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2001 Comprehensive Plan <br /> Amended February 26, 2002 <br /> <br />Industrial Park Development <br />A strategy that has been successfully used in the past is for the City to be the <br />developer of the industrial park. Sited benefits to the City being the developer include <br />site control, creation of jobs, increased property values, diversification of the property <br />tax dollar, maintained competitiveness with neighboring cities and the provision of <br />land for expanding companies. Potential areas that require further study for industrial <br />park development include the area south of the landfill, which consists of roughly 150 <br />developable acres and an area west of Ramsey Boulevard and north of the railroad <br />tracks, which consists of slightly less than 150 acres. 38 The City of Ramsey should <br />continue to work with the Minnesota Pollution Control Agency and Waste <br />Management, Inc. to explore opportunities for reuse of the landfill site. <br /> <br />D. Economic Development Tools <br /> <br />1. Tax Increment Financing (TIF) <br /> <br />TIF is a tool used by cities and other development authorities to finance certain types <br />of development/redevelopment costs. The public purposes of TIF are the <br />redevelopment of blighted areas, construction of low and moderate-income housing, <br />provision of livable wage employment opportunities, and improvement of tax base.: <br /> <br />Ramsey has two tax increment project areas that contain six tax increment districts <br />designated for redevelopment and economic development. <br /> <br />2. Livable Communities Act <br /> <br />By being a participant in the Metropolitan Council's Livable Communities Act, the <br />City becomes eligible for grants and loans that support development and <br />redevelopment of livable communities. The tax base revitalization account provides <br />funds to clean up contaminated land to support economic redevelopment, job retention <br />and job growth. This site could possibly assist the City with any clean up costs that <br />might be associated with unknown dumps on potential industrial land or spills on <br />redevelopment lands. <br /> <br />3. Tax Abatement <br /> <br />A new law created in 1997 allows Minnesota communities to individually "abate" <br />taxes on a parcel of land if the community can find that it is in the public interest. <br />Such public interest reasons may include to: · Increase or preserve tax base <br /> · Provide employment opportunities <br /> · Help to acquire or construct public facilities <br /> · Help redevelop blighted areas; or <br /> <br />38 Information extracted out of a memorandum from Diana Lund, Acting Finance Officer; June 2, 1998; subject: <br />"Industrial Park Report" <br /> <br />2 Tax Increment Financing March 1996, Program Evaluation Division, Office of the Legislative Auditor <br /> <br />2001 Ramsey Comprehensive Plan <br />Amended February 26, 2002 <br /> <br />Page XII-5 <br /> <br /> <br />