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CITY COUNCIL WORK SESSION <br />Topic Report: RTC TIF Special <br />Legislation <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />As the City and Ramsey Town Center (RTC) complete the amendment to the Master <br />Development Agreement, it is time to begin discussions on development within the core <br />of the Town Center. Staff would like to discuss with the Council the second parking <br />structure, sometimes referred to as the "Excelsior-Grand" (because of its similarities to <br />the project in St. Louis Park) Project. <br /> <br />The project would potentially include retail on the first floor and up to three floors of <br />residential development from the structured parking. In order to make the project more <br />feasible, staff believes that the City can seek special Tax Increment Financing (TIF) <br />Legislation. A lobbyist specializing in T1F Special Legislation has been contacted and is <br />willing to work with legislation for the City. Staffwill discuss this with the City Council <br />during the work session. <br /> <br />The second matter is the property sun-ounding this structured parking. Under the current <br />amendments to the Master Development Agreement, the RTC retains ownership of the <br />property. Because of the necessity to work cooperatively with the City for TIF and the <br />need to indicate the development with the structured parking, staff intends to propose the <br />City consider entering into discussions with the RTC to seek an option agreement or <br />purchase agreement for the property. <br /> <br />Action Statement: <br /> <br />Provicle direction to staff regarding TIF Special Legislation and property surroundiitg <br />the structured parking in the Town Center. <br /> <br />Reviewed by: <br /> <br />City Administrator <br /> <br />CCWS: 01/19/05 <br /> <br /> <br />