Agenda - Economic Development Authority - 06/08/2017

Home

Tax Increment Financing District Overview City of Ramsey Tax Increment Financing District No. 16 — PSD Business Park A The following summary contains an overview of the basic elements of the Tax Increment Financing Plan for Tax Increment Financing District No. 16 — PSD Business Park A. More detailed information on each of these topics can be found in the complete Tax Increment Financing Plan. Proposed action: ➢ Establishment of Tax Increment Financing District No. 16 — PSD Business Park A (District) and adoption of a Tax Increment Financing Plan (TIF Plan). ➢ Modification of the Development Program for Development District No. 1 which includes the establishment of Tax Increment Financing District No. 16 — PSD Business Park A, a continuation of the goals and objectives set forth in the Development Program for Development District No. 1. Type of TIF District: An economic development district Parcel Numbers: 29-32-25-12-0003 * The District encompasses approximately 3 acres of the parcel identified along with adjacent rights -of -way and abutting roadways. A new property identification number for the parcel to be included in the District will be provided prior to certification. Proposed The District is being created to facilitate the construction of an approximately Development: 60,000 square foot industrial facility in the City. Please see Appendix A of the TIF Plan for a more detailed project description. Maximum duration: The duration of the District will be 8 years from the date of receipt of the first increment (9 years of increment). The City expects to receive the first tax increment in 2019. It is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2027, or when the TIF Plan is satisfied. Estimated annual tax Up to $54,296 increment: EHLERS LEADERS IN PUBLIC FINANCE