Agenda - Economic Development Authority - 09/03/2015

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Tax Increment Financing District Overview City of Ramsey Tax Increment Financing District No. 15 — Life Fitness The following summary contains an overview of the basic elements of the Tax Increment Financing Plan for Tax Increment Financing District No. 15 — Life Fitness. More detailed information on each of these topics can be found in the complete Tax Increment Financing Plan. Proposed action: ➢ Recommending the City Council establish Tax Increment Financing District No. 15 — Life Fitness (District) and adopt Tax Increment Financing Plan (TIF Plan). ➢ Recommending the City Council modify the Development Program for Development District No. 1 which includes the establishment of Tax Increment Financing District No. 15 — Life Fitness, a continuation of the goals and objectives set forth in the Development Program for Development District No. 1. Type of TIF District: A renewal and renovation district Parcel Numbers: 27-32-25-44-0012 27-32-25-44-0018 27-32-25-44-0019 Proposed The District is being created to facilitate the construction of an approximately Development: 98,500 square foot manufacturing/warehouse expansion in the City. Please see Appendix A of the TIF Plan for a more detailed project description. Maximum duration: The duration of the District will be 15 years from the date of receipt of the first increment (16 years of increment). The City elects to receive the first tax increment in 2017. It is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2032, or when the TIF Plan is satisfied. Estimated annual tax Up to $135,914 increment: 0 LEADERS IN PUBLIC FINANCE EHLERS