Agenda - Planning Commission - 11/06/2000

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Case #:/i~) uest for Approval of Tax increment District No. 8 and Amendment to Tax Increment Financing District No. 2 By: TIF Specialist, Sean M. Sullivan Background: The City of Ramsey wishes to establish Tax Increment District No 8 and amend Tax.Increment District No 2 to facilitate redevelopment. The proposed use of the property (light industrial, Warehouse, manufacturing and office) concurs with the present Comprehensive Plan and the Draft Comprehensive Plan. Approval by the City Planning Commission is required by the State of Minnesota statutes. The following items are enclosed: a) Resolution approving the modification to the development program for Development District No. 1, approving the amendment to the tax increment financing plan for Tax Increment Financing District No. 2 within Development District No. 1, and establishing Tax Increment Financing District No. 8 therein and approving the Tax Increment Financing Plan therefor. b) Map of Development District No. 1. c) Map of proposed redevelopment in TIF Disti~ict No. 2. d) Map of Boundary ofTIF District No. 8 e) Copy of Resolution by the City of Ramsey's Planning commission recommending approval of the Amendment to Development District No. 1, Modification to Tax Increment District No. 2 and the Establishment of Tax Increment Financing District No. 8. otification: Notification is not required for Planning Commission approval of this resolution. Observations: The property within TIF District No. 2 is already identified as "places to work" and would fall in line with the current Comprehensive Plan and the Draft Comprehensive Plan. The property, which is located on the northwest comer of Sunfish Boulevard and McKinley Street, is viewed as one of the entrances to the City of Ramsey's Industrial Park. Interest has been expressed in redeveloping this area and it is in the citY's best interest to assist in this redevelopment process, which would require a budget modification. TIF District No. 8, also known as the L. W. Makens parcel, also falls into line with the Comprehensive Plans. It is also listed as a "place to work" and developers are expressing interest in redeveloping that parcel. Establishment of TIF District No. 8 will allow the City to construct infrastructure such as street improvements, sanitary sewer, water mains and storm drainage systems and it reimburse itself through tax increments generated by the new development. Recommendation: Planning Commission to approve Tax Increment Financing Plans and Modifications and sign resolution acknowledging the same. }ommissi°n Action: Motion to adopt Resolution # 00-11- ~ modifying Tax Increment District No. 2 and establishing Tax Increment District No. 8 and authorizing the chairperson to sign said Resolution on behalf of the commission.