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STEP 1 (this case): begin process to establish a new TIF District, apply for State funds and begin underwriting <br />project. The purpose of this case is not to "award" any financial incentives to Life Fitness. However, this case <br />begins the State required public process to "allow" the City to award financial incentives to Life Fitness in the future. <br />STEP 2 (future case): review underwriting of project, consider authorization to establish a new TIF District, <br />consider awarding TIF agreement/ business subsidy agreement (which will include a specific amount of TIF), and <br />consider awarding DEED program incentives. <br />EDA Review: <br />The EDA reviewed this case on July 09, 2015. Attached are draft minutes. Generally, the EDA was in support of <br />the proposed project and recommended the Council move forward with the action outlined in this case. <br />ACG Consulting <br />Mike Mulrooney with ACG Consulting reviewed the proposed application, from a preliminary perspective. <br />Attached is a MEMO. Generally, the proposed project meets the City's business subsidy policy. <br />Action: <br />MOTION TO: <br />Adopt Resolution #15-08-201 Calling for a Public Hearing by the City council on the Proposed Adoption of a <br />Modification to the Development program for Development District No. 1,the Proposed Establishment of tax <br />Increment Financing District No. 15 (Life Fitness) Therein and the Adoption of a Tax Increment Financing Plan <br />Therefore, and the Proposed Granting of a Business Subsidy. <br />-and- <br />Adopt Resolution #15-08-202 Declaring the City of Ramsey's Support of Applying to the State of Minnesota <br />Department of Employment and Economic Development Job Creation Fund Program <br />- and - <br />Direct staff to accept a business subsidy application from Life Fitness and begin underwriting <br />- and - <br />Execute the attached LHB contract for State required TIF District analysis; subject to review and amendments by <br />the City Attorney. <br />Attachments <br />Request from Life Fitness: Sources of Funds <br />Res Calling for PH for Dev Dist Modifications and Creation of TIF Dist 15 <br />Res in Support of Business Applying to the Job Creation Fund <br />07 09 15 EDA Mts <br />Site Map <br />Project Budget <br />Life Fitness MEMO <br />TIF Information (State Statute) <br />TIF Information (League of MN Cities) <br />TIF Analysis Work Order <br />TIF RUN 07082015 Phase 1 <br />TIF Application (draft) <br />TIF and Business Subsidy Analysis <br />EXHIBIT A (TIF Application) 4 <br />