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10 ~inutes CAS~ <br /> <br /> [(IVER'S BEND PLAZA <br />A~DITIONAL ~QUBST FOR TAX INCR~I~NT FUFD$ <br /> By: Dave Hartley, City Administrator <br /> <br />Background: <br /> <br />The City of Ramsey has indicat,~d ~:o the developers of River's Bend Plaza that <br />$173,000 of tax increment r(,ve~ue would be available for financing site <br />improvements, storm sewer, lam!scaping, curb and gutter, and roadway. The tax <br />increment dis~r~ct plans have been amended to include the expenditure of <br />$173,000 for the previously me~tioned work° <br /> <br />Bids have been received which ~:otal $204,435.35 for the work referred to above <br />(some $31,435.35 over the $173~O00 offered by the City). The developers have <br />reviewed this and initially de~:ermined that they would cover the cost overrun. <br />Since that time, the Minnesota Department of Transportation has requested that <br />the landscaping trees be remow,d from the boulevard (resulting in a savings of <br />$4,250), and than by-pass turn lanes be constructed which may cost an <br />additional $12,000. The de~elopers are now reqnesting that the City <br />participate by using tax Jncre~.~en~: revenues to pay for: <br /> <br />a) Half of the cost of Xl~imo Street NW - $9,000 <br />b) $6,000 of storm sewer costs <br />c) Assess $10,000 to Lot 4 for improvements <br />d) Assess $~,100 of utilfty cost to Lot 4 <br /> <br />To use tax increment revenues, th~ City would have to amend its tax increment <br />district plan. (a process which would take approximately 60-90 days). <br /> <br />However, another approach to assisting the developers may be found in the <br />implementation, of the Council'~ policy for using storm sewer funds which have <br />been paid for oversizing by th~: developer~ of the River's Bend residential area <br />(some of the same developers). ~f the Council determines that the funds paid <br />previously for future storm se~er improvements should be used to pay for the <br />cost of trunk storm sewer for lhis area, then the City would participate by <br />paying for an additional $20,0(~0 ~o $30,000 of storm sewer on the River's Bend <br />Plaza site. <br /> <br />~ec ommenda t ion ~ <br /> <br />Council action will be to discuss and give direction. <br /> <br />· eview Checklist~ <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Deve].o~nent Director ~_. <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />