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10 minutes CASE #g: <br /> <br />UPDATE ON REQUESTS FOR TAX INCREM!NT ASSISTANCE <br /> By: David Hartley, City Administrator <br /> <br />Background: <br /> <br />Two applictions have been received for tax increment assistance in the vicinity <br />of Ramsey Terrace Pond. Each application requests that the City of Ramsey <br />extend sanitary sewer and water to the area which is planned for residential <br />development. The applicants are: 1) G. Graig W illey and Chateau <br />Constructions, Inc. and; 2) Summit American Development Company and Montgomery <br />Homes. Each application has been submitted independently of the other, <br />although they request a similar subsidy. <br /> <br />The test for an acceptable tax increment project is "will the tax increment <br />revenue pay for the planned improvement?" In the case of the two applications <br />mentioned above, the project is viable only if both proposed developments occur <br />within a 4-6 year period. Figures will be provided at the meeting to verify <br />this feasibility. <br /> <br />Recommendation: <br /> <br />Council will receive the report. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director <br /> <br />Chief ef Pc!ice <br />Finance Officer <br />Public Works Superintendent <br />Other <br /> <br /> <br />