participation for a proposed 60,032 square foot office/warehouse building. The tentative leasee of <br />this building is Parabody, Inc. The estimated project value will be $1,400,000.00 with a request <br />of $1 I7,415.00 in Tax Increment Financing assistance. The proposed project will be located on <br />Lot 2, Block 1 of the proposed Gateway North Indusn-ial Park Plat 4 Addition. In anticipation of <br />the City's participation in Tax Increment Financing for the proposed project, the City has initiated <br />correspondence to the City's Bond Counsel, Holmes & Graven and Springsted,requesting the <br />procedure and feasibility of such a Tax Increment Financing project. }:or your information the <br />following items are enclosed: <br /> <br />A) Application for Tax Increment Financing from Dennis L. Sharp (Received Ma3' 1, <br /> 1990) <br />B) Financial, Analysis (Springsted) (May 15, 1990) <br />C) Staff Recommendation (Holmes 8: Graven Report) (May 16, 1990) <br /> <br />Staff Recommendation: <br /> <br />Staff recommendation is in the form of a report from Holmes & Graven Chartered, the City's <br />Bond Counsel. <br /> <br />Planning and Zoning Commission Recommendation: <br /> <br />On May 15, 1990, the Ramsey Planning and Zoning Commission recommended to City Council <br />to participate with Tax Increment Financing on the proposed project (Parabody, Inc.) to be located <br />on Lot 2, Block 1 of the proposed Gateway North Industrial Park Plat 4 Addition. <br /> <br />Economic Development Commission Recommendation: <br /> <br />On May 16, 1990, the Ramsey Economic Development Commission recommended to City <br />Council to participate with Tax Increment Financing on the proposed project (Parabody, Inc.) to <br />be located on Lot 2, Block 1 of the proposed Gateway North Industrial Park Plat 4 Addition. <br /> <br />City Council Action: <br /> <br />Motion to direct/not direct staff to prepare an amendment to the Tax Increment District No. 2 <br />Development Plan. <br /> <br />Review Checklist: <br /> <br />CiD' Administrator X <br />CiD' Attomey <br />CiD' Engin~r X <br />Communit3' Development Director X <br />City Landscape Architect X <br />/jmt <br /> <br />Chief of Police <br />Finance Officer X <br />Planning & Zoning Commission <br />Economic Develop. Commission <br />Project Manager X <br /> <br /> <br />