Agenda - Economic Development Authority - 08/12/2021

Home

Appendix C: Findings Including But/For Qualifications The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 18 (Oppidan Industrial) as required pursuant to M.S., Section 469.775, Subd. 3 are as follows: 1. Finding that Tax Increment Financing District No. 18 (Oppidan Industrial) is an economic development district as defined in M.S., Section 469.774, Subd. 12. Tax Increment Financing District No. 18 (Oppidan Industrial) is a contiguous geographic area within the City's Development District No. 1, delineated in the TIF Plan, for the purpose of financing economic development in the City through the use of tax increment. The District is in the public interest because it will facilitate the construction of 405,300 sq. ft. of manufacturing, warehouse, and distribution facilities. in the City which will increase employment in the State and preserve and enhance the tax base of the state. 2. Finding that the proposed development, in the opinion of the City Council, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of Tax Increment Financing District No. 18 (Oppidan Industrial) permitted by the TIF Plan. The proposed development, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future: This finding is supported by the fact that the development proposed in this plan is three speculative buildings totaling 405,300 sq. ft. for manufacturing, warehouse, and distribution that meets the City's objectives for economic development. The cost of land acquisition, and related site improvements necessary to maximize development potential, makes development of the facility infeasible without City assistance. The developer was asked for and provided a letter and a pro forma as justification that the developer would not have gone forward without tax increment assistance. City of Ramsey Tax Increment Financing District No. 18 (Oppidan Industrial) 15