Agenda - Council - 05/27/2014 - Laserfiche WebLink

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Section W Prior Planned Improvements The City shall accompany its request for certification to the County Auditor (or notice of district enlargement), with a listing of all properties within the TIF District for which building permits have been issued during the 18 months immediately preceding approval of the TIF Plan. The County Auditor shall increase the original net tax capacity of the TIF District by the net tax capacity of each improvement for which a building permit was issued. The City proposes to seek special legislation to provide for an exemption from or redefinition of the requirements of Minnesota Statutes Chapter 469.177 Subdivision 4. Section X Development Agreements If within a project containing a redevelopment district, more than 25% of the acreage of the property to be acquired by the Authority is purchased with tax increment bonds proceeds (to which tax increment from the property is pledged), then prior to such acquisition, the City must enter into an agreement for the development of the property. Such agreement must provide recourse for the City should the development not be completed. The City anticipates entering into individual agreements for development as projects occur, but does not anticipate acquiring any additional property located within the TIF District. (AS MODIFIED MAY 27, 2014) As of the date of this modification, the City and HRA has entered into contracts with the following developers for the following development activities: 1. F & C Ramsey LLC., dated March 9, 2012. Activity is construction of 230 units of multi -family rental units and approximately 3,000 sq/ft of retail. Completed. Section Y Assessment Agreements The City may, upon entering into a development agreement, also enter into an assessment agreement with the developer, which establishes a minimum market value of the land and improvements for each year during the life of the TIF District. The assessment agreement shall be presented to the County or City Assessor who shall review the plans and specifications for the improvements to be constructed, review the market value previously assigned to the land, and so long as the minimum market value .contained in the assessment agreement appears to be an accurate estimate, shall certify the assessment agreement as reasonable. The assessment agreement shall be filed for record in the office of the County Recorder of each county where the property is located. Any modification or premature termination of this agreement must first be approved by the City, County and School District. The City reserves the right to enter into an assessment agreement for individual projects. Section Z Modifications of the Tax Increment Financing Plan Any reduction or enlargement in the geographic area of the Project Area or the TIF District; increase in the amount of bonded indebtedness to be incurred; increase in the amount of capitalized interest; increase in that City of Ramsey Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 19