Agenda - Council Work Session - 05/13/2014

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Exhibit VII Special Legislation Regarding the TIF District LAWS of MINNESOTA 2010 CHAPTER 389 -- H.F.No. 3729 ARTICLE 7 PUBLIC FINANCE Sec. 22. CITY OF RAMSEY; TAX INCREMENT FINANCING DISTRICT; SPECIAL RULES. (a) If the city of Ramsey or an authority of the city elects upon the adoption of a tax increment financing plan for a district, the rules under this section apply to a redevelopment tax increment financing district established by the city or an authority of the city. The redevelopment tax increment district includes parcels within the area bounded on the North by Bunker Lake Boulevard as extended West to Llama Street, on the West by Llama Street, and on the south by a line running parallel to and 600 feet south of the southerly right -of -way for U.S. Highway 10, but including Parcels 28- 32 -25 -43 -0007 and 28- 32 -25 -34 -0002 in their entirety, and excluding the Anoka County Regional Park property in its entirety. A parcel within this area that is included in a tax increment financing district that was certified before the date of enactment of this act may be included in the district created under this act if the initial district is decertified. (b) The requirements for qualifying a redevelopment tax increment district under Minnesota Statutes, section 469.174, subdivision 10, do not apply to the parcels located within the district. (c) In addition to the costs permitted by Minnesota Statutes, section 469.176, subdivision 4i, eligible expenditures within the district include the city's share of the costs necessary to provide for the construction of the Northstar Transit Station and related infrastructure, including structured parking, a pedestrian overpass, and roadway improvements. (d) The requirement of Minnesota Statutes, section 469.1763, subdivision 3, that activities must be undertaken within a five -year period from the date of certification of a tax increment financing district, is considered to be met for the district if the activities were undertaken within ten years from the date of certification of the district. (e) Except for administrative expenses, the in- district percentage for purposes of the restriction on pooling under Minnesota Statutes, section 469.1763, subdivision 2, for this district is 100 percent. EFFECTIVE DATE.This section is effective upon approval by the governing body of the city of Ramsey, and upon compliance by the city with Minnesota Statutes, section 645.021, subdivision 3. City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 32