Agenda - Council Work Session - 05/13/2014

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The Tax Increment Financing Plan for Tax Increment Financing District No. 14 is being modified to remove parcels from the TIF District, update the budget in accordance with OSA TIF reporting requirements and to update the TIF District parcel list. Section E Designation of Tax Increment Financing District as a Redevelopment District Under Chapter 389 - H.F.No. 3729, Article 7 "Public Finance ", Section 22 City of Ramsey; Tax Increment Financing District; Special Rules Subdivision (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. . Section F Duration of the TIF District (AS MODIFIED MAY 27, 2014) Redevelopment districts may remain in existence 25 years from the date of receipt of the first tax increment. The City anticipates that the TIF District will remain in existence the maximum duration allowed by law (projected to be through the year 2037). Modifications of this plan (see Section Z) shall not extend these limitations. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the Authority. Pursuant to MN Statutes, Section 469.175 subdivision 1(b), the Authority elects to delay receipt of first increment until 2012. (AS MODIFIED MAY 27, 2014) Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. lb, the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The date of receipt by the City of the first tax increment is anticipated to be 2015. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2040, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. Section G Property to be Included in the TIF District The TIF District is a 533 acre area of land located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. Under Chapter 389 - H.F.No. 3729, Article 7 "Public Finance ", Section 22 City of Ramsey; Tax Increment Financing District; Special Rules Subdivision (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 bound on the East by Ramsey Boulevard, 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 US Highway 10, but including Parcels 28- 32 -25 -43 -0007, and 28- 3225 -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. The area encompassed by the TIF District shall also include all street or utility right -of -ways located upon or adjacent to the property described above. City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 2