Resolution - #14-05-094 - 05/27/2014

Home

Councilmember Backous introduced the following resolution and moved for its adoption: RESOLUTION #14-05-094 RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 14. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOA; as follows: Section 1. Recitals 1.01. The City Council of the City of Ramsey has heretofore established Development District No. 1 (the "Development District") and adopted the Development Program therefor, and has also established within the Development District, Tax Increment Financing District No. 14 (the "TIF District") and approved a tax increment financing plan ("TIF Plan") for the TIF District. It has been proposed that the City adopt a modification to the TIF Plan (the "TIF Plan Modification") for the TIF District, all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469.133 and Sections 469.174 to 469.1794, all inclusive, as amended, (the "Act") all as reflected in the TIF Plan Modifications, and presented for the Council's consideration. 1.02. The City has investigated the facts relating to the TIF Plan Modification and has caused the TIF Plan Modification to be prepared. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the proposed TIF Plan Modification, including, but not limited to, notification of Anoka County, Independent School District No. 11, having taxing jurisdiction over the property included in the TIF District, a review of and written comment on the TIF Plan Modification by the City Planning Commission on May 1, 2014, and the holding of a public hearing upon published notice as required by law. 1.04. The City is not modifying the boundaries of the Development District but is modifying the boundaries of the TIF District. Section 2. Decertification of parcels from Tax Increment Financing District No. 14 2.01. On December 14, 2010, the City created the TIF District within the Development District by approval of the TIF Plan for the TIF District. 2.02. The City is the administrative authority of the TIF District. 2.03. The properties as described in Exhibit A, by property identification numbers, were included in the TIF District. 2.04 The City desires by this resolution to amend the TIF Plan for the TIF District to remove the above-described parcels from the TIF District, thereby reducing the size thereof. 2.05. The City has determined that the current net tax capacity (pay 2014) of the parcels proposed to be eliminated from the District is $520,313. Since the current tax capacity is lower than the frozen tax capacity of $683,971, the City has undergone the full public hearing process as required by