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geared to serve industry as it is a private £acility. <br />The Princeton airport is geared to serve industry <br />as it has asphalt runways. These costs are mainly <br />financed through State and Federal grants because <br />theirs is a municipal airport which entitles them <br />to government grants and 35% of their maintenance <br />costs. <br /> <br />b) Insurance rates due to having City water - This <br />is a major cost item and presently Ramsey would not <br />have been able to provide this major savings to them <br />in their insurance rates. <br /> <br />c)" Tax base - Anoka County does not have a"t~x base <br />such as Sherburne County so we cann6t offer that as <br />an incentive to attract new industries or retain the <br />industries we already have here. <br /> <br />d) Personal assistance by the community - The City <br />of Ramsey is not equipped to provide the service that <br />is being provided by the City of Princeton. <br /> <br />The following is hereby submitted on enclosures (2) through (6) for your <br />information: <br /> <br /> a) Tax ~ncrement Financing - The use of tax increment financing <br />for residential, commercial and &ndustrial development has been available <br />for a number of years and quite a few Cities have used it successfully. <br />Accordlngly, enclosure (2) is forwarded to provide you with information <br />on Tax Increment Financing. <br /> <br />It should be noted that the City of Ramsey 'can use tax increment financing. <br />You have to adopt a plan and create a tax increment financing district~ <br />As an example, the City of Princeton has used tax increment financing <br />to redo their main street and also used it to develop an industrial park. <br /> <br />Page 4 of 6 <br /> <br /> <br />