Agenda - Council Work Session - 05/13/2014

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(AS MODIFIED JANUARY 25, 2011) *The individual parcel identification numbers and legal descriptions are described in Exhibit III. The administrative amendment to the tax increment financing plan does not increase the boundary of the TIF District as defined by the special legislation above, but additional parcel identification numbers and legal descriptions were added to Exhibit III for property located within the boundaries as defined above. (AS MODIFIED MAY27, 2014) The TIF district currently contains 333 parcels and is being modified to remove 239 parcels from the district, leaving 94 parcels in the District. See Exhibit II for listing of these parcels. Section H Property to be Acquired in the TIF District The City may acquire and sell any or all of the property located within the TIF District. The City currently owns a number of parcels located within the District and anticipates the sale of these parcels; additionally the City may also finance the direct acquisition of land by a Developer. Section I Specific Development Expected to Occur Within the TIF District The anticipated development projected to occur within the District is varied. The HRA has been acquiring parcels within the District and has been preparing them for development and sale to developers. The City has projected future development of this property; the projections include the development of 69 acres of retail development, 10 acres of mixed -use development, 15 acres of commercial/business development, and 16 acres of housing development. The size of the proposed District makes it difficult to estimate with any certainty the years that various types of development will occur within such District. It is likely that multiple projects will occur through many years of the District. The projects forecasted within the revenue projections assume development to be fully constructed through 2035. Although the City has been approached by several developers indicating some level of interest in development of specific parcels within the District, at the time this document was prepared there were no signed construction contracts with regard to the above described development. The City anticipates using tax increment to reimburse itself for a portion of the eligible public improvement costs including acquisition, demolition, site improvements, and related administrative costs. Additionally, under Chapter 389 - H.F.No. 3729, Article 7 "Public Finance ", Section 22 City of Ramsey; Tax Increment Financing District; Special Rules Subdivision (c) in addition to the costs permitted by Minnesota Statutes, section 469.176, subdivision 4j, 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. (AS MODIFIED MAY27, 2014) In accordance with 2011 LAWS of Minnesota, Chapter 112, Article 11, Section 22, Minnesota Statues, Section 469.176, subdivision 4 j, does not apply to the district. In addition the City may utilize tax increment generated from the District to pay for the cost of land acquired by the City or the City's Housing and Redevelopment Authority prior to the establishment of the District and the cost of public improvements installed with the TIF District prior to the establishment of the District. City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 3