Agenda - Council - 05/24/1984 - Laserfiche WebLink

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I I I I I I I I I I I ! I I I I I I received and any other information deemed necessary by the City. In addition, an annual statement showing the tax increment received, the original assessed value, the captured assessed value, amount of outstanding bonded indebtedness and any additional information the City deems necessary foc publication in a newspaper of general circulation in the municipality will be prepared in accordance with the statute. The second component of the continuing fiscal analysis is the evaluation of the district redevelopment account and the identification of surplus revenues and options for the expenditures of this excess revenue. For example, the surplus revenue could be used to prepay existing debt or as initial financing or "seed money" for other projects in the tax increment financing district. COST OF PROPOSAL Holmes & Graven would typically bill for the services described in this proposal either on an hourly basis with a not-to-exceed amount or on a fixed sum basis, depending upon the redevelopment phase involved. Because of our experience in the field, we can often estimate the amount of time and therefore, the cost of various projects. As a part of our role as facilitator, our evaluation would include discussions with city staff as to those redevelopment activities which make the most sense for the City to accomplish on its own and those which require some assistance. SUMMARY This proposal for the management and coordination of the revitalization program in the City of Ramsey, Minnesota is designed to be executed in five phases. The three planning phases include: (1) a review of the existing preplanning work and documents; (2) a general economic planning and feasibility analysis of project alternatives and the entire City revitalization area; and (3) the evaluation of tax increment financing as a p~ssible redevelopment tool; (4) the implementation phase will include the execution of the planning documents through the acquisition of property, relocation of owners and tenants when necessary, clearance of sites, engineering public improvements and new construction or rehabilitation; and (5) the final phase, or management phase will involve annual reporting to the City as to the financial condition of the tax increment financing district and the specific projects in the general project area. As part of the proposal, the firm of Holmes & Graven will report periodically to the city council and meet with city staff to discuss upcoming tasks and progress made in each phase. Similarly, the city will retain the option to perform tasks as it may strengthen the economic integrity of the project. We believe the firm of Holmes & Graven, Chartered possess the credentials required to administer a revitalization effort. Appendix I lists representative samples of our contractual assistance in similar programs. Appendix II and ~ summarize the backgrounds of the staff that will be principally responsible for administering the Contract and several references. -8-