Minutes - Council - 05/12/1987 - Special

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PROCEEDINGS OF CITY COUNCIL CITY OF RAMSEY ANOKA COUNTY STATE OF MINNESOTA The Ramsey City Council conducted a public hearing on Tuesday, May'.12', %987. at the Ramsey Municipal Center, 15153 Nowthen Blvd. N.W., Ramsey, Minnesota regarding establishment of Development District No. 2 and Tax Increment Financing Plan, Tax Increment District No. 3. Members Present: Mayor Gary Reimann Councilmember A1 Pearson Councilmember Steve DeLuca Councilmember Arnie Cox Also Present: City Administrator David Hartley City Attorney William Goodrich Community Development Planner Anne Norris Members Absent: Councilmember A1 Sorteberg CALL TO OP%DER Mayor Reimann called the public hearing to order at 7:36 p.m. PRESENTAT%ON Mr. Hartley stated that Ramsey is proposing to establish an economic development district in the vicinity of 167th Avenue NW and Hwy. ~47. Within the development district, Ramsey proposes to establish a tax increment district to capture added tax value resulting from improvements in that area and to encourage timely and quality development to take place in that district. The period in which tax increment can be captured from those properties is either 10 years or 8 years from the date in which tax increment revenues began to flow into Ramsey, whichever is shorter. Site improvements proposed for City participation will have to be paid for with increment revenues within 10 years. The site improvements include: grading, landscaping, Class V surface for parking area, security lighting, warning signal on Hwy. #47, storm drainage, curb and gutter. CITIZEN INPUT Jake Barthold - Inquired as to the estimated amount of incoming tax increment revenues that are projected. Mr. Hartley replied that the projected estimated increment is $29,000/year. Expenditures for site improvements are $131,600. The estimated payback is 4-1/2-5 years. The term in which the district can collect increment is no greater than 8 years. City Council Public Hearing/May 12, 1987 Page 1 of 2