Agenda - Planning Commission - 09/10/2015

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Section 2 - Tax Increment Financing Plan for Tax Increment Financing District No. 15 - Life Fitness Subsection 2-1. Foreword The City of Ramsey (the "City"), staff and consultants have prepared the following information to expedite the establishment of Tax Increment Financing District No. 15 - Life Fitness (the "District"), a renewal and renovation tax increment financing district, located in Development District No. 1. Subsection 2-2. Statutory Authority Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to Minnesota Statutes ("MS.'), Sections 469.124 to 469.133, inclusive, as amended, and MS., Sections 469.174 to 469.1794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF Act"), to assist in financing public costs related to this project. This section contains the Tax Increment Financing Plan (the "TIF Plan") for the District. Other relevant information is contained in the Modification to the Development Program for Development District No. 1. Subsection 2-3. Statement of Objectives The District currently consists of three parcels of land and adjacent and internal rights-of-way. The District is being created to facilitate the construction of an approximately 98,325 square foot manufacturing/warehouse expansion in the City. Please see Appendix A for further District information. The City will enter into an agreement with Life Fitness as the owner of the business expanding within the District. This TIF Plan is expected to achieve many of the objectives outlined in the Development Program for Development District No. 1. The activities contemplated in the Modification to the Development Program and the TIF Plan do not preclude the undertaking of other qualified development or redevelopment activities. These activities are anticipated to occur over the life of Development District No. 1 and the District. Subsection 2-4. Development Program Overview 1. Property to be Acquired - Selected property located within the District may be acquired by the City and is further described in this TIF Plan. 2. Relocation - Relocation services, to the extent required by law, are available pursuant to MS., Chapter 117 and other relevant state and federal laws. 3. Upon approval of a developer's plan relating to the project and completion of the necessary legal requirements, the City may sell to a developer selected properties that it may acquire within the District or may lease land or facilities to a developer. 4. The City may perform or provide for some or all necessary acquisition, construction, relocation, demolition, and required utilities and public street work within the District. City of Ramsey Tax Increment Financing Plan for Tax Increment Financing District No. 15 2-1