Laserfiche WebLink
Tax Increment Financing Plan for Tax Increment <br />Financing District No. 18 (Oppidan Industrial) <br />FOREWORD <br />The City of Ramsey (the "City"), staff and consultants have prepared the <br />following information to expedite the Establishment of Tax Increment <br />Financing District No. 18 (Oppidan Industrial) (the "District"), an economic <br />development tax increment financing district, located in Development District <br />No 1. <br />STATUTORY AUTHORITY <br />Within the City, there exist areas where public involvement is necessary to <br />cause development or redevelopment to occur. To this end, the City has <br />certain statutory powers pursuant to Minnesota Statutes ("M.S."), Sections <br />469.724 - 469.733, inclusive, as amended, and M.S., Sections 469.774 to <br />469.7794, inclusive, as amended (the "Tax Increment Financing Act" or "TIF <br />Act"), to assist in financing public costs related to this project. <br />This section contains the Tax Increment Financing Plan (the "TIF Plan") for the <br />District. Other relevant information is contained in the Modification to the <br />Development Program for Development District No. 1. <br />STATEMENT OF OBJECTIVES <br />The District currently consists of one parcel of land and adjacent roads and <br />internal rights -of -way. The District is being created to facilitate the <br />construction of three speculative buildings totaling 405,300 sq. ft. for <br />manufacturing, warehouse, and distribution facilities in the City. The City <br />intends to enter into an agreement with Oppidan, Inc. as the developer of the <br />project. Development is anticipated to begin in 2021. This TIF Plan is <br />expected to achieve many of the objectives outlined in the Development <br />Program for Development District No. 1. <br />The activities contemplated in the Modification to the Development Program <br />and the TIF Plan do not preclude the undertaking of other qualified <br />development or redevelopment activities. These activities are anticipated to <br />occur over the life of Development District No. 1 and the District. <br />City of Ramsey <br />Tax Increment Financing District No. 18 (Oppidan Industrial) 2 <br />